Inward Investment 2023-02-09
2023-02-09
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
▸
Context
The MP asks about steps to increase UK's level of inward investment. This follows the government's recent statement on attracting high-value investments.
What steps her Department is taking to help increase the level of inward investment into the UK?
The UK's total inward investment stock is the second highest in the world, having recently passed £2 trillion. We want to make the UK the undisputed top investment destination in Europe, attracting high-impact, high-value investment into our strategically important sectors which will make a real difference to the UK economy. The UK-UAE sovereign investment partnership will bring £10 billion to key UK sectors. Moderna's partnership will support research and clinical trials infrastructure, creating over 150 highly skilled jobs in the UK. Last year—2021-22—the estimated economic impact of foreign direct investment projects supported by the Department increased by 82%.
▸
Assessment & feedback
Response accuracy
Q2
Partial Answer
▸
Context
The MP seeks meetings with the government to discuss how to make Burnley an attractive place for more international business investments, building on existing companies like Safran Nacelles.
Will the Minister agree to meet me to talk through how we can make Burnley the best place to invest in Britain?
I think my hon. Friend, in promoting Burnley so much, has already made it the best place to be doing business. The companies referenced demonstrate the attractiveness of his constituency to investors across the globe. Free trade agreements make it easier for investors to bring capital and create jobs in Burnley. We would be delighted to meet him.
▸
Assessment & feedback
The answer does not provide specific steps or commitments for making Burnley an investment destination, only a general statement of support.
Working With
Response accuracy
Q3
Partial Answer
▸
Context
The MP highlights the declining position of UK in hosting late-phase clinical trials, citing a fall from fourth to tenth place since 2018.
What are the Government doing to address that issue?
On clinical trials specifically, we commissioned a review when I was life science Minister. The £1 billion Moderna deal includes biotech, which will attract more attention to UK ecosystems including Cambridge. We are happy to work with the hon. Gentleman on this.
▸
Assessment & feedback
The answer does not detail specific actions to address falling clinical trial numbers; it references a deal and suggests future collaboration without specifics.
Working With
Response accuracy
Q4
Partial Answer
▸
Context
The MP highlights a visit to Teconnex, a global leader in clamp technology providing battery storage solutions.
What steps is my hon. Friend taking to ensure that with businesses such as Teconnex in my constituency and other world-leading businesses right here in the UK, we can be seen as a more attractive place for foreign investment?
The Department is keen to support businesses that seek to invest or expand in the UK, particularly those that can help spread jobs and opportunities across the UK. We are working across Government with previous Business Ministers closely connected to the automotive sector and supply chain.
▸
Assessment & feedback
The answer does not provide specific steps for promoting Keighley's business environment; it focuses on general support measures.
Working With
Response accuracy
Q5
Partial Answer
▸
Context
The MP raises concerns about SK Wiring, the UK's only manufacturer of precision temperature-calibrated wiring critical for vaccine development.
Can we have an urgent meeting so that we can keep this critical national infrastructure developed in Britain?
Within the life sciences missions, manufacturing is a key point. I was at the life sciences conference in San Francisco when we finalised the deal with Moderna. Of course this is not about playing politics; I am more than happy to meet the firm in the hon. Gentleman's constituency.
▸
Assessment & feedback
The answer does not address the specific request for an urgent meeting or measures to prevent closure of SK Wiring.
Working With
Response accuracy