The UK will set up a concierge service for large international investors in a drive to spur more foreign money into the economy.
Jeremy Hunt said he accepted the recommendations of a review, after investors complained that changes to policies such as corporation tax and net zero plans were hurting their businesses.
Tory peer Lord Harrington produced the report on how to improve Britain’s flagging levels of inward investment in the face of tough competition from the US – where the government’s Inflation Reduction Act has seen billions of dollars in tax subsidies being offered to firms around the globe.
International investors have also called for help in navigating issues such as labour shortages and planning rules.
Business butlers: The UK will set up a concierge service in an attempt to attract more large international investors
‘The UK needs to do more in an increasingly competitive environment for investment,’ the review by Harrington said.
‘While it continues to perform well on headline foreign direct investment there is inconsistency in investment across key sectors, with excellent performance in renewables but a stalling picture in other areas such as manufacturing.’
The review calls on the Government to set out a business investment strategy by spring 2024.
It also wants the investment minister Dominic Johnson to be given more seniority and for the Office for Investment to be given a greater role.
Hunt said he accepted all Harrington’s recommendations as he tries to speed up the low growth economy.
‘We will put in place a concierge service for large international investors modelled on the best such services offered by our competitors and will increase funding for the Office for Investment to deliver it,’ Hunt said.
The Chancellor wants to turn Britain into the world’s next Silicon Valley with a focus on five sectors: green industries, advanced manufacturing, life sciences, digital technologies and creative industries.
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