Manchester second in UK for foreign investment

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by Simon Austin

Manchester has come second behind London in a list of the top UK cities for foreign direct investment in 2017 compiled by accountants Ernst & Young.

Manchester drew 45 FDI projects last year, according to the annual attractiveness survey. Leeds was fourth with 19 and Newcastle 10th with 13. The North West was the third best performing region overall (behind London and Scotland), with 105 FDI projects, and 43% of these were in Manchester.

The number of FDI projects in the North West rose 17% from 90 in 2016. The number of jobs secured in 2017 thanks to FDI in the North West more than doubled from 3,498 to 7,035, the most secured this decade.

Digital was the leading sector for FDI in the North West, accounting for 19 of the 45 projects, with business services (13 projects) in second.

Bob Ward, EY's managing partner in the North West, said: “While Manchester’s inward investment figures stand out head and shoulders above all other cities outside London, the fact that Liverpool, Warrington and Salford also make the top 20 as significant locations attracting serious inward investment is also a major cause for celebration.

“The Northern Powerhouse message is one that plays well on the international stage and the North West, along with our near neighbours in Yorkshire and the North East, is seeing that translate into record levels of investment across a broad spectrum of sectors and importantly into jobs.”