Oral Answers to Questions

Debate between Barry Gardiner and Andrew Stephenson

Tuesday 16th July 2019 Commons Chamber

[Andrew Stephenson]

I thank my hon. Friend for her question. She will know that the Secretary of State and I are actively involved in the British Steel support group, which meets weekly. We will raise the concerns of her local business at that support group and I will come back to her.

[Barry Gardiner (Brent North) (Lab)]

The Minister will know that last month’s statistics on foreign direct investment show that new projects are down by 14%, new jobs are down by 24% and existing jobs safeguarded by new investment are down by 54%. That is an 80% drop in FDI over the past five years. What discussions has he had with the Chancellor about the effect of that on manufacturing output?

[Andrew Stephenson]

I am proud that we remain one of the most attractive destinations in the world for foreign direct investment. UK unemployment has now fallen below 3.8% for the first time since 1974, average wages are growing twice as fast as inflation and by the fastest rate in over a decade, and all while we borrow half as much as Labour did in the five years before the crash.