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Foreign Direct Investment

Volume 641: debated on Thursday 17 May 2018

5. What steps his Department is taking to increase the level of foreign direct investment into the UK. (905359)

To ensure that we continue to be a global leader in attracting foreign direct investment, the Department for International Trade has launched a new FDI strategy that will deliver new ways to target support for those projects that create the most value for investors and national wealth. I am pleased to say that 2016-17 was a record year for FDI projects landing in the UK, showing that the fundamentals of the UK economy are strong.

We regularly ask our investors why they put money in the UK and the answers are very similar. They say that the British legal system provides certainty and predictability. We have a skilled workforce. We have a good, predictable regulatory system and a low-taxation economy. We speak English. We have some of the best universities and some of the best access to tech, and we are in a good time zone for global trading. None of those, incidentally, depends on our membership of the European Union.