Overseas investors flock to Britain in record numbers, says new trade chief

As Britain reported Tuesday a record number of investments by overseas firms in the year to April 2016, economists are awaiting figures to gauge the reaction to Britain's decision to quit the EU.

Figures released by the Department for International Trade (DIT), the department set up by new Prime Minister Theresa May after the June 23 referendum, show there were 2,213 investment projects recorded, 11 percent more than in the corresponding period a year earlier.

The study reported that around 116,000 jobs in Britain were either created or safeguarded last year as a direct result of overseas investments.

In a statement issued Tuesday, the department said the new figures show Britain had a record number of inward investment projects and created the second highest number of jobs ever in the period from 2015 to 2016.

International Trade Secretary Liam Fox said Britain had benefited from record-breaking inward investment by foreign companies.

Britain has been the top European destination for projects from emerging markets, said DIT.

The new figures also show that as well as a record number of inward investment projects, Britain created the second highest number of jobs in 2015 to 2016.

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."

"As Britain approaches a time of economic change, we must continue to welcome investors that are willing to make a sustained, long-term commitment all across the country," he added.

The figures show almost 1,600 new jobs a week were created by foreign direct investment in 2015 to 2016. UK Trade & Investment, which is now part of DIT, helped to secure four out of five of the projects that created the jobs, it is claimed.

"Since 2010, nearly 390,000 new jobs have been created through foreign direct investment in the UK," said the DIT.

The figures reveal that all parts of Britain have benefited from overseas investments. Investments by overseas firms in the Northern Powerhouse area were up by almost a quarter in 2015/16 compared to a year earlier.

Economists and politicians from both leave and remain camps will now switch their focus to figures later this year to show whether the Brexit decision has had any impact on future investments into Britain.

Source : XINHUA