The 2008 Value Added Scoreboard, from the Department for Innovation, Universities and Skills (DIUS), reveals UK firms produced almost 23 per cent of all European wealth, more than any other country.

The UK continues to be one of the best places in the world to do business.

Ian Pearson

Minister for Science and Innovation

DIUS

Value added by the UK's top 800 companies has increased by 9.6 per cent over the last year to account for £646 million, with the European total for wealth created at £2,2007 billion.

The top ten of the UK's 39 sectors contributed 62 per to the country's total, with the largest three areas being banking, oil and gas production, and mining.

Overall, the UK banking sector added value worth £75.7 million, oil and gas production added £64.8 million and mining £34.8 million.

Also, other notable sectors included pharmaceuticals and biotechnology at £23 million, mobile telecommunications with £17.8 million and the media at £18.1 million.

Ian Pearson, Minister for Science and Innovation, commented: "The UK continues to be one of the best places in the world to do business.

"I would like to congratulate those UK companies that have performed so successfully in this year's scoreboard.