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Britain has retained its crown as the top destination for inward investment from Europe due to London’s attractiveness according to a survey released on 5th June which tracks direct investment projects across the continent.

The UK came top for the 10th year running, boosted by London’s performance which attracted 22% more projects compared to 2006 according to accountant Ernst & Young in their investment monitor. In total the UK won 713 foreign direct investment projects including the European HQ of Chinese broadcaster CCTV, France came second with 541 projects and Germany was a distant thrid with 305 projects.

London attracted 42% of projects smashing the 35.8% average of european capitals. “these figures show more than ever the importance of London to the UK economy. We need to maintain that appeal to potential investors” siad Mark Otty, chariman of Ernst & Young.

Otty added the “right taxation” and “regulatory frameworks” were crucial to the UK retaining top spot.