The total value of foreign direct investment into Britain has topped £1 trillion for the first time, Prime Minister David Cameron’s government said yestgerday, hailing “a sharp increase” in net flows last year.

The data is likely to be seized upon by Cameron’s Conservatives who reject assertions from opponents that his plan to reform Britain’s ties with the European Union ahead of an in-out membership referendum risks hurting foreign investment.

Cameron first announced the EU plan in 2013.

The government said the value of accumulated foreign direct investment rose by £90 billion in 2014 to take the total to more than £1 trillion, the highest in Europe and third highest in the world after the US and China.

It said Britain’s strong economic performance in 2014 meant the number of foreign investment projects increased 12 per cent year-on-year.

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