Swedish businesses investing in 9,000 new UK jobs

8 November 2022

Despite Brexit, pandemic, and current economic turmoil, Swedish businesses have a positive outlook for their presence in the UK market and are making long-term commitments to their footprint in the country. A new study shows that 87 Swedish businesses alone, today employ 80,000 people nationwide and will be investing in almost 9,000 new jobs within the next five years, supporting growth across the UK.

Small to its size but large on innovation, Sweden is the birthplace of global brands such as self-assembly innovator IKEA, retail giant H&M and world-leading security company Securitas – all of which employ thousands of people across the UK.

Swedish businesses have been present in the UK for centuries. From industrial group Atlas Copco, recently celebrating 100 years in the UK, to fintech company Klarna establishing in the country as recently as 2014, the UK continues to be a given destination for Swedish businesses looking for an international expansion.

“Today, there are more than 1,000 Swedish businesses active in the UK. Sweden is the UK’s 8^th largest investor, between Canada and Ireland, and in 2021 alone, Swedish investments created 1,716 new jobs in the UK,” says Peter Sandberg, Chief Executive at the Swedish Chamber of Commerce for the UK, referring to a recent report from the UK Department for International Trade.

80,000 jobs across the UK…
In a new study, the Swedish Chamber of Commerce, in collaboration with the Embassy of Sweden, asked Swedish businesses how they contribute to the regional growth of the UK. Where are job opportunities created, and what investments are Swedish businesses making in the UK?

The study shows that 87 Swedish businesses alone, employ almost 80,000 people across the UK. Although London might have a denser concentration of head offices, 84% of jobs are in fact distributed outside of the Greater London region, with a large proportion of jobs in the North West, South East and in the East of England.

“This proves that Swedish investment and interests are far from limited to the capital – the impact of Swedish business in the UK is nationwide,” says Peter. “Based on the results, and our knowledge of Swedish businesses operating in the UK, we assess that well over 150,000 direct or indirect job opportunities are created by the 1,000 Swedish businesses with a UK presence. Not a bad contribution for a country of 10 million.”

…and almost 9,000 new jobs within five years
81% of the businesses participating in the study plan to expand their teams and employ within the next 5 years – creating a total of 8,927 new jobs. “This is an addition of 11.5% to the current employment base, which is a significant investment. With these new jobs, the businesses are showing long-term commitment to the UK,” Peter says.

Investing in local communities
Roughly half of the new job opportunities (47%) will be created outside of London and the South East. “Only in the North West, there will be more than 1,100 new jobs within the next five years. IKEA’s recent announcement to expand to Aintree, Preston, and Stockport, is only one example of how Swedish businesses continue to invest in local communities.”

More insights at swedishfootprint.co.uk