UK remains Europe's 'top destination' for foreign investment

The UK is the leading destination for foreign companies looking to invest private wealth in Europe, according to new research.

Business secretary Vince Cable has revealed that 94,598 jobs were created or safeguarded in the UK during the fiscal year 2010/2011 as a result of foreign investment.

More than two thirds of these new jobs came from existing investors, representing the growing trend for firms to stay and expand their operations in the country.

Overall, the UK attracts 28 business projects from overseas companies each week, more so than any other country in Europe.

UK Trade & Investment (UKTI), the department which supports businesses coming to the UK, has helped the growth of foreign investment in the UK, generating around 50,000 jobs in the 12-month period.

Speaking at the UKTI's Business Summit, Mr Cable said: "When a business locates in the UK it can have a positive impact on local jobs and on improving skills across the country.

"With more overseas companies choosing the UK to set up their headquarters than anywhere else, we are in a good position to capitalise on these opportunities."
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