HC Deb 03 July 1997 vol 297 cc411-2
17. Kali Mountford

To ask the President of the Board of Trade if she will make a statement on her policy on inward investment. [5220]

Mr. Ian McCartney

The Government welcome inward investment. It is important not only for the jobs that it brings to the United Kingdom but for the benefit that it brings to local economies.

The Department's Invest in Britain Bureau will continue to promote the United Kingdom for mobile international investment to ensure that we are the No. 1 location in Europe for investment from countries such as Japan, the United States and Korea.

Kali Mountford

I thank my hon. Friend for that answer. Is he aware that, when I was consulting small business in my Colne Valley constituency, I found that three quarters of small businesses had closed due to lack of investment? The lack of investment in large businesses has had a huge knock-on effect in Colne Valley. Will my hon. Friend assure me that the measures taken will improve the general trading conditions for small businesses in areas such as mine?

Mr. McCartney

I thank my hon. Friend for her remarks. After yesterday's Budget—a Budget for business and for jobs—there can be no doubt about the Government's priorities. One of our most important priorities is growth in development of small and medium businesses—unlike the priorities of Conservative Members, who spent 18 years undermining British business and jobs. In our first eight weeks in government, we have done more to develop British jobs and business than they did in the past two decades.

Mr. Spring

Why does the hon. Gentleman think that the United Kingdom has attracted by far the lion's share of European Union inward investment?

Mr. McCartney

Under this Government, we will improve on the previous Government's abysmal record—not only on inward investment but on investment in training and in infrastructure. At the end of our first five years in office, we will be able to look back with pride on what we have done to develop the United Kingdom. Conservative Members cannot do the same.