Brexit Britain in business! UK ‘cements place’ as investment pwerhouse – 55k jobs created

Brexit: Liz Truss claims trade with the EU is 'bouncing back'

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The Department for International Trade’s (DiT) Foreign Investment report reveals Foreign Direct Investment created around 55,319 jobs in the 2020/21 financial year. Meanwhile, in the last decade, FDI has created more than 707,000 jobs across the country.

Scotland was the area to benefit the most, with new jobs created increasing by 10 percent to 3,245.

The report also revealed that almost 9 in every 10 of the total new jobs across the UK (47,784 out of 55,319) were created with UK Government support.

Capital investment also stayed strong despite Brexit with 2020 producing £3.8million in large capital investment, only a small decrease from £4million in 2019.

The estimated economic impact from projects which involved the DiT also boosted the UK economy by up to 25 percent from £3.1million in 2019 to £3.8million in 2020.

 

The report also revealed the UK was continuing to maintain a global reputation as a science superpower with a 66 percent increase in new jobs in biotech and pharma and a 25 percent increase in new jobs in life sciences.

Liz Truss, International Trade Secretary, said: “The UK is the best investment destination in the world offering strong returns in a low-tax, high-skill economy, respected worldwide for its strong rule of law.

“Today’s report proves that time and time again investors are choosing the UK.

“Greater investment in our industries of the future will create high-value jobs, boost the economy and level up the country as we build back better.

 

“Now is the time to seize these immense opportunities.”

In further remarks, the South West Norfolk MP said it had been a “momentous year” for the UK with Britain becoming a “newly independent trading nation for the first time in nearly half a century.”

Ms Truss added: “Despite the unprecedented challenges caused by the pandemic, we have cemented our status as the best place in Europe to invest and one of the best in the world.

“As a truly Global Britain, we are embracing new opportunities.

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“This Government has gone further and faster to usher investment into the country.”

Minister for Investment Lord Grimstone of Boscobel said the figures marked a “tremendous vote of confidence” in the UK economy.

The Tory peer made clear the report “emphasises our hard-earned reputation as one of the best places in the world to set-up and grow a business.”

It comes after Lord Botham was announced as one of 10 trade envoys the UK Government hopes will help in “delivering an ambitious global trade agenda”.

The peer, who was ennobled last year by Prime Minister Boris Johnson, led the England Test cricket team between 1980 and 1981, including in two Ashes series against Australia.

The other nine new envoys are all parliamentarians, sitting in either the House of Lords or as MPs, and have been selected from across different political parties.

Alongside Lord Botham’s appointment as trade envoy to Australia, former Labour MP and now non-affiliated peer Baroness Hoey has been appointed to Ghana, Stephen Timms MP (Labour) has been appointed to Switzerland and Liechtenstein, David Mundell MP (Conservative) has been appointed to New Zealand, and Mark Eastwood MP (Conservative) has been appointed to Pakistan.

Marco Longhi MP (Conservative) has been appointed to Brazil, Conor Burns MP (Conservative) has been appointed to Canada, non-affiliated peer Lord Walney, John Woodcock, has been appointed to Tanzania, Felicity Buchan MP (Conservative) has been appointed to Iceland and Norway, and Sir Jeffrey Donaldson MP (DUP) has been appointed to Cameroon, in addition to his role as Prime Minister’s trade envoy to Egypt.

The roles are all unpaid and voluntary and take the total number of trade envoys who help support the UK Government’s “trade and investment agenda” to 36, covering 76 different countries.

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