Thursday, July 2, 2020

UK investment in US surges ahead

The UK remains the single largest foreign investor in the United States of America, supporting nearly one million jobs across the country, according to the CBI’s annual Sterling Assets report.
As of the end of 2013, the UK invested $519 bn in the USA, nearly $200 bn more than the next largest investor. This represents 19 per cent of the $2.8 trillion of foreign direct investment (FDI) in America, which is an increase in the proportion of FDI the UK makes up – in 2012 it stood at 18 per cent.With exports to the UK totalling $118 billion in 2014, Britain is America’s fourth largest export market – an advance on 2013’s position as the fifth largest destination for American goods and services – and the largest in the EU by a wide margin.The UK was the largest export market for American services in 2014, surpassing even Canada, whilst the USA imported more services from the UK, $50 billion worth in 2014, than from any other country.Simon Moore, CBI international director, said: “The strength and vitality of the economic ties that bind the United Kingdom and the United States together continue to forge ahead, driving prosperity on both sides of the Atlantic.“These figures show just how close the commercial relationship between our two nations is. Whether it be Britain’s continued position as the largest foreign investor in the US or the fact that British firms support nearly a million American jobs, the UK is clearly well ahead of the pack.“To boost this unique relationship, it’s vital that both the UK and the US pursue TTIP (Transatlantic Trade and Investment Partnership) with vigour, to take full advantage of the opportunities to boost growth and create jobs across our countries and Europe.”At state level, British companies create jobs in every single state in America. California, Texas and New York top the list for the number of jobs supported by UK firms.New York leads the way in exports to the UK, shipping $6.2 bn of goods to Great Britain in 2014, an increase of $1.2 bn on the previous year.

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