International Investment Summit

Luke Evans Excerpts

Thursday 17th October 2024 Commons Chamber

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

I beg to move,

That this House has considered the International Investment Summit.

I am delighted to open this debate on the Government’s inaugural international investment summit, which we hosted at the Guildhall in London on Monday. Leaders of the world’s biggest companies, from Alphabet and BlackRock to Goldman Sachs and Novo Nordisk, came from all corners of the globe to meet Government Ministers and to listen to what our new Government had to say. Our message at the summit was clear: the UK is open for business once again. We have turned the page on the stagnation and instability of the previous Government, and in just over 100 days, this Government have put growth front and centre of our agenda and reassured investors that we will create the very best conditions for them to invest and to grow their businesses, restoring the economic stability and confidence for which businesses have been crying out for too long.

The Prime Minister and the Chancellor made it clear that the UK has an enormous amount to offer, as did all the high-profile investors who spoke at the summit, including esteemed business figures such as Larry Fink, Eric Swartz, Ruth Porat and more. We have made clear our commitment to growth and restored economic stability, and we have given businesses the confidence that they need for the long term. Businesses are safe in the knowledge that the UK at last has a Government whose central mission is to grow the economy and stimulate private investment, thereby ending the chaos and churn of the last 14 years.

As both the Prime Minister and the Chancellor have set out, increasing investment into the UK is the Government’s No. 1 priority to drive growth. Our mission-driven approach allows us to think in terms of years, not weeks, and to commit to the hard yards required to break down the silos that have too often prevented effective government and got in the way of real growth-driving change.

This is about ambitious policymaking for the long term, not sticking-plaster politics. As the Chancellor said earlier this week:

“If the challenge is growth, investment is the solution.”

I am delighted to say that, as a result of the stability dividend introduced by this Government, we announced a record-breaking £63 billion of shovel-ready investments across the country—more than at any previous summit, and more than double the total of last year’s summit—from global companies such as Eli Lilly, ServiceNow, Holtec and many others.

[Dr Luke Evans (Hinckley and Bosworth) (Con)]

I welcome the Government’s success. Could the Minister tell us the proportion of that investment that came into play before the election?

[Emma Reynolds]

The agreements were reached in the lead-up to the summit and at the summit itself. I am glad that the hon. Gentleman joins us in congratulating the new Government on securing £63 billion of shovel-ready investment. I lost count of the number of Prime Ministers, Chancellors and Home Secretaries we had under his Government. I was working in the private sector at the time, and I often heard from businesses that said they did not have the stability, or even the predictability, of Government policymaking.

[Dr Evans]

Will the Minister give way?

[Emma Reynolds]

I will not have a cross-Chamber discussion with the hon. Gentleman. I am sure he will make a contribution to the debate.

This Government are determined to increase the number of good, well-skilled jobs, to embrace the opportunities of technology and innovation, and to improve productivity across the country. At the international investment summit, we demonstrated that the UK has tremendous strengths. We have a dynamic, ambitious and globally connected economy that has long been at the forefront of global exploration, invention and innovation. We have a global language, a central time zone and a renowned legal system. We have a high-spending consumer market that benefits from an open economy. We have trade deals with over 70 countries, and we have world-class talent supported by our globally recognised higher education system, with four of the world’s top 10 universities.

One of my favourite moments of the summit was a panel chaired by our fantastic Secretary of State for Culture, Media and Sport on the creative industries and sport. I was delighted to have a photograph with Gareth Southgate, which I showed to my boys when I got home. In all seriousness, Gareth Southgate talked about how the Premier League was once just an idea and how it has been built and marketed into a world leader, creating great investment into our economy. I am sure the whole House will support that sentiment—