Take that, Brussels! Brexit Britain booms as UK investment surges even DURING a pandemic
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Foreign investment created a total of 55,319 new jobs across the country according to new analysis from the Department for International Trade. Despite the rising unemployment in the UK and the global economic devastation due to the coronavirus pandemic, there were 1,538 foreign direct investment projects (FDI) in the 2020/2021 financial year.
International Trade Secretary Liz Truss hailed the figures and said new trade deals struck now Britain was out of the EU would add even more investment in years to come.
She said: “From Scotland to the South West, the UK remains one of the most attractive destinations in the world to invest in.
“Today’s foreign direct investment figures prove we’re resilient and strong in the face of economic uncertainty, and we know that more trade equals more jobs.
“As we strike trade deals across the globe, we’re opening up even more opportunities for investors, exporters and businesses to grow, creating jobs, boosting the economy and levelling up the entire UK as we can build back better from the pandemic.”
The East of England and West Midlands and South West all attracted a higher number of new jobs than pre-pandemic levels.
The latter of the three areas saw new jobs from FDI projects grow by as much as 52 percent.
Scotland also saw a 10 percent rise in new jobs between 2019 and 2020.
Minister for Investment Gerry Grimstone welcomed the figures and said the Government was working hard to build on the job creation going forward.
He said: “Driving inward investment into all corners of the UK to help boost the economy and create jobs is our top priority.
“Amid the unprecedented challenges caused by the Covid crisis, it’s fantastic that Scotland and regions like the Midlands have secured new jobs and prosperity.
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“The Department for International Trade works closely with investors across the globe to make the UK the destination of choice for investment.”
The US remains the largest investor in the UK, followed by India in second.
However, Department for International Trade officials say EU countries such as France and Germany also remain heavy investors in the UK.
Meanwhile, Sweden, Switzerland, the Netherlands and South Africa all increased the number of FDI projects last year when compared to 2019-20.
The analysis comes on the eve of the fifth anniversary of Britain voting to leave the EU.
During the referendum, the Remain campaign repeatedly warned quitting the trade bloc would lead to an immediate plunge in investment.
However, recent analysis by United Nations Conference on Trade and Development confirmed the UK remains one of the leading destinations for FDI.
In 2020 Britain was only second to the US for inward investment.
Total inward FDI stock increased from £1.51trillion in 2019 to £1.58trillion in 2020.
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