Inward Investment

Yuan Yang, the Labour MP for Earley and Woodley, asked the Minister for Industry, Sarah Jones, what steps the government is taking to attract inward investment. The Minister responded that the new government is determined to reverse the decline in private investment, which was the lowest in the G7 for almost all of the last Parliament. She stated that this begins with economic stability, which businesses are calling for, and involves the development of the industrial strategy, the national wealth fund, the British jobs bonus, and the Industrial Strategy Council, which will provide the infrastructure that investors can understand and deal with. The Minister also mentioned that next month, the government will host an international investment summit with 300 industry leaders, and that she is travelling to Italy the next day to meet with key Italian investors to the UK to demonstrate that "Britain is back." In a follow-up, Yuan Yang welcomed the Minister's remarks and wished her success on her trip. She noted that the Thames Valley, including her constituency of Earley and Woodley, is one of Europe's best-performing sites for foreign direct investment in the life sciences, and that the local hospital trust has been awarded for world-class excellence in clinical research. Yang asked the Minister if she would meet with her, local life science businesses, and hospital staff to discuss how to accelerate investment in their life sciences industrial cluster. The Minister responded positively, acknowledging the importance of the life sciences sector, which employs over 300,000 people in the UK and generates a turnover of over £100 billion. She stated that with the NHS "back on its feet" under the new government, working hand in hand with life sciences, research institutions, and others, they can drive the development of new treatments and help grow the industry. The Minister said she would be delighted to meet with Yang. Robin Swann, the UUP MP for South Antrim, also intervened, seeking assurance that Northern Ireland would be part of the trade mission and that the government would ensure there are no EU barriers to trade when it comes to promoting businesses in Northern Ireland. The Minister responded that Northern Ireland is incredibly important to the government's plans, and that she will meet with the Secretary of State for Northern Ireland next week to discuss these issues, expressing her hope that Swann will be reassured that the government will do what it can to grow jobs, skills, and investment, and ensure there are no barriers to trade.