Jon Trickett MP, Labour’s Shadow Business secretary, responding to reports that Liam Fox has encouraged UK businesses to invest more abroad, said:

“Surely the central task of the International Trade Secretary is to stand up for British Business. However, last week he called them “fat and lazy” and now he is encouraging the business community to invest more overseas.

“The idea that overseas investment is a priority for Britain’s businesses right now is absurd. Investment levels in Britain have been falling short of OECD averages for years – across 35 OECD countries, only Greece and Iceland invest a lower portion of their GDP than us, feeding a cycle of low productivity and low growth.

“And then there are the widespread fears of the consequences of Brexit. Business confidence has already fallen since the referendum. A sudden shift by British businesses to investing overseas would have knock-on effects on investment and growth, while giving the rest of the world the impression that Britain is not open for business.”