LONDON: February 23, 2016. Latest UK government statistics claim Britain is Europe’s No.1 destination for foreign direct investment (FDI) with the total now exceeding £1.06 trillion. In 2015 the country attracted US$35 billion or 28 percent of Europe’s FDI total.
By comparison German FDI totaled US$7 billion last year, Poland and France had US$6 billion each, and Romania and Ireland US$5 billion respectively.
According to the OECD, in 2014 Britain was the world’s third most attractive investment market behind the United States (US$5.4 trillion) and China (US$2.7 trillion).
With Britain facing an ‘In/Out’ Europe referendum in June, Mayor of London Boris Johnson has already demonstrated the economic consequences of speaking in self-serving riddles. On February 22, Sterling dropped like a rock against the Dollar following Johnson’s theatrical declaration he would support leaving the European Union.
With the European Investment Bank's £1.0 billion stake in the Mayor's Crossrail project, hopefully it and other investors, together with the majority of Britain’s electorate, won’t be swayed by Boris the Blowhard's behavior.
- Simon Keeble is the editor of Freightweek.