Foreign Investment: UK Summit

08 Apr

Question

The Question session focused on evaluating the implications of the UK international investment summit for foreign investment levels within the country. Central to the discussion was the previously announced £63 billion in investments which promise job creation and economic upliftment. The debate centered on the sufficiency of investments in stimulating productivity and economic growth, amid broader historical concerns about business investments in the UK compared to other G7 nations.

Outcome

This session highlighted a positive note on the UK’s attractiveness as an investment destination, boosted by the historical commitments secured during the summit. However, there was an emphasis on ensuring the effective and timely implementation of these investments and ongoing Government accountability in enabling sustained economic stability and growth.

Key Contributions

Lincoln JoppMember of Parliament

Conservative

Queried the impact of the UK's summit on foreign investment levels.

Torsten BellMinister

Affirmed investment as a Government priority for productivity and wage growth.

Matt WesternMember of Parliament

Labour

Cited a PWC survey indicating the UK as a top investment destination.

Original Transcript

Lincoln Jopp

Spelthorne

Con

Question

UIN: 903662

7. What assessment she has made of the potential impact of the UK international investment summit 2024 on levels of foreign investment.

The Parliamentary Secretary to the Treasury

Torsten Bell

12:02

Increasing investment in the UK, both public and private, is the Government’s absolute priority. It is the route to restarting badly needed productivity and wage growth. As the hon.

Member will know, at the international investment summit, companies committed to a record-breaking £63 billion-worth of investment, which is set to help to create around 30,000 jobs.

Lincoln Jopp

12:02

I thank the Minister for that answer. I particularly thank him for saying that investment is the Government’s top priority, because the Government announced on 17 October that they had secured this £63 billion.

We have heard from the Chancellor that she is going to act decisively, so I just want to check her track record on that. The Government have had six months and £63 billion. How much money has gone out of the door for those oven-ready projects across the country?

Torsten Bell

12:02

The hon. Member will be excited to know that the Business Secretary will be announcing in the coming weeks that shovels are already in the ground, or will be going into the ground, for some projects. I am a very good colleague to Ministers, so I am not going to pre-empt that announcement today.

Matt Western

Warwick and Leamington

Lab

12:03

A recent PWC survey showed that the UK is now the second most attractive investment destination among global chief executives, ahead of countries such as China, Germany and India. That shows that the Government’s careful stewardship of our economy has led to stability within the global landscape.

Does the Minister agree that the UK is now open for business after years of Conservative chaos?

Torsten Bell

My hon. Friend consistently asks good questions that go to the heart of the matter. If I look back over the past 14 years, I see that British business investment has been the lowest in the G7 year after year. We are going to put that right.

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