← Back to House of Commons Debates
International Investment Summit
17 October 2024
Lead MP
Emma Reynolds
Debate Type
General Debate
Tags
EconomyTaxationClimate
Other Contributors: 25
At a Glance
Emma Reynolds raised concerns about international investment summit in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
The Government’s inaugural international investment summit was held in London, attracting leaders from global companies to discuss the UK's economic stability and growth. The Prime Minister and Chancellor have prioritised increasing private investment as a means of driving long-term economic growth. The summit secured £63 billion worth of shovel-ready investments across various sectors. These agreements were facilitated by the Government’s commitment to improving business conditions, including planning reform and removing barriers for renewable energy projects.
Luke Evans
Con
Hinckley and Bosworth
Welcomed the Government's success but asked about the proportion of investment that was secured before the election.
Kevin Hollinrake
Con
Thirsk and Malton
Expressed support for the Government’s achievements at the summit.
Liam Byrne
Lab
Birmingham Hodge Hill and Solihull North
Congratulated the Government on securing £63 billion of investment, acknowledging both the stability dividend and resetting relationships with European neighbours as key factors in attracting investors.
Kevin Hollinrake
Con
Thirsk and Malton
Welcomed the positive developments in international investment, such as the arrival of 300 investors. Advocated for deregulation to stimulate economic growth. Acknowledged the progress made by previous governments but argued that current metrics were better than those inherited from 2010.
Liam Byrne
Lab
Birmingham Hodge Hill and Solihull North
Intervened to provide economic data showing that growth forecast was at about 0.5%, families were £1,200 worse off on average compared to 2019, and the national debt had doubled since 2010.
Emma Reynolds
Lab
Wycombe
Intervened to state that the Conservative Government left a £22 billion in-year hole in public finances compared to Labour’s exit from office.
Laurence Turner
Lab
Birmingham Northfield
Asked whether the shadow Secretary of State acknowledged that Government borrowing costs were roughly double what they were in 2010, partly due to Liz Truss's mini-Budget.
Yuan Yang
Lab
Earley and Woodley
Suggested that financial markets had priced in a large Labour victory by spring this year, giving businesses confidence in the economy’s future stability. Asked why this was not being reflected positively.
Richard Quigley
Lab
Isle of Wight West
Asked whether the Conservative Member agreed that he was talking down the entrepreneurial spirit and ability of UK companies to cope with a new Government.
Tom Hayes
Lab
Bournemouth East
Expressed pleasure at JP Morgan’s support for investment in the UK, asking if the hon. Member agreed that the British economy should be optimistic following the election.
Jade Botterill
Lab
Ossett and Denby Dale
Delivered a maiden speech celebrating her constituency of Ossett and Denby Dale. Emphasised the community’s hard work, cultural heritage, and economic potential. Called for policies to support young people in achieving their dreams within their communities.
Daisy Cooper
Lib Dem
St Albans
Welcomed the Minister to her place and thanked her for past support. Emphasised the Liberal Democrats' desire for responsible, sustainable business investment in tackling climate change and creating jobs. Supported the Government's decision to hold an international investment summit within their first 100 days. Highlighted concerns over previous government actions that undermined economic stability and investor confidence. Called for a review of the broken business rates system, urging its replacement with a commercial landowner levy. Urged attention to local small businesses struggling due to rising business rates discouraging environmental investments. Advocated for an immediate skills strategy to address talent shortages in key industries. Questioned whether the new National Wealth Fund would have an explicit remit to support net zero carbon emissions transition and stressed the need to remove trade barriers for small businesses post-Brexit.
Sarah Russell
Lab
Congleton
Russell discussed her constituency's challenges including special educational needs support, leasehold issues, NHS waiting times, gender pay gap reduction through shared parental leave policy, and the need for technological protection from discrimination. She also emphasised community initiatives like volunteer efforts, Pride events, and cultural heritage such as Foden trucks.
Peter Fortune
Con
Bromley and Biggin Hill
Paid tribute to new MPs, questioned the authenticity of the Government's claims about securing billions in investment due to their recent appointment. Emphasised Britain’s strong track record under Conservative leadership for attracting foreign direct investment and highlighted achievements such as contracts for difference in clean energy. Criticised the Labour government for planning tax hikes on employers, increasing employment regulation, and cancelling key investments like a supercomputer project, arguing these actions contradict claims of supporting growth.
Callum Anderson
Lab
Buckingham and Bletchley
Callum Anderson, a newly elected Member of Parliament for Buckingham and Bletchley constituency, paid tribute to his predecessors Iain Stewart, Greg Smith, John Bercow, and Phyllis Starkey. He highlighted the rich history and community values of the area, including its technological legacy from Bletchley Park. Anderson emphasised the importance of international investment in innovation, citing £63 billion of private investment secured by the government to boost Britain's AI capacity. He also pledged support for local farmers and rural businesses working hard to feed the nation while protecting the environment.
