Report Endorsed By Chancellor At Autumn Statement
The Head of Irwin Mitchell’s international team, Bryan Bletso, has welcomed the Chancellor's endorsement during the Autumn Statement of a landmark UK foreign direct investment (FDI) report - but has urged the government to follow its clear roadmap and recommendations and not get distracted.
The Harrington Review of Foreign Direct Investment highlights the critical period the UK is facing in attracting investment and provides key recommendations to address the challenges and leverage opportunities.
The report recognises the UK's strong performance in attracting FDI but emphasises the need for consistency across different sectors. It acknowledges the lower baseline for business investment compared to rival countries, making the UK rely more on FDI to bridge the gap.
The report identifies three major challenges to securing investment: the requirement for significant additional investment to achieve Net Zero and Levelling Up ambitions, the perception that other countries are more strategic in attracting investment, and the increased competition from rivals offering generous subsidies and incentives.
Bryan Bletso, Irwin Mitchell’s Director of Strategic Growth (International), commented on the report, saying: "We wholeheartedly support the findings of Lord Harrington’s report on foreign direct investment.
“It provides a comprehensive analysis of the challenges and opportunities the UK faces in attracting investment. The report's recommendations, endorsed by the Chancellor during the Autumn Statement, provide a clear roadmap for the government and businesses to follow in order to enhance the UK's investment landscape."
The recommendations in the report focus on developing a clear Business Investment Strategy, prioritising investment across central government, expanding place-based offers to investors, proposing improvements to the business environment, adopting a proactive approach to engaging with investors, and providing access to a Business Investment Facility to support discussions with potential investors.
Bletso added: "By implementing the recommendations outlined in Lord Harrington's report, the UK can position itself as the most attractive destination in Europe for international investment. We commend the Chancellor for endorsing the report and recognise the government's commitment to driving investment in the country."
Irwin Mitchell recently published a new report about foreign direct investment into the UK which looks at which countries are investing the most in the UK, which sectors are most attractive, and where the UK hotspots are currently