By Claire West

Trade and Investment Minister Lord Green has welcomed the UN's World Investment Report, which has confirmed that the UK is the top destination in Europe for inward investment.

The UK is placed second in the world for attracting inward investment, after the United States, up from third place last year.

Lord Green said:

“This is a fantastic vote in the future of the British economy and British businesses. Foreign direct investment is critical to the UK economy, safeguarding and creating around 100,000 jobs a year.

"Britain is open for business and we warmly welcome overseas investors, but we can build further on these impressive results. That is why I am hosting a Global Investment Conference and 17 Global Business Summits at the British Business Embassy while the world spotlight is on London during the Olympic and Paralympic Games.

“We all win from attracting foreign investment to the UK. Today, the Shard is opening in London thanks to investment from Qatar. Iconic UK brands such as Jaguar Land Rover and Mini have been strengthened and revitalised by investment from India and Germany. And investors from China and the Middle East are among those building the infrastructure that our country needs for the future.”