Inward Investment 2022-12-15
2022-12-15
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Response quality
Questions & Answers
Q1
Direct Answer
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Context
The question stems from the need to assess how foreign direct investments contribute to the government's economic and levelling-up goals.
What assessment her Department has made of the contribution of inward investment to the Government's growth agenda. The focus is on understanding the economic impact, job creation, and alignment with green initiatives across different regions of the UK.
In the last financial year, DIT supported foreign direct investments generating over £7 billion-worth of economic impact to the UK economy and creating nearly 73,000 new jobs, of which 34,000 were outside London and the south-east, contributing to our levelling-up agenda. In 2021-22, we supported 91 inward investment projects aligned with the 10-point plan into the UK, which delivered £13 billion of green investment.
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Assessment & feedback
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Q2
Direct Answer
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Context
The MP is concerned about the equitable distribution of benefits from inward investment and inquires specifically about DIT's efforts to support the levelling-up agenda by locating staff in various regions.
I am grateful to my right hon. Friend for that answer. I am sure she will agree that the benefits of investment need to be seen throughout the United Kingdom. In that context, will she tell me what her Department is doing to support the levelling-up agenda and, in particular, to locate staff in the regions and nations? The MP seeks information on DIT's plans for staffing distribution outside London.
I thank my hon. Friend for that question. DIT intends to grow over 550 roles outside London by 2025. Our second major location will be the Darlington economic campus, alongside three new trade and investment offices in Edinburgh, Cardiff and Belfast. I would also like my hon. Friend, as an east midlands MP, to know that I visited businesses in the east midlands just last month, and I am supported by DIT staff based all around the region, who are doing a fantastic job on trade advisory.
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