The UK is now Europe’s top destination in start-up venture capital, new research has indicated – with Kemi Badenoch hailing the news as a “massive vote of confidence” in Brexit Britain.
The International Trade Secretary, widely tipped as a possible future Conservative Party leader, was commenting on HSBC Innovation Banking’s latest report, covering the third quarter of 2023.
Not only is Britain outstripping every nation in the EU27 – it also comes in third in the world, with only the USA and China attracting more cash.
Ms Badenoch commented: “We know the UK is the best place in Europe to invest, and today’s news is a massive vote of confidence that reaffirms this fact.
“The HSBC data shows that – contrary to the voices of doom and pessimism – post-Brexit Britain is leading the way in attracting investment into start-ups, growing our booming tech sector and creating jobs.
“This is one of the reasons why we’re bringing over 200 investors and CEOs to next month’s Global Investment Summit, which will take investment in UK companies to the next level and show how we are going to retain our position as a global science and tech superpower.”
Investment in UK start-ups is expected to reach £14.7bn by the end of the year, on a par with 2020.
In July, August and September, a total of £4billion was invested in the UK – 14 percent up on the previous three-month period.
The UK Government will welcome roughly 200 of the world’s A-list investors and CEOs to the second Global Investment Summit (GIS) next month.
The event will be hosted by Prime Minister Rishi Sunak and Ms Badenoch’s Department for Business and Trade. It will aim to showcase the UK as a top destination for international investment and promote investment opportunities across the whole of the UK, as well as driving investment.
It will also seek to build on the success of the inaugural Global Investment Summit in October 2021, which brought together more than 170 CEOs to showcase the UK’s commitment to green investment ahead of COP26.
This year’s event will also focus on UK success stories in life sciences, deep tech, nuclear fusion and small modular reactions (SMRs), and manufacturing, with capital investment driven by the post-EU Exit financial liberalisation encapsulated in the Edinburgh reforms.
The 2021 Summit secured £9.7 billion of new foreign investment on the day, creating over 30,000 new jobs and supporting growth in sectors such as wind and hydrogen energy, sustainable homes, and carbon capture and storage.
Confirming details of the latest event in February, Mr Sunak said: “This week we drove serious change from the heart of government by creating four new departments.
“This was done to deliver on the promises and priorities of the British people, and to go further and faster on our ambition to drive jobs and growth in every part of the UK and ensure we are at the cutting edge of technology and innovation.
“The next Global Investment Summit is an opportunity to demonstrate what we can do as a nation, delivering on our ambition to be the world-leading destination for international finance and investment.”
Minister for Investment Dominic Johnson added: “The UK remains open for business.
“I greatly look forward to welcoming investors at the Global Investment Summit and showcasing how the UK has reached over £2 trillion in inward investment stock.
“Our low-tax, high-skill economy is unrivalled in offering strong returns, innovative businesses and a rule of law that is emulated around the world.”
