Investment into the UK from foreign companies rose to the highest level ever recorded last year as investors shrug off Brexit worries.
The value of the UK’s foreign direct investment (FDI) stocks in 2017 was £1,336.5bn, a rise of £149.2bn since 2016, according to figures published by the Office for National Statistics (ONS).
The total, which is a record high, was boosted by a 321 per cent growth in investments from India.
Outward investment also increased by £38.7bn to £1,313.3bn over the period. Earnings from these investments enjoyed considerable growth, reversing the negative trend seen in recent years.
International Trade Secretary Liam Fox said: “As we prepare to leave the European Union, foreign investors from around the globe are as confident as ever investing in the UK.
“The significant rise in the amount of investment from Asia is evidence that the growing economies are important partners for the UK, relationships which I am committed to developing and deepening.”
The figures show foreign investors have been undeterred by uncertainties surrounding Brexit.
The largest growth in investment earnings was seen in the manufacturing sector, whose value was £10bn higher in 2017 than in 2016.
Mining and quarrying and financial services also saw significant growth.