Britain was the only big European economy to record a rise in foreign direct investment (FDI) projects last year, driven by the buoyant tech sector.
In its latest survey of the UK’s attractiveness, EY, the professional services firm, reported a 6 per cent rise in FDI projects in 2023. Germany and France suffered year-on-year falls as the eurozone’s economy stagnated under the pressure of high energy and borrowing costs. Overall, European FDI fell by 4 per cent on the year.
The UK remains Europe’s second-largest destination for foreign investment behind France but has not yet exceeded its pre-pandemic investment levels three years after Covid-19.
Britain’s share of foreign investment in Europe has grown from 15.6 per cent to 17.3 per cent in the past year,