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Feb. 26, 2014 / 7:29 AM

Business investment rises in Britain

LONDON, Feb. 26 (UPI) -- Business investment in Britain rose 2.4 percent in the fourth quarter of 2013, the Office of National Statistics said Wednesday.

Investment rose by $1.3 billion compared to the previous quarter, climbing 8.5 percent higher than the fourth quarter of 2012.

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Gross fixed capital formation, which measures fresh asset purchases in the business sector, rose by $93.1 billion from the third quarter. The largest gains were in new buildings and structures, as well as machinery and equipment, ONS said.

The data shows what businesses are spending on themselves on purchases that are not consumed, but are put to work, such as buildings and heavy equipment.

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