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Investors cool on UK as key destination

A survey of global investors’ spending intentions suggests the UK is set to lose out to Germany and Poland as investment destinations in 2013.

An analysis of the investment attitudes of 500 international ‘decision makers’ by Ernst & Young (E&Y) found that 35% favoured Germany as a destination with 10% looking to Poland. The UK was next on 8%.

According to the Financial Times’ report on the survey, E&Y noted that because financial services’ investment fell 15% in 2012, the UK had to attract funding into other sectors.

No areas are specified but the waste industry has performed relatively well in recent years.

E&Y chief economist Mark Gregory was quoted as saying: “Despite huge efforts to attract foreign investment into more diverse sectors in the UK, this latest signal from investors is unlikely to bring much New Year cheer for the economy.”

Meanwhile, a FT New Year survey of 94 leading economists indicate that Britons should brace themselves for another year of weak growth.

A “slender majority” believed that Chancellor George Osborne’s austerity plan was still the right route.

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