Question to the Department for International Trade:

To ask the Secretary of State for International Trade, with reference to her speech on 14 November 2022 to the Cato Institute in Washington DC, what was the source for her statement that the current amount of investment by US businesses into the UK economy is higher than the annual gross domestic product of Sweden.

Latest statistics from the Office for National Statistics show that the level of Inward FDI stock in the UK from the United States at the end of 2020 was £479.2 billion.

Source: ONS foreign direct investment involving UK companies 2020 (directional): inward

Latest statistics from the International Monetary Fund show that the gross domestic product of Sweden (in US dollars current prices) for the same year was $547.1 billion. Using the Bank of England average spot exchange rate for 2020 this converts to £426.2 billion.

Sources: IMF World Economic Outlook Database: October 2022 and Bank of England spot exchange rates