Britain is the number one destination in Europe for foreign direct investment, according to figures that revealed a surge in inflows to levels not seen since before the financial crisis.

In a vote of confidence in Brexit Britain, UK FDI inflows soared to $253.7bn (£197bn) in 2016, up from £33bn the previous year, according to the Organisation for Economic Co-operation and Development (OECD).

This represents the highest level of inflows since 2005.

The figures also showed the UK drove the bulk of the 17pc increase in FDI inflows to the European Union.

Britain also climbed above Ireland, Switzerland, the Netherlands and France to become the top destination for inward FDI across Europe and second only to the US in the OECD club of 35 rich economies.