Never before, since record keeping began in the 1980s, has the U.K. attracted so much investment from abroad.
Research by UK Trade & Investment has revealed that 1,773 projects were established using ‘inward investment’ in 2013/14 – a rise of 14% on the previous year.
The investment created over 65,000 jobs, which is the highest total since 2001.
The U.K. was the largest recipient of investment in Europe. Almost 20 percent of all capital investments destined for Europe was U.K. bound.
In fact, only the U.S. attracted more investment from abroad.
Trade Minister Lord Livingston praised “an exceptional year for foreign investment”.
It shows that our strategy to attract investors to the UK by creating one of the most business-friendly environments in the world is the right one and it is proof that foreign investors have confidence in the UK as the best place to do business.
Though the U.K. saw increases in investment from Asia and Europe, the U.S. was also the largest source of investment in the U.K.
U.S. investment, which created 501 projects, was almost 5 times higher than the next biggest investor, Japan.
North American neighbour Canada was the biggest contributor from the Commonwealth (and 5th worldwide) which shows the appetite for investment from across the pond.
Inward investment in Tech
When Tech City UK was set up in 2010, its main objective was to attract foreign direct investment (FDI) for London’s growing tech scene.
Early successes saw the likes of Facebook and Google set up in London, who respectively set up an engineering hub and community space Campus.
While London has been the main benefactor of foreign investment, the UKTI report shows that the benefits are spread throughout the U.K.
England, Scotland, Wales, and Northern Ireland all recorded increases in the number of investment projects landing and new jobs created.
This story originally appeared on Tech City News.