Business and Trade Debate
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Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the Department for Business and Trade
(1 day, 11 hours ago)
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Sarah Jones
The hon. Gentleman talks about the Government’s policies for growing the economy. A few months ago, we held an international investment summit, at which £63 billion of investment was announced. As I have mentioned, there was £2 billion announced in the Budget for the automotive industry. Interest rates have been cut three times, wages are up, and more than 70,000 jobs have been secured in the UK since the Government came to power. The International Monetary Fund and the OECD predict that the UK will be Europe’s fastest-growing major G7 economy in the coming years. The industrial strategy was scrapped under the last Government; our industrial strategy will be the backbone of ensuring that we deliver growth…
Jim Shannon (Strangford) (DUP)
The Minister has a real interest in the matters for which she has ministerial responsibility; I want to put on the record my thanks to her. When we have had meetings on other issues relating to Northern Ireland, she has been anxious to help and support me, and I appreciate that.
The decision not to go ahead with the EV production is disappointing to say the least, but it perhaps indicates a wider issue that we face in the manufacturing industry due to rising costs. What can the Minister do to help companies attract more investment through lower energy costs, and what can the Government do to ensure that British jobs are not sent to China, and to ensure that firms that choose to relocate jobs understand that no future help will be forthcoming?
Sarah Jones
I thank the hon. Gentleman for his kind words. I should be clear for the House that the decision has not been made to not go ahead; this is a delay and a change in timing. BMW is committed to going ahead with the investment. At the moment, its e-Mini is being produced in China. This investment will bring it here to the UK.
[Official Report, 24 February 2025; Vol. 762, c. 512.]
Written correction submitted by the Minister for Industry: