The UK has strengthened its position as the leading European destination for foreign direct investment (FDI), new figures show.
The 2012-13 Inward Investment Annual Report published on 24 July by UK Trade and Investment (UKTI), showed that the number of jobs and projects secured were both up on 2011-12. In the last financial year:
- the UK saw 1,559 investment projects secured – 11 per cent more than in the previous year
- these projects were estimated to have brought with them 170,000 jobs – 51 per cent higher than in 2011-12. Of these, nearly 60,000 were new jobs and 110,000 existing jobs were safeguarded.
The report also showed that the jobs and projects were spread throughout the UK. Wales and Northern Ireland recorded significant increases in investment projects – 191 per cent and 41 per cent respectively – while Scotland registered a 16 per cent increase in the number of investments. The number of FDI projects in England, excluding London, increased by ten per cent.
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.”
At Milsted Langdon, we have considerable expertise in advising international companies looking to establish a presence in the UK. The areas we can assist with include tax, audit and reporting requirements. For further information on how our UK subsidiaries team can help, please contact us.