Wednesday 17 October 2018 9:29 am

London is the world's hub for global investment, City of London Corporation says


The capital is the world's hub for international investment and trade beating Paris, Frankfurt and New York, according to a new report by the Square Mile's governing body.

Overseas investors pumped £8.6bn into the UK between 2013 and last year creating an estimated 16,126 jobs, and London came out on top as the leading global financial centre, attracting 248 projects. 

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London received 55 inbound projects last year, double the amount in Dublin, Paris, Frankfurt and New York, triple that of Hong Kong and Luxembourg and five times the number in Tokyo, the City of London Corporation Global Investment Report said. 

When compared to eight other financial centres London received the highest number of financial services foreign direct investment projects last year and between 2013 and 2017, with the US, Sweden and China the leading the investment.

The US was behind 26 per cent of total projects, creating 4,500 jobs with an investment of more than £1.5bn.

The UK is the second largest destination market for Switzerland, France and India, and is the third largest for investment from Spain, Germany, Australia and Canada, according to the report, which said London's air connectivity, business environment and cost effectiveness made it an attractive proposition. 

Corporate and investment banking, concentrated in London, receives most of the investment but more jobs were created in retail banking, which is more evenly spread throughout the country. 

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