UK Overtakes US as World’s Top Investment Destination

EY’s annual corporate deal-making report published today has revealed that the UK has become the top investment destination in the world for the first time in the report’s 10-year history. The UK overtook the United States, which has held the top spot since 2014…

The report notes that there have been a number of high-profile investments in Britain over the past year, including Comcast’s purchase of satellite broadcaster Sky for £30 billion and Coca-Cola’s takeover of Costa Coffee for £4 billion. The UK’s performance is at odds with the global slowdown, with the IMF last week cutting its global growth forecasts…

Global vice chair at EY Steve Krouskos said that Britain remains an “open environment for foreign investors”, reinforced by the English language, a skilled workforce, and a strong technology base. None of which will change with Brexit…

Item Club Quadruples GDP Forecast

Independent economic forecaster the Item Club – sponsored by City professional services giant EY –  today reports a headline prediction of 1.8% GDP growth for 2017. This is well up on even the 1.3% prediction it made last October. And it is incredibly well up on its post-referendum forecast…

The Item Club sent shock-waves through the City last summer when it downgraded its forecast for 2017 GDP growth to an absolutely dismal 0.4% after the Brexit vote. This prediction of dread set much of the business media agenda: the Item Club is taken seriously because it uses the same economic models as the Treasury. Between July 2016 and today the Item Club has revised up its forecast by an eye-popping 1.4%…

Peter Spencer, chief economic advisor to the Item Club, said today:

“Although the starting gun for Brexit has just been fired, the UK economy has been adjusting to life outside the EU since the referendum…”

And the Item Club has been adjusting its numbers…

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Quote of the Day

Expelled Tory MP, Richard Benyon, on the short three-day Programme Motion for the Withdrawal Agreement Bill:

“Whether you had three days, three weeks or three months debating this, you would not hear one original argument that we hadn’t otherwise heard in this process…”

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