The UK faces a “big threat” from US green mega-subsidies and needs a complete culture change in the way it attracts inward investment, according to a key adviser to chancellor Jeremy Hunt.
Lord Richard Harrington warned that Britain was confronted by tough competition from countries including the US, France, Ireland and Singapore and had to step up state support for key industries such as life sciences and green technology.
Harrington is leading a review for Hunt — feeding into the chancellor’s Autumn Statement — on how to boost foreign direct investment into the UK, which fell in value every year from 2016 to 2021, according to analysis of official data.
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