Foreign investment in UK tops £1tn

Foreign investment in UK tops £1tn

by Big Mac

iStock_000004639541Medium(1)

Foreign investment in the UK, including those in the energy industry, has reached a record high of £1 trillion.
Latest figures from the government reveal the country attracted investment in 1,988 projects in the 2014/15 financial year – 12% more than the previous year.
That created almost 85,000 new jobs and protected a further 23,000 posts, according to the UK Trade & Investment (UKTI).
One of the investments included £30 million to upgrade the TAG Energy Facility in Teesside, North East England, which will become part of the European manufacturing base for offshore wind companies EEW SPC from Germany and Denmark’s Bladt Industries.
The project is expected to create 350 direct jobs in the area.
Prime Minister David Cameron said: “The scale of foreign investment is a huge success story which shows that Britain is the place to do business and is more evidence that our long term economic plan is working.
“Securing investment from overseas is a key part of our One Nation policies to create thousands of jobs, provide security and opportunities for working people throughout the UK.”
The US remains the largest source of inward investment, with a total of 564 projects, followed by France with 124 projects.
Investment from India rose by 65%, making it the UK’s third largest source of investment.
The news comes despite the UK being the 12th most attractive place, according to latest figures.