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UK wealth creation is bigger and better than Europe, says DTI

UK wealth creation rises 15 per cent on last year, with UK large companies beating European counterparts in the DTIs value added fourth annual scoreboard 2005.

The scoreboard finds more UK companies in the top league than any other European country, creating wealth more efficiently and performing better against its competitors.

Key findings include the UK having 167 companies in the top 600 across Europe, with its nearest competitor being Germany with 91. UK companies have a combined wealth of 347bn.

The scoreboard rates the wealth created, or value added, of the top 600 European and top 800 UK companies.

DTI trade and industry secretary Patricia Hewitt says: The UK economy is working, growing faster and for longer than most of its competitors making it the fourth largest economy in the world.”

“This is an outstanding performance from top UK companies across a wide range of business sectors. Their wealth creation is the firm foundation for our prosperity. But we must continue to build on this and not ignore threats from emerging economies.

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