Foreign Direct Investment Metro Mayors 2023-02-09
2023-02-09
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP chairs the all-party parliamentary group for London as a global city, which published a report on the 'London-plus effect'. This refers to companies that first invest in London contributing £7.6 billion and creating 40,000 jobs throughout the country.
I chair the all-party parliamentary group for London as a global city, and last year we published our first report which featured analysis of the London-plus effect, showing how companies that first invest in London go on to contribute £7.6 billion and create 40,000 jobs throughout the country. Is my hon. Friend's Department willing to consider convening roundtables with the Metro Mayors on how to maximise the potential benefit to the UK of the London-plus effect?
My hon. Friend is absolutely right. Andy Street was very clear about the importance of London to regional development in the west midlands. The Department convenes roundtable joint sessions with the M10 Metro Mayors twice every year, in addition to ongoing ministerial-mayoral bilaterals and official-level engagement. Such meetings include discussions on shared priorities in international trade and investment and greater collaboration throughout all regions to increase foreign direct investment from new and existing investors.
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Assessment & feedback
The Department's willingness to convene roundtables specifically for the London-plus effect was not addressed directly.
Did Not Address The Specific Ask About Roundtable Discussions
Response accuracy
Q2
Direct Answer
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Context
The MP met with Andy Street to discuss foreign direct investment and the importance of London as a gateway for global investments.
What recent discussions has her Department had with Metro Mayors on attracting more foreign direct investment?
I met Andy Street this week to talk about foreign direct investment, and Lord Johnson will meet the 10 Metro Mayors today to discuss how we can attract more investment into mayoral combined authorities. The Department connects strategic regional opportunities to major international capital through sovereign investment partnerships established over the past 18 months.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The Minister is aware that there are no Metro Mayors in Wales but there are city deals and leaders who link across the south-west of England into Bristol and across the south Wales belt.
There are no Metro Mayors in Wales, but there are city deals and leaders linking across the south-west of England into Bristol and across the south Wales belt. What is he doing to work with local government leaders in Wales to ensure that investment is brought into Welsh constituencies as well as those throughout England?
The hon. Gentleman is absolutely right. We are pleased that across York and North Yorkshire we are about to get our own Metro Mayor; I am sure he is working hard to bring that kind of governance to his area too, because it clearly delivers opportunity right across the country. The FDI stock in the UK is worth £2 trillion, which is the second highest amount in the world.
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Assessment & feedback
The specific actions for working with local government leaders in Wales were not addressed.
Changed Subject To The Importance Of Metro Mayors
Response accuracy