Over 75k new jobs created from foreign direct investment, despite 'lurking shadow of Brexit'
Following the vote on Brexit, which saw 52% of UK’s electorate choose to leave the European Union, many businesses were concerned over the impact this would have on foreign direct investments (FDI) in the UK.
Despite these apprehensions, new research has shown that the UK still managed to attract big investments since the EU referendum.
These investments include pharmaceutical giant GlaxoSmithKline, which announced plans to inject £275m in three of its UK manufacturing sites just a month after the vote (July 2016).
Ernst & Young (EY) also surveyed 505 international decision-makers, and found the UK is still among the most desirable European countries for foreign businesses to invest in new projects.
This was further supported by figures released by the Organisation for Economic Co-operation and Development (OECD), which found that FDI inflows had increased to £197bn in 2016; a rise of 20% from the previous year.
Turnerlittle.com, the specialist in banking and investment, has now investigated the jobs which would be created from foreign direct investments in the UK.
Turner Little analysed the latest findings from Gov.uk to show how many new jobs had been projected in UK’s different sectors as a direct result of FDI made in the financial year of 2016-17.
The specialist found that overall, foreign direct investments made in the financial year of 2016-17 are projected to create a total of 75,226 new jobs.
FDI projects in business and consumer services are set to create the highest number of new jobs at 13,603. FDI projects in software and computers are expected to be the next largest sector for new jobs created at 10,971.
The third highest number of new jobs from FDI will be created by projects in the financial services sector at 8,847.
James Turner, managing director of Turnerlittle.com, commented: “I am very optimistic about the country’s future. Despite the lurking shadow of Brexit, the United Kingdom will continually strive to improve as well as nurture those aspects which allow businesses to thrive – even in challenging conditions.
“From infrastructure to technology – the United Kingdom Information for immediate release TurnerLittle.com is harbouring an environment which has the ability to successfully facilitate businesses from a range of different industries.
“This research certainly shows that many foreign businesses and investors share the same sentiments about the future of business in the UK – making large investments and creating new jobs even in the backdrop of Brexit.”