Adam Afriyie, the MP for Windsor, has asked the Government a series of Parliamentary Questions concerning international trade to uncover what steps the Government is taking to prepare the UK for its departure from the European Union.
They have shone a light on a series of actions being taken by the Government to utilise technology and diplomatic relations to promote international trade and enable businesses to make the most of the new opportunities that withdrawing from the European Union’s Customs Union will bring.
Adam Afriyie, the MP for Windsor, has welcomed recently announced figures that have shown a growing appetite for foreign firms and individuals to invest in Britain’s growing economy.
In the last financial year, over 100,000 jobs were created or safeguarded through Foreign Direct Investment and Britain remained the largest source of inward investment in Europe.
On Tuesday 28th February Adam asked Chancellor of the Exchequer for an update on the work that they are doing to make Britain a better place for private sector firms to invest:
Treasury Questions – Tuesday 28th February
Adam Afriyie (Windsor, Conservative): I very much welcome this Government’s healthy commitment to scientific spending over several years, but it seems that our business investment in research is below the OECD average. May I urge the Chancellor to examine measures that will increase private company business expenditure on research?
David Gauke (Chief Secretary to the Treasury): As the Chancellor announced at the autumn statement, the Government are significantly increasing investment in research and development, rising to an extra £2 billion a year by 2020-21. We have also made the R&D tax credit regime much more generous. We want to ensure that the UK remains an attractive place for business to invest in innovative research.
On Tuesday 13th December Adam asked the Business, Energy and Industrial Strategy Department for an update on the progress at the recent European Space Agency (ESA) summit (4:53 to 6:21).
The MP for the Windsor constituency, Adam Afriyie, said:
“As a former Chair of the Parliamentary Space Committee, I am delighted that the Government continues to invest in making the UK a world leader in the space industry.
Adam Afriyie (Windsor, Conservative): To ask the Chancellor of the Exchequer, what steps he has taken to encourage more foreign direct investment in UK companies.
Andrea Leadsom (Economic Secretary to the Treasury): In 2013-14 the UK attracted 1,773 foreign direct investment projects, giving a total stock of £1.6 trillion of such investments – more than any other country apart from the USA. During this Parliament the Government has taken action to make the UK a more attractive location to run a business including reducing corporation tax so that it will reach 20% next year – the lowest in the G20 – and investing in skills, science and infrastructure. The Government has also increased resources at UK Trade and Investment including for example establishing private sector-led teams in the Gulf, Central Europe, and South America dedicated to attracting inward investment into the UK.