Commons Sense

House of Commons · Ministers' Questions

Inward Investment

Thursday 9 February 2023 · 5 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 4 Not answered 0

Key points

  • The UK's total inward investment stock is the second highest in the world, having recently passed 2 trillion.
  • The Minister agreed to discuss how to make Burnley the best place to invest in Britain with Antony Higginbotham.
  • The Government is working on attracting more attention to UK ecosystems, including Cambridge, through deals like the 1 billion Moderna agreement.

Topics (select to filter)

Questions & Answers

Q1 Robbie Moore Con Keighley and Ilkley
Business & Trade
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.

Question

What steps her Department is taking to help increase the level of inward investment into the UK?

Answer from Nusrat Ghani

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%.

Answered
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Q2 Antony Higginbotham
Business & Trade
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.

Question

Will the Minister agree to meet me to talk through how we can make Burnley the best place to invest in Britain?

Answer from Nusrat Ghani

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.

Partly answered

Not addressed: The answer does not provide specific steps or commitments for making Burnley an investment destination, only a general statement of support.

How: Working With

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Q3 Daniel Zeichner Lab Cambridge
Science & Technology
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.

Question

What are the Government doing to address that issue?

Answer from Nusrat Ghani

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.

Partly answered

Not addressed: The answer does not detail specific actions to address falling clinical trial numbers; it references a deal and suggests future collaboration without specifics.

How: Working With

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Q4 Robbie Moore Con Keighley and Ilkley
Business & Trade
Context

The MP highlights a visit to Teconnex, a global leader in clamp technology providing battery storage solutions.

Question

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?

Answer from Nusrat Ghani

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.

Partly answered

Not addressed: The answer does not provide specific steps for promoting Keighley's business environment; it focuses on general support measures.

How: Working With

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Q5 Andrew Gwynne Ind Gorton and Denton
Science & Technology Business & Trade
Context

The MP raises concerns about SK Wiring, the UK's only manufacturer of precision temperature-calibrated wiring critical for vaccine development.

Question

Can we have an urgent meeting so that we can keep this critical national infrastructure developed in Britain?

Answer from Nusrat Ghani

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.

Partly answered

Not addressed: The answer does not address the specific request for an urgent meeting or measures to prevent closure of SK Wiring.

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