EU Referendum

Reality Check: Does the world invest £880 a second in the UK?

David Miliband saying: "Our membership of the EU means the rest of the world invests £880 a second in the UK."

The claim: Our membership of the EU means the rest of world invests £880 a second in the UK and creates 10 new jobs an hour.

Reality Check verdict: The UK's EU membership is not the only reason why foreign companies invest here.

Alan Johnson from Labour in for Britain and former foreign secretary David Miliband visited an HSBC development in Birmingham to highlight foreign investment in the UK.

David Miliband said: "Our membership of the EU means the rest of world invests £880 a second in the UK and creates 10 new jobs an hour."

Taking those in turn, in 2014 there was £27.8bn of foreign direct investment in the UK, according to the Office for National Statistics, which is indeed about £880 a second.

The new jobs figure is based on the UK Trade and Investment estimate of 85,000 new jobs created in 2014-15, which is just under 10 an hour.

While some foreign investors have expressed enthusiasm about the UK's EU membership, it is going too far to say that it is the only reason why foreign companies invest in the UK.


Read more: The facts behind claims in the EU debate


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