Lord Gerry Grimstone is a former chair of Barclays Bank and Standard Life Aberdeen. He was the UK’s investment minister from 2020 to 2022

It is no wonder Sir Keir Starmer and Rachel Reeves have made attracting investment one of the major priorities of the new Labour government — the UK is one of the major economies in which overseas capital has most heavily invested, and maintaining that position is absolutely essential if we are to achieve the economic growth and productivity that we all crave.