Call to ensure Brexit does not harm inward investment
BUSINESS LEADERS have called for measures to ensure Brexit does not place a record-breaking inward investment from foreign companies over the past financial year in jeopardy.
The figures announced today by International Trade Secretary Liam Fox are taken from the past financial year and paint a picture of investment before the vote to leave the European Union.
The North-West, North-East and Yorkshire and the Humber all saw rises in foreign direct investment projects of 118 per cent, 83 per cent and 66 per cent respectively.
Mr Fox said the figures cement Britain’s position as the “number one destination in Europe for investment”.
But The British Chambers of Commerce stressed Britain must welcome investors as it navigates new financial waters following the historic vote.
Dr Adam Marshall, the acting Director General of the British Chambers of Commerce, said: “Keeping the UK attractive to overseas investors is important for our future success. As Britain approaches a time of economic change, we must continue to welcome investors that are willing to make a sustained, long-term commitment all across the country.”
A record 79 countries invested in the UK, which became the top European destination for projects from emerging markets. Projects from Latin America rose by 240 per cent and those from Central and Eastern Europe surged by 131 per cent, the Department for International Trade said.
The new figures show that 2,213 inward investment projects were secured in 2015-16 - an 11 per cent increase on the previous year. Almost 1,600 new jobs a week were created by foreign direct investment in 2015-16.
Mr Fox said: “We’ve broadened our reach with emerging markets across the world to cement our position as the number one destination in Europe for investment. This continued vote of confidence in the UK will help attract foreign investment to create jobs, security and opportunities.”