Ministerial Correction

Tuesday 3rd September 2019 Ministerial Corrections

Tuesday 3 September 2019

International Trade

Tuesday 3rd September 2019 Ministerial Corrections

UK Trade and Investment Strategy

The following is an extract from the Westminster Hall debate on the UK Trade and Investment Strategy on 23 July 2019.

[Graham Stuart]

To put the FDI numbers into further context, UNCTAD’s figures show that FDI flows—flows not stocks; I hope the hon. Member for Sefton Central (Bill Esterson) knows the difference—fell by 19% globally in 2018. [Interruption.] I am now talking about flows as opposed to stocks, so it is repetition, but about a different aspect of something that I hope the hon. Gentleman would take an interest in. FDI flows fell by 19% globally and by 73% in continental Europe. What happened to FDI into the UK? The flows increased by 20%. So much for the negative effects of Brexit uncertainty.

[Official Report, 23 July 2019, Vol. 663, c. 519WH.]

Letter of correction from the Under-Secretary of State for International Trade, the hon. Member for Beverley and Holderness (Graham Stuart).

Errors have been identified in my response to the debate on the UK Trade and Investment Strategy.

The correct statement should have been:

[Graham Stuart]

To put the FDI numbers into further context, UNCTAD’s figures show that FDI flows—flows not stocks; I hope the hon. Member for Sefton Central (Bill Esterson) knows the difference—fell by 13% globally in 2018. [Interruption.] I am now talking about flows as opposed to stocks, so it is repetition, but about a different aspect of something that I hope the hon. Gentleman would take an interest in. FDI flows fell by 13% globally and by 55% in continental Europe. What happened to FDI into the UK? The flows fell at a slower rate than in Europe, at 36%. So much for the negative effects of Brexit uncertainty.