The UK was the top destination for digital technology Foreign Direct Investment (FDI) projects in Europe last year, as stated in EY’s 2024 UK Attractiveness Survey. Despite a 19% decrease in project numbers across Europe, the digital technology sector remained the leading sector for FDI in the UK and contributed to the country’s FDI growth.
In 2023, the UK recorded 255 digital technology projects, marking an 8.9% increase from the previous year. The country received over a quarter (26.7%) of all digital tech FDI projects in Europe during that time. France came in second for digital technology FDI projects with 135, followed by Germany with 119 projects.
Despite tighter borrowing conditions, companies prioritized investing in more established and resilient tech markets like the UK due to its strength in the tech sector and its attractiveness to investors. This is evident in the fact that France and Germany ranked second and third respectively for digital technology FDI projects but only had a combined percentage of just over 38%. In contrast, the UK’s percentage was nearly double this at around 73%.
According to Peter Arnold, EY’s UK Chief Economist, the UK’s FDI growth in 2023 can be attributed to a resurgence in digital investment. While Europe saw a decline in tech projects, the UK stood out with its increase in digital technology projects. Despite challenges faced by high interest rates and global contraction
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