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%)