14 December 2017
East Londonderry MP Gregory Campbell has said that the focus on the process of the UK”s exit from the European Union is distracting from some of the benefits that can already be seen in the economy.
DUP Spokesman on International Development and Cabinet Office
Pointing to figures provided to him by HM Treasury in response to a Parliamentary question he said,
“Since the EU referendum, every piece of bad news has been attributed to the UK’s decision to leave the European Union. Good news usually has a “despite Brexit” prefix attached to ensure that it is seen as some kind of temporary aberration to the unrelenting 'doom' that some believe awaits the UK.
Meanwhile in the real world, Foreign Direct Investment to the United Kingdom increased by £142billion in the year following the EU referendum. This was a figure so out of step with the narrative of some 'remainers' that I did a double check with the House of Commons library where it's accuracy was confirmed.
Rather than seeing investment flee the United Kingdom after the referendum, which some predicted, inward investment to our shores has increased. Brexit has been good for our economy, the job now is to ensure that this success continues, and is enjoyed right across the U.K.
Here in Northern Ireland the figures released by NISRA again show where we should be focusing our economy. Sales to the rest of the world are not only nearly double of those to the EU (excluding RoI) but are also increasing at a faster rate.
It is worth noting that Northern Ireland exports nearly as much to North America alone (£1.9bn) as it does to the EU (excluding RoI) (£2.3bn). These figures are for a time when we are still part of the European Union and its apparently all-important single market and without an EU/US trade deal in place.
For some people the European Union has become an obsession and focusing upon every detail of our process to exit the EU is a happy distraction for them from the realities of figures such as these.”
Note to Readers
The question tabled by Mr Campbell is below:
Question: To ask Mr Chancellor of the Exchequer, what the level of foreign direct investment in the UK was in the 12 months (a) prior to and (b) from July 2016. (112858)
Tabled on: 14 November 2017
Answer: Stephen Barclay:
The flow of direct investment into the UK in the year to Q2 2016 totalled £80.8billion. In the year since the EU referendum, inward foreign direct investment (FDI) flows improved to £158.4billion. This has caused the stock of inward FDI to increase from £1.35trillion in 2016Q2 to £1.49trillion in 2017Q2, an increase of £142bn.