The findings of a new report by the Northern Powerhouse Partnership has found that post-Brexit foreign direct investment (FDI) in the ‘northern powerhouse’ has increased by 72 per cent compared to the rest of the UK and that investment in the north rose from £24bn between 2012-16 to £41bn after Britain left the European Union, from 2017-21.
The report has also found the north increased its share of FDI into England, from under a fifth to a third, claiming that the region is now punching above its weight, constituting less than a third of the overall population of England, while the rest of England experienced a major drop in FDI, including a 50 per cent fall from Asia.
The Department International Trade (DIT) added that UK inward FDI stock increased from over £1.9 trillion to nearly £2.3 trillion in 2021, with 85,000 new jobs created.
Paul Browne commented ‘In wake of last week’s mini-budget, which included numerous policy reversals and tax cuts, this is positive news demonstrating an innovative and thriving part of the UK and a successful global FDI proposition.”
You can read more here: Post-Brexit foreign direct investment in the north skyrockets 72 per cent (cityam.com)