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Lord Bilimoria (CB)

Speaking in the House of Lords on 1 September 2026

Debate

United Kingdom: Business Competitiveness

Contribution

My Lords, I speak as the chair of the International Chamber of Commerce UK. This country has been a magnet for inward investment over the years, yet over the last decade the number of foreign direct investment projects is at its lowest level for many years. I congratulate the Minister on his appointment, but will he acknowledge that a reason for this is the highest level of taxes that we have had in 80 years? That is eroding our competitiveness, our attractiveness as an investment destination and, most importantly, growth. Ireland next door reduced its corporation tax to half ours at 12.5%, has grown rapidly and is a magnet for inward investment.

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