§ 29. Mr. Dykesasked the Secretary of State for Trade and Industry if he will make a statement on the pace of development in encouraging import substitution and entry by foreign manufacturers into the United Kingdom economy.
§ Mr. Alan ClarkThe bulk of imported goods procurement is in the hands of the private sector. Our objective is to bring home to retailers and other businesses the advantages of well designed, well made and competitively priced British goods. My Department also operates a number of support schemes designed to help put United Kingdom manufacturers in a position in which they can compete more effectively in the home market as well as overseas.
The available statistics on net capital expenditure in the United Kingdom by foreign companies up until 1983 show no consistent trend. However, the Invest in Britain Bureau within my Department reported three record years from 1983 to 1985 in attracting inward investment into the United Kingdom. During that period, the IBB estimates that more than 280 investment decisions to establish new manufacturing plant were made by foreign-owned companies and many more decided to expand their existing facilities in Britain.