Department for International Trade response to written question: FDI

Question: To ask the Secretary of State for International Trade, what recent assessment he has made of trends in the level of foreign direct investment in the UK tech sector. (911906)

Answer: Graham Stuart MP:- Parliamentary Under Secretary of State (Minister for Investment)

The latest Tech Nation report showed the UK attracts more VC tech investment than any other European nation, with £6.3 billion raised in 2018. The UK is both a leading global financial hub and an Artificial Intelligence (AI) hub, home to more AI start-ups than any other European country with over 1000 companies and 600 investors.

Last month during London Tech Week, my department announced a further £1.2 billion of new foreign direct investment in the UK tech sector which will create more than 850 jobs.