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Report shows Liam Fox’s department is a disaster - Lib Dems

July 10, 2017 11:48 AM

Department for International Trade (DIT) figures on Foreign Direct Investment show that the number of new jobs created by foreign investment fell by 9% last year, with the number of company expansions also falling. Liberal Democrat leader Tim Farron has blasted Liam Fox's department as a 'disaster'.

The data, released by this morning shows that new jobs created due to investment have fallen by 9%. The jobs in 2015/16 created was 82,650 and for 2016/17 has fallen to 75,226.

Also company expansions are down 5% from 821 to 782 and mergers down 6% from 262 in 2015/16 to 246 a year later.

Commenting Liberal Democrat leader Tim Farron said:

"This report shows that Liam Fox's department is a disaster. If the International Trade Department cannot grow international trade, what are they actually for?

"While Liam Fox sits about in airport departure lounges of some of the world's sunniest spots businesses back here in the UK are now seeing a Brexit squeeze which is impacting on our economy.

"This government have no plan, no idea and no clue and this report is the latest evidence. Never has a minister risen so far and been more useless."

Notes - Department for International Trade (DIT) results showing the number of foreign direct investment projects in the UK for the tax year 2016 to 2017: https://www.gov.uk/government/statistics/department-for-international-trade-inward-investment-results-2016-to-2017