Baroness VICKERSMy Lords, on behalf of my noble friend Lady Emmet of Amberley I beg leave to ask the Question which stands in her name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government what has been the total of fresh American investment attracted to Northern Ireland since the formation of this Government.
§ The PARLIAMENTARY UNDER-SECRETARY of STATE, NORTHERN IRELAND OFFICE (Lord Elton)My Lords, since the present Government took office in May last year, industrial development agreements have been concluded with American companies in respect of investment of some £120 million in Northern Ireland.
Baroness VICKERSMy Lords, I thank my noble friend for that very encouraging Answer and congratulate him on obtaining the money. Would he be good enough to tell me how many new jobs have been created?
§ Lord ELTONMy Lords, it is anticipated that some 2,800 jobs will eventually be created as a result of this investment.
§ Lord BLEASEMy Lords, I hope the noble Lord the Minister will not be too surprised if I compliment the Northern Ireland Ministers on the expeditious way they have pursued the investment of American capital in Northern Ireland and on the effective way they have built upon the groundwork done and the seeds sown by the previous Labour Administration. Would he agree that the major factors attracting productive investment from 342 America to Northern Ireland are the good industrial relations and the availability of a readily adaptable and highly-skilled labour force, and that not in any way does low pay contribute to that attraction?
§ Lord ELTONMy Lords, like many attractive insects, that beautiful butterfly surprised us with a sting in its tail. But I accept most of what the noble Lord says, and of course the level of wages is a factor in any prospective investor's mind when he is deciding where to invest. I think I should add that the investment incentives offered to foreign concerns investing in Northern Ireland are among the best to be found, certainly in Europe and quite possibly in the Western world.
§ Lord DAVIES of LEEKMy Lords, may I ask the noble Lord how home investors have reacted to the encouragement given to American investment, particularly in view of the Wilson Report, showing the massive amounts of money which are in the insurance companies and the banks at the present moment?
§ Lord ELTONMy Lords, strictly speaking, that is a different question. I think home investors are encouraged by anything which strengthens the United Kingdom economy as a whole.
§ Lord ROSS of MARNOCKMy Lords, could the noble Lord tell us what was the cost of the inducement in respect of this investment?
§ Lord ELTONNot without notice, my Lords.