Inward Investment

7. What steps he is taking to attract inward investment.

I thank my hon. Friend for her question, and welcome her and her expertise to this House. As she knows, investment by private corporations was the lowest in the G7 for almost all of the last Parliament, and the new Government are determined to reverse that decline. That begins with economic stability, something every business we talk to is crying out for. It involves the development of our industrial strategy, the levers to encourage investment, the national wealth fund, the British jobs bonus and the Industrial Strategy Council, which will provide the infrastructure that investors can understand and deal with. Next month, we will host the international investment summit with 300 industry leaders, demonstrating our mission of long-term growth, and because there is not a moment to lose, I am going to Italy tomorrow to meet key Italian investors to the UK and show that Britain is back.

I thank the Minister for her remarks, and wish her the best of success on her trip tomorrow. One of Europe’s best-performing sites for foreign direct investment in the life sciences is the Thames valley, including my constituency of Earley and Woodley, and our local hospital trust—the Royal Berkshire NHS foundation trust—recently became the first in the country to be awarded for world-class excellence in its clinical research. Will the Minister meet with me, local life science businesses and hospital staff to discuss how to accelerate investment in our life sciences industrial cluster?

I thank my hon. Friend for championing such a vital sector—our most recent data shows that UK life sciences employs over 300,000 people, generating a turnover of over £100 billion. With the NHS back on its feet under this new Government, working hand in hand with life sciences, research institutions and others, we can drive the development of new treatments and help grow our industries. Of course, I would love to meet with my hon. Friend.

The Minister has expressed the importance of life sciences. Can I seek her assurance that Northern Ireland is part of that trade mission as well, especially as it relates to my constituency? Also, regarding the Minister for Trade Policy and Economic Security’s statement about removing barriers to trade, can I ask this Government to ensure that there are no EU barriers to trade when it comes to promoting businesses in Northern Ireland? Those businesses want to thrive, flourish, and be part of this United Kingdom’s outreach in regards to business and investment across the United Kingdom and, indeed, the world.

Of course, Northern Ireland is incredibly important to our plans and to us. In opposition, many of us went to Northern Ireland and met with businesses. I certainly did: I met with the Chamber of Commerce and talked about the opportunities for the future in Northern Ireland. I will meet with the Secretary of State for Northern Ireland next week to talk about some of these issues, and I hope the hon. Gentleman will be reassured that we will do what we can to grow jobs, skills and investment and make sure there are no barriers to trade.