Tory failure to attract investment or drive overseas exports deterring investors – Bill Esterson MP

Bill Esterson MP, Shadow Minister of State for International
Trade,
responding to reports that the ONS has revised the UK’s net international
investment position downwards by £490 billion said:

 

“Earlier
this year the Secretary of State for International Trade boasted of
a record number of FDI projects, but today’s figures reveal the truth of
what is actually happening under his watch.

 

"The Government
certainly is breaking records though – in the last quarter the UK’s
deficit in goods exports hit a record high. While Liam Fox repeatedly blames
those who disagree with him as “naysayers”, it is his party’s failure to
attract investment into the UK or to drive overseas exports that is deterring
investors.

 

"Labour have
repeatedly warned that depending on the drop in Sterling to boost exports is no
substitute for a proper trade strategy. Today’s figures show that the
Government is failing to build the confidence in our economy that the country
needs to succeed after we leave the EU.”

 

Ends

 

Notes to
editors:

 

  • Statistics issued by the
    Department for International Trade on 6 July 2017 show a rise of 2% year
    on year for the number of FDI projects recorded in the United Kingdom for
    2016/17 (‘Inward Investment Results 2016-17’, Department for
    International Trade, 6 July 2017)

 

2015-16

2016-17

% Change

Total
projects

2,213

2,565

2%

Involved
projects

1,731

1,859

7%

Total
jobs

115,974

107,898

(7%)

New jobs

82,650

75,226

(9%)

Safe
jobs

33,324

32,672

(2%)

  • This
    notwithstanding, an analysis of the historical number
    of FDI projects reveals a stagnating in
    recorded FDI projects when contrasted to year on year growth
    over the past five years. DIT’s own figures show a tapering off inFDI projects
    and a significant decrease in the number of new jobs being created.

2012-13

2013-14

%
Change

2014-15

% Change

2015-16

%
Change

2016-17

%
Change

Total
projects

1,559

1,773

13.8%

1,988

12.1%

2,213

11.3%

2,265

2.3%

New jobs

59,153

66,390

12.2%

84,603

27.4%

82,650

(2.3%)

75,226

(9%)