Invest in Britain Bureau

HC Deb 18 July 1989 vol 157 cc126-7W

Mr. Sumberg

To ask the Chancellor of the Duchy of Lancaster when he expects to publish the annual report of the Invest in Britain bureau; and whether he has any plans further to improve the arrangements for attracting inward investment to the United Kingdom.

Mr. Newton

The Department's Invest in Britain bureau records in its annual report, published today, that foreign owned companies announced 330 direct investment projects into the United Kingdom during 1988.

Based on information provided by the companies themselves, it is estimated that these projects will create or safeguard over 44,000 jobs—a 21 per cent. increase over 1987. This was the fourth successive year in which the bureau recorded over 300 investment decisions. Once again the United Kingdom received over one third of all United States of America and Japanese investment into the EC. I am arranging for a copy of the report to be placed in the House of Commons Library.

This excellent performance reflects the strength of the United Kingdom economy and our success in creating a climate that encourages enterprise and initiative. But we must build on our success, and in particular take full advantage of the inward investment potential arising from the creation of the single European market.

The Invest in Britain bureau is the Government's principal inward investment agency and represents the United Kingdom as a whole. The bureau undertakes publicity abroad and responds to enquiries from potential inward investors in collaboration with the three territorial agencies representing Scotland, Wales and Northern Ireland and the various regional organisations and local representative bodies in England. The territorial agencies and English regional organisations also undertake publicity abroad for their own areas and these arrangements will continue.

We have, however, decided to improve the promotion of England as a location for inward investment by setting up within my Department a new unit to co-ordinate publicity for England and to encourage greater co-operation between English regional organisations, in particular by organising collaborative market research and marketing initiatives. We have also decided to increase the resources of the Invest in Britain bureau to enable it to respond to increasing demand. The costs will be met in the current financial year from within existing provision.