Commons Sense

House of Commons · Westminster Hall

Office for Investment

20 April 2021 · 2 other contributors · 4,472 words

Opened by Julie Marson Con Hertford and Stortford

Responding minister: Graham Stuart

Business & Trade

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

Read the full transcript on Parliament.uk

At a glance

Julie Marson raised concerns about office for investment in Westminster Hall. A government minister responded.

Key points

  • Julie Marson expressed concern over a 49% global decline in foreign direct investment flows in the first half of 2020.
  • Marson noted a 6 billion decrease in FDI between 2018 and 2019, before the pandemic.
  • She highlighted that London and the south-east received over 51% of FDI projects since 2016, raising issues of regional inequality.

Key requests to Government

Marson asks the Minister to explain how the Office for Investment will guide investment to different parts of the UK and work across Whitehall. She also inquires about plans to elevate areas previously left behind with a coherent, co-ordinated strategy.

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Julie Marson Con Hertford and Stortford

Julie Marson is concerned about the recent decline in foreign direct investment (FDI) flows, which fell by 49% globally in the first half of 2020. She highlights that FDI had already decreased by £6 billion between 2018 and 2019 before the onset of the pandemic. Marson also points out a growing disparity, with London and the south-east accounting for more than 51% of total FDI projects since 2016, exacerbating regional inequality.

Other contributors (2)
  • Jim Shannon DUP Strangford

    The Office for Investment has created 2,000 jobs in Northern Ireland and 3,000 in Scotland. The MP encourages the Minister to discuss how job opportunities can be increased beyond current figures.

  • Marco Longhi Con Dudley South

    The Office for Investment should have a clear mission to attract foreign direct investment and support UK businesses, but it seems unclear whether the office is achieving this goal. There are concerns about its effectiveness and transparency. The Office for Investment will focus on delivery and inward investment, which correlates with job creation. The ministerial role under Lord Grimstone is crucial for attracting investment across the country, especially in areas like technology, advanced manufacturing, services, green research and development, and digital sectors.

Government Response

Graham Stuart

I think I have touched on the levelling-up point. It is facilitating and helping to package the offer around the country. That is why we have our high potential opportunities scheme, whether that is rail in Doncaster or life sciences in other parts of the country. We have dealt with the fledgling sectors and their importance. While I cannot set out domestic policy as DIT is entirely internationally focused, I agree with colleagues about creating frameworks to incentivise more UK investment in ventures. My hon. Friend asked how the single front door will be resourced. The OFI will continue to be small, elite and strategic, not a big organisation. It relies on DIT and BEIS and other Departments across Government but has that convening and co-ordinating power with the authority of the Prime Minister behind it.

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