The north of England saw a record level of foreign direct investment (FDI) last year, accoding to a new report.
Investing in the North is a new report out today from EY and examines the level of inward investment into the Northern Powerhouse region – covering Yorkshire and the Humber, the North East and North West of England.
It also claims that businesses, local government and communities across the North of England need to work together to increase awareness of the region on a global scale if the North is to continue to prosper.
The EY data shopws that the region achieved a record level of securing 225 projects – an 89 per cent increase on 2014, and 127 per cent increase over the past two years – creating over 10,500 new jobs.
Devolution of power to a more local level is also well-received, with 42 per cent investors saying it increases the attractiveness of the region, compared to only 7 per cent who felt it could have a negative effect.
Stuart Watson, EY Senior Partner in Yorkshire and the North East said: “The US was the leading individual source of FDI in the region in 2015, but the majority of FDI projects in the North of England actually came from Europe. With Brexit on the horizon, these relationships will need to be bolstered.”
The report includes five actions points for continued leadership and growth in foreign direct investment in the region: increase awareness of the Northern Powerhouse; sell its strengths; improve transport links; encourage expansions of existing projects as well as new investments; and to think globally.