International Investment

Drew Hendry Excerpts

Tuesday 17th October 2017 Commons Chamber

[Greg Clark]

I agree: it is a proud boast that we are the No. 3 nation in the world. We are by no means the biggest nation in the world, but to be No. 3 behind the US and China in terms of foreign direct investment is a real vote of confidence in this economy, and that is something I and my team and my colleagues across Government will always work hard to extend.

[Drew Hendry (Inverness, Nairn, Badenoch and Strathspey) (SNP)]

I am grateful to the right hon. Gentleman for an advance copy of his statement.

The Scottish National party supports measures that best protect our citizens and measures that relate to national security. However, it is not clear why these proposals have been brought forward now, so can the right hon. Gentleman tell us why now, and what the UK Government’s long-term strategy is?

We also believe it is vital that Parliament is fully involved in this process. Will the right hon. Gentleman confirm that that is the case?

Finally, on military technology, the UK Government must look to their own track record. Will the right hon. Gentleman confirm that the same degree of stringent oversight and scrutiny is to be applied to arms sales abroad?

[Greg Clark]

I am grateful to the hon. Gentleman for his questions, although I am surprised that he did not want to welcome the investment decision in Bombardier. In response to his—perfectly reasonable—question, “Why now?”, it is right to upgrade our systems for scrutiny periodically. A national security risk assessment was carried out recently, which correctly pointed out that smaller companies have the potential to pose a threat to national security, and these measures respond to that. We are publishing a Green Paper; Parliament is being invited to scrutinise it, as the essence of a Green Paper is that it is published for Parliament, as well as people in the outside world, to examine. On military technology and the scrutiny of arms sales, I think the hon. Gentleman should know that that is already subject to a licensing procedure.