New FDI figures show the UK had a record number of inward investment projects and created second highest number of jobs ever in 2015 to 2016.
Britain has benefitted from record-breaking inward investment by foreign companies, International Trade Secretary Liam Fox has announced.
Across the country, 2,213 inward investment projects were secured in 2015 to 2016, an 11% increase on the previous year. This lead to around 116,000 jobs being created or safeguarded – the second highest number on record.
Almost 1,600 new jobs a week were created by foreign direct investment (FDI) in 2015 to 2016.
UK Trade & Investment (UKTI), now part of the Department for International Trade (DIT), helped to secure 4 out of 5 of the projects that created these jobs.
Since 2010, nearly 390,000 new jobs have been created through foreign direct investment in the UK.
The department has recorded more foreign direct investment projects than ever before and, according to the EY UK Attractiveness Survey, the UK’s strong performance sees it retain its spot as the number one place in Europe for foreign investment.
Responsible for promoting British trade across the world, DIT helps secure investment from overseas companies for projects in the UK. The department’s annual FDI figures are based on UK job creation and number of projects secured.
International Trade Secretary, Liam Fox, said: “These impressive results show the UK continues to be the place to do business.
“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 for people across the UK.
Dr Adam Marshall, Acting Director General of the British Chambers of Commerce, said: “Keeping the UK attractive to overseas investors is important for our future success. Last year’s up-tick in foreign direct investment is a welcome boost to business, and a good indicator of underlying confidence in the UK economy.”