Oral Answers to Questions

Debate between Nusrat Ghani and Philip Hollobone

Thursday 9th February 2023 Commons Chamber

[Mr Philip Hollobone (Kettering) (Con)]

8. If she will make an estimate of the level of foreign direct investment into the UK since 23 June 2016.

[The Minister of State, Department for Business and Trade (Ms Nusrat Ghani)]

More global multinationals have set up subsidiaries in the UK than in any country other than the United States. This is the best place in Europe in which to raise capital. Between April 2016 and the end of March 2022, the Department assisted more than 8,700 foreign direct investment projects in the UK, which have created about 348,000 new jobs across the United Kingdom.

[Mr Hollobone]

The UK has had a great track record of attracting foreign direct investment since we voted to leave the European Union. The figures given by the Minister will include the £200 million investment by Ball Corporation in the United States in the UK’s largest and Europe’s most advanced can manufacturing plant, in Burton Latimer. How does the UK’s record of attracting foreign direct investment compare with those of our major EU competitors?

[Ms Ghani]

My hon. Friend has given a fantastic example of the opportunities that have been created. The UK is a highly attractive destination for FDI, and has been among the top recipients in Europe over the last decade. According to the Financial Times and the United Nations Conference on Trade and Development, the UK has the highest market share of greenfield FDI capital expenditure in Europe, at 20%—almost double that of Spain, which is in second place with 12%. It also has the highest levels of Food and Drug Administration stock in Europe, second only to the United States globally. It is remarkable how far we have progressed in such a short time.