11:00 Ian Paisley (in the Chair)

Bringing new investment to all parts of the UK is at the heart of the Office for Investment’s purpose. I am keen to use a little more time to discuss the importance of a regional approach to FDI, because it is in the regions that we will discover the most untapped new potential. Most new wealth over the next few years will be created through emerging industries such as green energy; it will not come from the already saturated markets that make up most of today’s FTSE 250. London’s market simply does not have as much capacity for new growth as those of the regions. Off the back of the pandemic especially, we have a great opportunity to develop new powerhouse regions to match the might of London. Right now, the gap between the most and least productive local enterprise partnerships is growing, but a balanced FDI strategy can help reverse that trend and level up our economy and regions.

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