Inward investment in the UK rose during 2012/13, bucking a trend of declining global growth in cross-border investment spending.
The 11% rise on 2011/12’s figures are in the latest UK Trade & Investment (UKTI) annual report published today, which states the UK secured 1,559 foreign-funded projects.
With global cross-border investment estimated to have fallen by 18% during the same period, UKTI estimates that these projects secured 110,000 existing jobs and created 60,000 new ones.
UK Government Trade and Investment Minister Lord Green said: “The UK has received a major vote of confidence from foreign investors, confirming that the UK remains a world-leading business destination.
“Attracting foreign investment is an important element of the UK Government’s economic and growth programme, and UKTI will continue to work with companies to help create and sustain a globally attractive, highly competitive and truly international economy.”
But Lee Hopley of EEF, the manufacturers’ organisation, said that there was more to do.
“Continued investment in manufacturing is important in supporting supply chains, exports and productivity so the UK must keep up efforts to make the UK a great place for globally focused manufacturers to invest and grow,” she said.
The strongest rise in the report was in Wales, where investment projects rose by 191%, followed by Northern Ireland, which saw in an increase of 41%.
Scotland and England (excluding London) followed with 16 and 10% respectively.