Oral Answers to Questions

Debate between Gareth Bacon and Kevin Hollinrake

Thursday 9th February 2023 Commons Chamber

[Gareth Bacon (Orpington) (Con)]

11. What recent discussions her Department has had with Metro Mayors on attracting more foreign direct investment.

[The Parliamentary Under-Secretary of State for Business and Trade (Kevin Hollinrake)]

I met Andy Street this week to talk about foreign direct investment, and Lord Johnson will meet the 10 Metro Mayors today and look to discuss how we can attract more investment into mayoral combined authorities and how the Department can connect strategic regional opportunities to major international capital, such as the sovereign investment partnerships that have been established over the past 18 months by the Department and the Office for Investment.

[Gareth Bacon]

I chair the all-party parliamentary group for London as a global city, and last year we published our first report, which featured analysis of the London-plus effect, a term coined by the London & Partners agency to show that our capital is the gateway to the world and that companies that first invest in London go on to contribute £7.6 billion and create 40,000 jobs throughout the country. Is my hon. Friend’s Department willing to consider convening roundtables with the Metro Mayors on how to maximise the potential benefit to the UK of the London-plus effect?

[Kevin Hollinrake]

My hon. Friend is absolutely right. Andy Street was very clear about the importance of London to regional development in the west midlands. The Department convenes roundtable joint sessions with the M10 Metro Mayors twice every year, in additional to ongoing ministerial-mayoral bilaterals and official-level engagement. Such meetings include the discussion of shared priorities in respect of international trade and investment and of greater collaboration throughout all regions to increase foreign direct investment from new and existing investors.