§ Mr. William Powell
To ask the Chancellor of the Duchy of Lancaster how many overseas companies have set up operations in Britain over the past year.
§ Mr. Alan Clark
[pursuant to his answer 18 January 1989, c. 231.]Toyota has for some time been considering setting up a car manufacturing plant in the European Community and has engaged consultants to help them assess the options. The Government believe that at this stage the United Kingdom is the lead candidate as a location for the project. Feasibility studies are in hand based on a plant producing up to 200,000 cars a year, with a local (EC) content level rising after a transitional period to 80 per cent. The project would create up to 3,000 direct jobs.
My right hon. and learned Friend has made it clear to Toyota that it would receive a warm welcome from the Government if it were to decide to locate the project in the United Kingdom, and he has invited the company to work closely with the Department of Trade and Industry in pursuing its feasibility studies.