Oral Answers to Questions

Stuart Andrew Excerpts

Thursday 15th March 2012 Commons Chamber

[Stuart Andrew (Pudsey) (Con)]

5. What recent progress he has made in increasing inward investment.

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

In December 2011 the Office for National Statistics reported a record stock of foreign direct investment in the UK at £731 billion. The Government are determined to continue to improve the UK business environment to make us a global investment location of choice. The recent major automotive investment by Nissan and the expansion of Jaguar Land Rover are very good examples of that.

[Stuart Andrew]

I am grateful to the Secretary of State for that answer. Attracting inward investment is going to be a key element of aiding our economic recovery. Will he inform the House of any figures he might have showing how the United Kingdom is doing in this area compared with the rest of Europe?

[Vince Cable]

Britain is the third-best attractor in the world of direct foreign investment and the leading country in Europe. That remains the case; indeed, the position has been strengthened by the decisions we have taken over the past 18 months.