Foreign Direct Investment

Baroness Winterton of Doncaster Excerpts

Tuesday 10th March 2026 Lords Chamber

[Lord Stockwood (Lab)]

If anything is clear from the past couple of weeks, it is that energy sovereignty and controlling our own destiny when it comes to energy is critical. The macro environment and geopolitics are regrettable and unfortunate. They bring pressures on our energy, but security and the commitment we have made to low-cost renewable energy for the long term is where this Government will stay the course. The call for new fossil fuel exploration misses the point somewhat, in that the near-term pressures that we are feeling will not be solved by new exploration licences in the near term. We are committed to the net-zero goals and renewable sovereign energy powers, and that is where we hold control and our own destiny.

[Baroness Winterton of Doncaster (Lab)]

My Lords, as the UK trade envoy for Bangladesh, I am very aware of the need for accurate information about and strong promotion of the opportunities for foreign investment in the UK. Our diplomatic missions across the world do brilliant work on this, which I have seen at first hand. Can my noble friend the Minister assure me that the Office for Investment will continue to support these diplomatic missions in the work that they do and make the Treasury aware that funding those diplomatic missions in this work is very good value for money?

[Lord Stockwood (Lab)]

I thank my noble friend for the question. It is incredibly important that people understand that we have partnerships and relationships that go deep around the globe and that they are critically important. The trading relationships act as the gateway to having diplomatic conversations—and conversations where we might disagree with partners. The trade deal we did with India had a number of conditions that allow us to have difficult conversations on areas where we might not always see eye to eye. I agree wholeheartedly that these roles need to be protected. I commend all the people who work in the regions and in the Foreign Office’s global network.