§ 20. Mr. JenkinTo ask the President of the Board of Trade what measures are being pursued to attract inward investment into the United Kingdom. [13525]
§ Mr. LangMy Department's Invest in Britain Bureau runs a comprehensive programme for promoting the United Kingdom overseas, including company visits, advertising, mail shots, seminars and missions. Within the United Kingdom, the IBB is introducing a nationally co-ordinated aftercare programme for major inward investors already in this country—the international investor development programme. It is also, in conjunction with Government offices and regional agencies, strengthening regional aftercare arrangements where necessary to complement established initiatives that are already in place.
§ Mr. JenkinIs it not a fact that this country is naturally a global trading nation and that we naturally offer a warm welcome to any international company that wants to invest here? Is it not one of the greatest achievements of this Government that we have restored our reputation and standing as a global trading nation rather than as a nation mired in regulation and high taxation?
§ Mr. LangMy hon. Friend is absolutely right. It is remarkable that, with only around 1 per cent. of the world's population, we are the fifth largest trading nation. The massive advance in productivity growth and competitiveness that we have achieved in recent years has led us to break into new export markets, increase our exports to record levels and succeed in attracting more than 40 per cent. of the inward investment in the European Union from the United States and Japan.
§ Mr. Campbell-SavoursMay we have an assurance that when the Government publish their statistics on inward investment they will not include the £58.6 million spent by Campbell Soups on acquiring a plant in my constituency which the company announced 11 weeks later would close? Surely it would be an abuse of the statistics if that sum were to be included. Is not the lesson to be learned from the whole affair the fact that we must find a way to ensure that when foreign companies that do not have a shareholder base in the United Kingdom come here—Campbell Soups is 58 per cent. owned by one family in the United States—their actions can be checked? Otherwise, they will simply undermine the regional policies of successive Governments.
§ Mr. LangLet me point out to the hon. Gentleman that last year there were no fewer than 454 inward investment successes in the United Kingdom associated with more than 91,000 jobs. Although American companies in this country are some 4,000 in number and represent $100 billion-worth of investment, it should be borne in mind that the United Kingdom is one of the strongest outward investors in the world and, indeed, has higher investments in terms of value in the United States than the United States has here.