Office for Investment
Debate between Marco Longhi and Ian Paisley(3 years, 7 months ago)
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Marco Longhi (Dudley North) (Con)
It is a pleasure to serve under your chairmanship, Mr Paisley.
The Office for Investment will bring a real focus on delivery and inward investment. Evidence shows a direct correlation between job creation and foreign investment. If there ever was a time for that to happen at pace, it is now. Let me draw a loose parallel between the Office for Investment and directly elected Mayors. When they were first proposed in the early 2000s, I was set against them. In most ways I was wrong. I saw the whole thing as a replication of a failed tier of government—county councils—but the proof of the pudding has been in the eating. In the West Midlands we have had a dynamic Mayor in Andy Street. He makes things happen. A straightforward example of that was his intervention in the demolition of a large derelict block of offices known as Cavendish House in Dudley—a blight on the Dudley landscape for 15 years, which nobody was seemingly able to remove.
The creation of the Office for Investment under the leadership of Minister Lord Grimstone, working hand in hand with No. 10 to attract investment, is absolutely key. In some respects, it is a similar functional role—a supermayor, if I may suggest it, although Members of the other place would never think that of themselves. So much depends on the quality of the individual selected. We need only look at London to see the stark difference between the dynamic former Mayor that we used to have and the depressing failed existing one.
The other focus that the Office for Investment can bring is the strategic nature and application of investments around the country. Opportunities in technology, advanced manufacturing, services, green research and development and digital are all strong areas of growth that are aligned with Government priorities for productivity and a greener economy, and their development across the country is key. That brings opportunities to areas where there has been relentless decline over many years—forgotten areas such as mine in Dudley and the Black Country—levelling up.
The Office for Investment has a big job to do and it has my full support. It represents a single front door to the UK for investors, who can confidently look at the UK with deliverability and speed of return at the heart of their investment in UK plc.
Ian Paisley (in the Chair)
As I would like the Minister to have time to make his speech, I call on the hon. Member for Strangford to make a short contribution.