§ Mr. Congdon
To ask the President of the Board of Trade what assistance is to be given to the new London First centre for its overseas inward investment activities.
§ Mr. Sainsbury
I am pleased to announce that in addition to the grants for the six regional development organisations announced on 17 March, I have today offered £500,000 of grant-in-aid to the new London First centre for its overseas inward investment activities, covering the whole of London. The grant-in-aid is linked to the performance of specific inward investment promotion activities on behalf of the Invest in Britain Bureau.
The London First centre is an initiative by London First to establish for the first time an inward investment agency for London. The centre is being set up initially with support from local authorities, the private sector and my Department. Its aims are to promote London as a location for national and international business and industrial activity, for wealth and job creation in London.