Strong corporate ties with America and London’s reputation as a financial services hub helped the UK retain its position as the most attractive destination for inward investment in Europe in 2009, according to a report today.

Ernst & Young’s latest European Attractiveness Survey suggests foreign money flowed into Europe last year at a slower pace as the region suffered its deepest downturn in decades. European countries together secured 3,303 investment deals, an 11% fall from 3,718 in 2008.

The report ranked the UK at the top, with France then Germany next, after the country’s services sector powered investment growth. The UK attracted 678 investment projects in 2009 – 1% less than in 2008. Those projects created 20,017 jobs.

The largest investor in the UK was the United States with 243 projects, followed by France, Germany and India. But there were warnings that businesses and politicians would now have to work hard to secure investment from fast growing emerging markets.

„Ernst & Young partner James Close said: „The reason for the strong performance is not, however, the emergence of exciting new origins for investment or previously unforeseen sectors. In fact, the UK continues to achieve because of the strengths of London as a business and financial services centre and the underlying strengths of the UK in securing service sector investment and, crucially, our close corporate relationship with the US.”

Scott Halliday, Ernst & Young UK and Ireland managing partner cautioned that the UK must support newer sectors such as clean technology as investment sources change. Last year investment from the US, which continues to account for roughly a quarter of all projects into Europe, saw a 16% decline, while China’s investments in Europe surged by nearly 30%.”This is no time for complacency. The global economy is evolving fast with China, India, Brazil and the Middle East joining the traditional players of North America, Europe and Japan as both the destinations and sources of global investment,” said Halliday.

Within the UK, London retained its position as the most attractive city for inward investment in Europe for the eighth year in a row. Tha capital secured 263 projects, two more than in 2008, well ahead of second-placed Paris with 99 projects.

The survey’s biggest losers in 2009 reflected recent market concerns about growth and sovereign debt prospects. Spain and Ireland both recorded falls in projects funded by overseas investors.

However, where the impact of the recession was most dramatic was in countries like Poland, Hungary, Romania and the Czech Republic where project numbers fell collectively by 40% „as investors sought the stability of the larger Western economies”, the report said.

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Ernst & Young’s latest European Attractiveness Survey suggests foreign investment into Europe last year flowed at a slower pace amid deepest downturn in decades

Strong corporate ties with America and London’s reputation as a financial services hub helped the UK retain its position as the most attractive destination for inward investment in Europe in 2009, according to a report today.

Ernst & Young’s latest European Attractiveness Survey suggests foreign money flowed into Europe last year at a slower pace as the region suffered its deepest downturn in decades. European countries together secured 3,303 investment deals, an 11% fall from 3,718 in 2008.

The report ranked the UK at the top, with France then Germany next, after the country’s services sector powered investment growth. The UK attracted 678 investment projects in 2009 – 1% less than in 2008. Those projects created 20,017 jobs.

The largest investor in the UK was the United States with 243 projects, followed by France, Germany and India. But there were warnings that businesses and politicians would now have to work hard to secure investment from fast growing emerging markets.

„Ernst & Young partner James Close said: „The reason for the strong performance is not, however, the emergence of exciting new origins for investment or previously unforeseen sectors. In fact, the UK continues to achieve because of the strengths of London as a business and financial services centre and the underlying strengths of the UK in securing service sector investment and, crucially, our close corporate relationship with the US.”

Scott Halliday, Ernst & Young UK and Ireland managing partner cautioned that the UK must support newer sectors such as clean technology as investment sources change. Last year investment from the US, which continues to account for roughly a quarter of all projects into Europe, saw a 16% decline, while China’s investments in Europe surged by nearly 30%.”This is no time for complacency. The global economy is evolving fast with China, India, Brazil and the Middle East joining the traditional players of North America, Europe and Japan as both the destinations and sources of global investment,” said Halliday.

Within the UK, London retained its position as the most attractive city for inward investment in Europe for the eighth year in a row. Tha capital secured 263 projects, two more than in 2008, well ahead of second-placed Paris with 99 projects.

The survey’s biggest losers in 2009 reflected recent market concerns about growth and sovereign debt prospects. Spain and Ireland both recorded falls in projects funded by overseas investors.

However, where the impact of the recession was most dramatic was in countries like Poland, Hungary, Romania and the Czech Republic where project numbers fell collectively by 40% „as investors sought the stability of the larger Western economies”, the report said.

Read the article on U.TV

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