Sean Woodcock
Lab
Banbury
Sean Woodcock, the newly elected Labour Member of Parliament for Banbury, congratulates his fellow member Callum Anderson on his maiden speech and expresses pride in representing Banbury as its first Labour MP after 102 years under a single party. He outlines the rich history of the constituency, from its prehistoric sites to its industrial past and modern industries such as logistics and high-end engineering. Woodcock highlights the community's resilience and unity, exemplified by successful campaigns against hospital downgrading and the establishment of local food banks and volunteer services during tough times. He supports the Government’s ambitious house building agenda while raising concerns about infrastructure needs. Additionally, he emphasises his support for the Government's programme to assist farmers and its renewable energy initiatives.
Claire Hughes
Lab
Bangor Aberconwy
Claire Hughes, a newly elected Labour MP for Bangor Aberconwy, thanked her supporters and predecessors while highlighting the natural beauty and resilience of her constituency. She emphasised the importance of protecting the environment and supporting education, referencing the founding story of Bangor University by local quarrymen and farmers who believed in the transformative power of education. Hughes also praised local community leaders for their efforts to support others in their communities. As part of a Labour Government committed to breaking down barriers to opportunity and tackling climate and nature crises, she expressed pride in her government's economic stability for businesses and potential for future investment in Wales.
Jessica Toale
Lab
Bournemouth West
Ms Toale expressed her gratitude for the opportunity to deliver her first speech in Parliament and congratulated the Prime Minister, Chancellor, and Business Secretary on the international investment summit. She highlighted Bournemouth's potential for innovation and investments from the summit, acknowledging the efforts of her predecessor Sir Conor Burns who served the constituency for 14 years. Ms Toale emphasised the challenges faced by Bournemouth, including declining town centres, NHS dentist shortages, crime issues, housing market difficulties, and sewage problems. However, she felt hopeful about the future due to the community spirit evident in local initiatives such as those at the Henry Brown centre and Bourne community hub. She pledged to build a better politics and fairer future where everyone feels like they have a stake in their town.
Yuan Yang
Lab
Earley and Woodley
Congratulates the Member for Bournemouth West on her maiden speech, emphasises the importance of political stability in attracting international business investments. Welcomes the Government's efforts to secure over £60 billion in investment during an international summit, creating nearly 38,000 jobs. Points out Britain’s productivity puzzle due to a large fall in capital accumulation since the global financial crisis. Supports the appointment of John Van Reenen to the Council of Economic Advisors for his expertise on UK productivity. Emphasises the need for an industrial strategy and the focus on life sciences as one of the key sectors for investment. Mentions foreign direct investment successes in her constituency, including grants and job creation by companies like Lonza and Bayer. Discusses the importance of advancements in life sciences for economic growth and improved healthcare outcomes. Highlights the role of political stability, regulatory frameworks, and public service provision in supporting businesses.
Kanishka Narayan
Lab
Vale of Glamorgan
I come to this debate as a new MP with experience in the investment sector, emphasising the need for change and prosperity. I recognise my predecessor's service while committing to continuity in serving the Vale of Glamorgan. I highlight the area’s historical significance in education, energy, natural beauty, and community spirit. However, I also address honest challenges such as economic deprivation, healthcare disparities, farming difficulties, and veteran support needs. My ambition is for greater prosperity and dignity in the Vale of Glamorgan, driven by personal gratitude for opportunities received.
Josh Dean
Lab
Hertford and Stortford
I commend the Government for hosting a successful investment summit that secured £63 billion in investments. I particularly highlight Stansted airport’s £1.1 billion five-year programme, which includes an extension to its terminal. This will enhance passenger experience, create jobs, and boost local economy. The college at Stansted offers vital vocational training, addressing skills gaps in aviation. The Government's investment signals openness for business and promises new opportunities for my constituents.
Alan Gemmell
Lab
Central Ayrshire
Gemmell congratulates colleagues on their maiden speeches and the Minister, Emma Reynolds, for securing a record-breaking £63 billion investment. He highlights Scotland's share of this investment, including £2.5 billion for Green Volt and Iberdrola doubling its UK investment to £24 billion.
Tom Hayes
Lab
Bournemouth East
Hayes commends the record-breaking £63 billion investment secured by the Labour Government, emphasising that it signals global businesses backing Britain. He notes the importance of clean energy investments and highlights the role of the Government's 10-year industrial strategy in creating green jobs and revitalising regions.
Gareth Davies
Con
Grantham and Bourne
The hon. Member praised the UK’s success in attracting foreign direct investment, noting it was Europe's leader for new FDI projects for three consecutive years. He highlighted specific examples such as Blackstone's £10 billion commitment and Amazon's £8 billion announcement made before Labour took office. However, he criticised Labour's approach to economic policy, which has led to a decline in business confidence and an increase in borrowing costs.
Sarah Jones
Lab
Croydon West
The hon. Member Sarah Jones praised her fellow Labour MPs who gave their maiden speeches, noting that many family members were in attendance to see the proud moment. She detailed numerous investments announced at the investment summit, such as £63 billion in new commitments by companies investing in various sectors like renewable energy and advanced manufacturing. She argued that this demonstrates business confidence in Britain under the current government’s leadership.
▸
Assessment & feedback
Summary accuracy
About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.