Posts tagged Energy Secretary Ed Davey

Inward investment on the rise as Olympics brings £2.5bn to UK economy

Inward investment on the rise as Olympics brings £2.5bn to UK economy

Britain’s Olympics has delivered a £2.5 billion boost in foreign direct investment (FDI) over the past year, bringing with it more than 31,000 jobs, according to preliminary figures published today.

The investment projects generated following the 2012 Olympics’ British Business Embassy programme of global business summits have helped ensure that the UK has again retained its position as the leading European destination for foreign direct investment.

The preliminary data published today at the Global Investment Conference shows that during 2012-13, UK Trade & Investment (UKTI) recorded 1,462 projects which brought with them or safeguarded 163,489 jobs. Of these 58,170 are new jobs – beating both the quantity of investment attracted and employment secured in the previous year.

The Prime Minister, David Cameron joined other high profile delegates from 40 countries at the Global Investment Conference, including the German and Canadian finance Ministers, Managing Director of the International Monetary Fund Christine Lagarde, global chief executive officers, sovereign wealth funds representatives and corporate investors.

Senior Ministers Chancellor George Osborne, Energy Secretary Ed Davey, Trade Minister Lord Green, Treasury Ministers Greg Clark and Lord Deighton and London Mayor Boris Johnson also spoke to delegates about the UK’s compelling offer as both a hub for global growth and an international investment destination.

Trade and Investment Minister Lord Green said: “Foreign investment creates hundreds of thousands of jobs and helps to increase the productivity and competitiveness of the UK economy. It’s a vital strand of the Government’s plan for growth.

“The 2012 Olympics were a once in a generation opportunity for the UK to showcase to the world Britain’s compelling investment offer and these preliminary figures are very encouraging. Despite strong competition from our traditional competitors and emerging economies, Britain has retained its position as the leading destination for foreign direct investment in Europe.

“To retain the UK’s enviable position as one of the most attractive global locations of choice, Britain will need to continue to work hard to attract high value foreign investment in the coming year and beyond.“

The preliminary data published today compares favourably with last year’s 1406 recorded projects (4% increase) and 112,659 jobs (45% increase). Of the 163,489 jobs, 58,170 are new jobs and 105,319 safeguarded jobs. UKTI and its partners were involved in delivering nearly 84% of the projects. Full results will be published in July.

UK cities get Green Deal funding boost

Today, seven cities across England are set to receive a share of the £12 million fund which will kick-start the Green Deal and boost the trades.

Birmingham, Bristol, Leeds, Manchester, Newcastle, Nottingham and Sheffield are the cities which have put proposals to lower their carbon emissions.

The Green Deal is a Government-backed scheme which offers loans to people to help make their homes more energy efficient.

The money will enable professional builders and trade firms to try certain elements of the scheme including assessment and installation of energy efficient measures.

Energy Secretary Ed Davey said: “These cities have really ambitious plans to lower their emissions, reduce energy use and help people save money on their bills.

“This funding will help them get up and running and I look forward to seeing a number of properties across whole communities get the energy efficient improvements they need.”

Earlier in the year, the Government announced that cities would be given greater freedoms, powers and tools to help them go for growth.

The new funding will test elements of the Green Deal framework and provide early feedback for the scheme’s future implementation.

It is expected to deliver around 2,500 retrofits to households and non-domestic properties across the seven major cities, providing support to local supply chains and registered installers.

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