Britain to set up investor concierge service in fight for FDI

Britain's Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street on his way to present his Autumn Statement in the House of Commons, in London, Britain, November 22, 2023. REUTERS/Hannah McKay Acquire Licensing Rights

LONDON, Nov 22 (Reuters) - Britain will set up a concierge service for large international investors in a drive to spur more foreign direct investment (FDI) into the economy.

Finance minister Jeremy Hunt said on Wednesday he would accept the recommendations of a review, after investors complained that unexpected changes to policies such as corporation tax and net zero plans were hurting their businesses.

"The UK needs to do more in an increasingly competitive environment for investment," the review by Richard Harrington, who sits in parliament's upper chamber, said.

" While it continues to perform well on headline foreign direct investment (FDI)... 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 called on government to set out a business investment strategy by spring 2024. It called for the investment minister to be given more seniority, and for the Office for Investment to be given a greater role.

Giving an Autumn Statement budget update which is focused on measures to speed up Britain's slow economy, Hunt said he accepted all Harrington's headline recommendations.

"In particular, 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.

International investors had called for help in navigating such issues as different incentive schemes, labour shortages and planning rules.