Oral Answers to Questions

Elliot Colburn Excerpts

Thursday 5th March 2020 Commons Chamber

[Nigel Mills (Amber Valley) (Con)]

4. What recent assessment she has made of the potential contribution of future foreign direct investment to the economy of each region of the UK.

[Elliot Colburn (Carshalton and Wallington) (Con)]

17. What recent assessment she has made of the potential contribution of future foreign direct investment to the economy of each region of the UK.

[Jack Lopresti (Filton and Bradley Stoke) (Con)]

18. What recent assessment she has made of the potential contribution of future foreign direct investment to the economy of each region of the UK.

--- Later in debate ---

[Graham Stuart]

I thank my hon. Friend for that question, because FDI is so important to the UK. Foreign-owned firms represent only 1% of businesses, yet they contribute 22% of economic output and deliver 15% of employment. My Department uses our regional teams right around the country, and in 110 countries around the world, to make sure that we get that message out. Only yesterday, I hosted a meeting with regional leaders from right across the UK at No. 10 to show the importance we attach, as my hon. Friend does, to sharing these FDI benefits right across the country.

[Elliot Colburn]

Does the Minister agree with me and with residents of Carshalton and Wallington that instead of talking down London, as the current Mayor does, we should be supporting Shaun Bailey’s idea to put in a deputy Mayor for trade to make sure that London remains a destination with one of the highest levels of FDI in the world, to attract businesses and entrepreneurs?

[Graham Stuart]

I am grateful to my hon. Friend for that. I think the people of London want a Mayor who makes things happen, who is a champion of business and who recognises that, for all the wealth in London, there are too many people left behind. We need a Mayor who gets on with the job—one who does not act like a commentator but who actually acts like a leader.