Mr Ian Lang: overseas-owned companies provide a third of all manufactured investment in the UK, nearly a fifth of manufacturing employment, over a fifth of manufacturing output and around two fifths of UK manufactured exports. The United Kingdom is itself the second largest outward investor in the world, receiving substantially more income, interest and dividends from its ownership of companies overseas...
Mr Ian Lang: My hon. Friend is right, and it is remarkable that this country is the second largest in the world—after the United States—in terms of both outward and inward investment. Our outward investment stock is valued at more than £200 billion, and generated earnings of £24 billion to this country in 1995. We have an exceptional inward investment record, and a large number of companies from...
Mr Ian Lang: The hon. Gentleman is talking absolute nonsense. Toyota has taken no such decision and, along with Nissan, Honda, Ford and others, has reinforced its commitment to this country year after year with massive investment. Toyota is in the process of creating more than 1,000 jobs in Derbyshire as a result of massive investment. We have attracted more than 40 per cent. of Japanese investment in...
Mr Ian Lang: In 1992 to 1994, the last three-year period for which comparable data are available, inward investment from the United States of America amounted to £11 billion, from Japan nearly £200 million, from Germany £2 billion and nearly £12 billion from the rest of the world. Those figures are taken from the Organisation for Economic Co-operation and Development "International Direct Investment...
Mr Ian Lang: My hon. Friend is absolutely right. Those figures represent the world's verdict on the United Kingdom as an attractive location for investment—an enterprise-friendly location with low corporate taxation; good communications and infrastructure; a good, skilled, productive work force; and a commitment to helping to make projects a great success. The threat that hangs over inward investment as...
Mr Ian Lang: I acknowledge the fact that IBM has been here for getting on for half a century. It is one of 4,200 American companies that have located in the UK. I do not agree, however, with the hon. Gentleman's point about research and development activities. The quality of investments coming to the United Kingdom has risen substantially in recent years, and a substantial proportion are not only...
Mr Ian Lang: My right hon. Friend is right. Japanese investors set demanding targets for productivity and efficiency. They have recognised the strength of the United Kingdom, which is why we are securing in the present year more than half of all the Japanese investment in the European Union.
Mr Ian Lang: According to the Organisation for Economic Co-operation and Development "International Direct Investment Statistics Yearbook 1996" and the United Nations world investment report respectively, inward investment flows into the United Kingdom from 1991 to 1994 exceeded £33 billion while France received just under £32 billion. For 1995, inflows of investment into the United Kingdom were nearly...
Mr Ian Lang: The hon. Gentleman obviously asked the question thinking that he knew the answer. I am sorry if he found my answer disappointing and unhelpful, but the fact is that the United Kingdom has been doing extremely well. I shall give him some more figures: between 1990 and 1994, the stock of inward investment into the United Kingdom from outside Europe was 30 per cent; the comparable stock going...
Mr Ian Lang: I certainly agree with my hon. Friend's opening points. I know how hard he has worked to help encourage inward investment to Scotland and to encourage the prospects for Prestwick airport in his constituency. I take careful note of his comments and will give the matter close attention from my DTI office after the general election.
Mr Ian Lang: I am glad to agree with the hon. Gentleman on the importance of that point. Conservative Members believe in maintaining the integrity of the United Kingdom. No one knows better than I do the importance of the links between Great Britain and Northern Ireland; my constituency has a substantial interest in the maintenance and development of transport links between Stranraer and his constituency.
Mr Ian Lang: I agree with my hon. Friend. Nothing could be more damaging to the prospects of maintaining our economic success than the internal constitutional upheaval that would flow from the proposals of the Labour and Liberal parties and of the two nationalist parties. I was as horrified and appalled as my hon. Friend by the proposals of senior Liberal Members to abolish the Union Jack and the...
Mr Ian Lang: I welcome the right hon. Lady to our question and answer session, even if she is wrong on almost every point. I hope that she accepts my invitation to debate such matters during the coming general election campaign. We can then let the country judge who is right on trade and industry policies. On the United Kingdom's record in comparison with France, France claimed last year to have created...
Mr Ian Lang: In the final quarter of 1996, manufacturing output reached a new high and was 2¼per cent. higher than in the final quarter of 1989 and 8 per cent. higher than in the final quarter of 1973. However, between 1973 and 1979 manufacturing output fell by 5 per cent.
Mr Ian Lang: I do not think that the hon. Gentleman heard my earlier answer. Manufacturing output is now at an all-time high and this country is manufacturing and exporting more than ever before. The figure is up by 8 per cent. since 1973—and it would be a lot higher but for the fact that, under the last Labour Government, manufacturing did not rise at all, but fell by 5 per cent. We are going through...
Mr Ian Lang: My hon. Friend is absolutely right. Manufacturing productivity has increased dramatically since 1979, and the rate of growth in productivity has been the highest in the G7. We have been closing the gap with Germany and France, which widened under the last Labour Government. He is also absolutely right to say that imposing the European social model on our workplace would damage not just...
Mr Ian Lang: The hon. Gentleman seems unaware of the fact that this country's economy is growing faster than those of the rest of Europe this year, and is expected to grow faster next. He may also be unaware that the volume of our exports has been growing faster than those of France and Germany since this Government came to power—as has productivity—and that the productivity gap widened under the last...
Mr Ian Lang: My hon. and learned Friend is right. Nothing illustrates that fact better than the comparison of unemployment figures. In this country, unemployment has been falling for the past four years and now stands at 6.5 per cent, whereas in Europe it has been rising: in Germany, it is well over 11 per cent; in France, it is over 12 per cent; and, in Spain, it is over 20 per cent. That is the price...
Mr Ian Lang: Through the Overseas Trade Services organisation, my Department and the Foreign and Commonwealth Office provide the best ever package of information, advice and practical assistance to British companies. I am glad to say that British exports now stand at an all-time record level.
Mr Ian Lang: My hon. Friend is right. Foreign and Commonwealth Office staff are engaged in commercial work in overseas posts in 140 markets to help our exporters. My Department is also active, with many staff covering nearly 200 markets. Last year, we helped 10,000 individuals to go on overseas trade missions and 23,000 firms to take part in trade fairs.
