§ 37. Mr. Sumberg
To ask the Secretary of State for Trade and Industry what estimate he has as to the amount of inward investment that has taken place in the north-west of England over the past five years; and what steps he is taking to encourage further such investment.
§ Mr. Douglas Hogg
According to the latest figures readily available to the Invest in Britain Bureau, in the five years from 1985 to 1989, a total of 150 inward investment decisions were made to locate in the north-west of the United Kingdom. These included the establishment of a new business, expansion or acquisition of an existing business and involvement in joint venture. The projects296W were expected to create about 8,400 new jobs and to have safeguarded a further 11,900. The figures are based on information provided by the companies themselves at the time of the investment and do not take into account subsequent developments.
In addition to the activities of my Department's Invest in Britain bureau, which promotes the attractions of all parts of the United Kingdom, the Department is the major source of funds for Inward (the regional development body for the north-west). To assist Inward in its activities, I announced on 8 March that it would be offered grant of £840,000 in 1990–91. This is a very large uplift on the 1989–90 grant of £541,000 and will allow Inward to devote extra resources towards encouraging inward investment.