Foreign Direct Investment in London

Meeting: 
MQT on 2019-06-20
Session date: 
June 20, 2019
Reference: 
2019/12200
Question By: 
Andrew Dismore
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

According to the Guardian, (https://www.theguardian.com/business/2019/jun/04/retailers-warn-of-fresh-wave-of-job-losses-and-store-closures)

“A survey by the consultancy and auditing firm EY found that the UK retained its position as the No 1 European destination for foreign direct investment (FDI) in 2018, but the number of projects was down by 13% on the previous year. Fifteen per cent of global investors have put investment plans in the UK on hold owing to Brexit, the firm said, but only 6% planned to move assets out of the UK in the future. Sectors exposed to Brexit experienced major declines in FDI in 2018, with manufacturing down by 35%, headquarters down 49% and R&D down 17%.”

 

How do you think this will affect London in particular, and do you agree that this is yet more evidence that a hard Brexit will do calamitous damage to our economy?

Answer

Answer for Foreign Direct Investment in London