Inward Investment

Oral Answers to Questions — Scotland – in the House of Commons at 2:30 pm on 27th March 2007.

Alert me about debates like this

Photo of Mohammad Sarwar Mohammad Sarwar Labour, Glasgow Central 2:30 pm, 27th March 2007

What recent estimate he has made of the level of inward investment in the Scottish economy; and if he will make a statement.

Photo of Douglas Alexander Douglas Alexander The Secretary of State for Scotland, The Secretary of State for Transport

There are no official estimates of the level of inward investment in Scotland, but the most recent data produced by the Organisation for Economic Co-operation and Development showed that the UK was the world's largest recipient of inward foreign direct investment in 2005, while Ernst and Young's inward investment monitor showed that Scotland attracted more of that inward investment than any other part of the UK, apart from the south-east of England.

Photo of Mohammad Sarwar Mohammad Sarwar Labour, Glasgow Central

Does my right hon. Friend agree that the level of inward investment to which he referred is due to the United Kingdom's strong and stable economy? Does he further agree that on 3 May, if Scottish nationalists are given the chance to start divorce proceedings from the United Kingdoms, it will damage our—

Photo of Douglas Alexander Douglas Alexander The Secretary of State for Scotland, The Secretary of State for Transport

I certainly agree that inward investment has a key role to play, and the competitiveness of the British economy and the Scottish economy is essential in attracting that inward investment. That is why I welcome the World Economic Forum's global competitiveness report of 2006, which ranked the UK 10th in its table of international business competitiveness. It is 11 places above Ireland, and it is above Norway, Iceland, Canada and France.