June 2, 2010. The head of UK Trade & Investment, the government department responsible for attracting inward investment to the UK, has welcomed Ernst & Young’s latest European Attractiveness Survey, which was published today.
The report shows that the UK retained its position as the most attractive destination for inward investment in Europe in 2009, attracting over one in five (21%) of new investment projects in Western Europe.
UK Trade & Investment (UKTI) Chief Executive Sir Andrew Cahn said:
“It was a difficult climate for investment in 2009 and competition for this investment has never been so fierce, but the UK has successfully retained its leadership position in Europe. The results underline the continued importance of our traditional partners such as the US – our number one source of Foreign Direct Investment – and France and Germany. I also note the rising strength of the emerging markets as a source of investment, seen here with India claiming fourth place.
“Ernst & Young notes that financial and professional services, and the strength of London, remain a powerful draw. Britain has many other investment attractions, for example, we remain world-leading in ICT, life sciences and the creative industries. However, we are not complacent. UK Trade & Investment is competing against the best in the world to land this investment in the UK.
“As such, the new Administration’s ambition for the UK to have the most competitive corporate tax rate in the G20, to cut regulation and to show that the UK is open for business will be welcome news for firms seeking to use the UK as a base for their global and European expansion.”
The UK has more European headquarters than any other country, and US firm Ensco plc last week celebrated the opening of its new global headquarters in London.
The Ernst & Young’s latest European Attractiveness Survey is the 8th annual report. It analyses both actual inward investment over the last 12 months and the attitudes of global investors regarding their plans over the short to medium terms.
