By Daniel Hunter
Strong inward investment into the UK economy created or secured more than 112,000 jobs in 2011/12, a rise of 19 per cent on the preceding year, new figures showed today (Thursday).
The figures announced by Business Secretary Vince Cable indicate that companies investing in the UK are continuing to succeed, laying the foundations for growth across the country. Inward investment created 52,741 new jobs, a 26% increase on 2010/11, and secured 59,918 existing jobs, an increase of 14%.
The UK continues to attract more foreign direct investment (FDI) than any other European country, generating more than a thousand new jobs each week.
Jobs have increased across a range of sectors, including advanced engineering, life sciences, environmental technologies and the creative industries. A 22 per cent rise in manufacturing projects shows the crucial role of inward investment in helping rebalance the economy
Business Secretary Vince Cable said:
“These figures are a clear demonstration that international investors have confidence in the UK. Despite a difficult international economic climate, more jobs have been created and secured than in any year for over a decade.
“Openness to investment is crucial for sustainable economic growth, and the Government has worked hard to ensure UK remains attractive to companies around the globe. A reduced and simplified tax burden and a clear headed approach to rebalancing the economy have helped maintain our position as the top destination in Europe in which to do business.
“The bottom line is that firms of all sizes believe that if they come to the UK, they will grow and succeed.”
Trade and Investment Minister Lord Green said:
“In an intensely competitive economic environment, the Government will continue to work to win and maintain the confidence of the international business community. Through the most competitive tax system in Europe, coupled with support and advice for entrepreneurs, and a renewed drive to market the UK overseas, we’ll continue to support existing investors and reach out to emerging economies and industries.“
The UK attracted investment from 58 countries. The USA remains the largest investor and China is now the third largest creator of new projects. After the US, French investment generated more jobs than investment from any other country.
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