Published: 30 January 2024
BAB Presents Response to Lord Harrington’s Review into FDI
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BritishAmerican Business (BAB) met with UK Investment Minister Lord Johnson in Washington DC this week to offer its response to Lord Harrington’s Review on the UK’s attractiveness for Foreign Direct Investment (FDI), on behalf of its members.
BAB’s response, which follows a period of consultation with its members, supports the Review’s recommendations, endorsing a new long-term investment strategy, and highlighting the need for swift and effective implementation for the UK to remain an attractive destination for US investors.
Speaking with Lord Johnson alongside US investors today, BAB emphasised the critical role of the broader business environment, urging continuous assessment of the overall cost of doing business in the UK, including tax. BAB also raised the need to avoid unintended discrimination against foreign companies, citing the Digital Services Tax as an example that has had a negative influence on US investor sentiment.
BAB welcomed the recommendation to establish a Ministerial Investment Group and for the UK government to develop a more strategic and proactive approach to engaging with new and existing investors.
A clear message from BAB’s members was a call for the UK Government to now turn its attention to implementation of the Review’s recommendations with a sense of urgency.
BritishAmerican Business CEO Duncan Edwards OBE said:
“Having consulted with our members, BritishAmerican Business fully endorses the purpose and conclusions of Lord Harrington’s review. FDI is a cornerstone of the UK’s economic success and the Review rightly underscores its significance.
“With FDI becoming increasingly competitive, a clear vision and a new long-term investment strategy are essential if the UK is to remain the destination of choice for US investors.
“Implementation is now paramount, and we stand ready to support the UK Government in its commitment to execute these recommendations and realise its ambition to remain a dynamic, modern and thriving economy.”
About BritishAmerican Business
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
We are committed to strengthening the economic corridor between the United States and the United Kingdom by supporting policies and actions that protect and enhance the environment for transatlantic trade and investment on behalf of our members.
We convene and serve a growing network of companies and business leaders through networking opportunities, bespoke programming and marketing platforms.
We actively promote trade and investment and support those who make the transatlantic corridor part of their business growth ambition.