A brand-new Government office has been launched to support inwards investment in the UK, it has been announced.
With less than two months to go until the end of the Brexit transition period, the Prime Minister said the Office for Investment will support “high value investment opportunities into the UK”, such as research and development (R&D) and infrastructure development.
The office comes after research found that a “more structured approach” will “better support existing investors” and “maximise the positive role investment plays in the UK economy”.
This includes resolving potential barriers, addressing regulatory constraints and planning issues, and cutting red tape where necessary to secure deals.
According to the Government, the Office for Investment will be based in the Department for International Trade (DIT) and will be led by “experienced individuals with both private sector and cross-government experience”.
Commenting on the launch of the new office, Minister for Investment Gerry Grimstone said: “If we are to build back better from this pandemic, we need to refocus and re-double our efforts to attract foreign investment, which will increase productivity, economic growth across the country, boost our exports and better our research and development environment.
“We must sharpen our priorities and transform our investment offer accordingly to meet the demands of a changing global economic outlook – whether that be in greener or increased digitally-led opportunities.
“The Office for Investment will make it easier for international investors by bringing the very best of the UK directly to them.”
The latest statistics show that Inwards investment – defined as an external or foreign entity either investing in or purchasing the goods of a local economy – created over 39,000 new jobs in England in 2019/20, while foreign-owned businesses in the UK spent more on R&D (£13 billion) than domestically owned businesses (£12 billion) in 2018.
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