My Work
The Harrington Review of Foreign Direct Investment
In March 2023, the Chancellor, Rt Hon Jeremy Hunt MP, asked Lord Harrington to Chair a Review into Foreign Direct Investment.
Working with teams from the Treasury and Business and Trade Departments as well as with an advisory board of leading business figures, Lord Harrington took evidence from more than 200 companies, sovereign wealth funds, pensions funds and trade bodies on how the UK can attract more Foreign Direct Investment.
Using this evidence and his own experience of both business and Government, his Report set out a number of recommendations to make Britain more competitive in securing investment by making Government more strategic and agile including:
UK Government setting out a clear Business Investment Strategy,
Prioritising investment among Government Departments and introducing more cross-Government working to create a ‘concierge service’ for organisations looking to invest in the UK,
Creating a new Investment Committee at the heart of Government to create a better business environment within Government, attract more business and make it easier for Government to respond to business needs,
Empower devolved administrations to expand place-based offers to investors.
The Review was published on 22 November 2023 with the Government accepting recommendations as part of the 2024 Autumn Statement. Labour’s business team also accepted the Review’s recommendations.
Richard continues to work with Government, business and institutions to turn recommendations to successful outcomes.
Political Career
Richard served as a Minister in a number of Departments, delivering on the Government’s key objectives of the day.
He has specialised in improving cross-departmental working, becoming the first Minister to hold office in three departments together.
BUSINESS ROLES
Business and Industry Minister and Parliamentary Under Secretary of State for Business, Department for Business, Energy and Industrial Strategy, June 2017 – March 2019
As Business and Industry Minister, Richard was responsible for striking sector deals with industry, including life sciences, automotive, aerospace, professional services and creative industries.
His role was to develop partnerships between Government and the private sector and securing the innovative sector deals have led to significant investment from Government and private industry in Britain’s key manufacturing and services industries.
As Minister with responsibility for Energy between 2017 and 2018, he moved Government focus to nuclear and renewable technologies.
Pensions Minister, Department for Work and Pensions, July 2016 – June 2017
Richard’s brief was to develop and implement the auto-enrolment system for workplace pensions, a transformative scheme for both employers and the majority of the working population.
Prime Minister’s Apprenticeship Advisor and Chairman of the Apprenticeship Board, June 2015 – July 2016
Richard was appointed to help the Government deliver its pledge to deliver 3 million new Apprenticeship starts by 2020.
Refugee Resettlement
Minister of State for Refugees, jointly Home Office and DLUHC – March to September 2024
Following the invasion of Ukraine in March 2024, Richard returned to Government to successfully deliver on the then Prime Minister’s commitment to provide sanctuary to an uncapped number of Ukrainians fleeing war.
Using his experience in his former role as Minister for Syrian refugee resettlement he implemented the innovative Homes for Ukraine scheme, which has brought over 200,000 Ukrainians to safety in the UK.
Sitting both in the Home Office and Department for Levelling Up, Housing and Communities, he was able to oversee a process that worked from beginning to end.
Minister for Refugees, jointly Home Office, DCLG and DfID, September 2016 – July 2016
In his first Ministerial role, Richard sat across three departments where he implements his ideas for cross government working. This model of working and a new model for refugee resettlement led to the successful resettlement of 20,000 vulnerable Syrian refugees.
Business Experience
Growing up in a small family-run shop, Richard has always been passionate about business.
After graduating from Oxford, he completed a graduate training programme with John Lewis Partners, deciding afterwards he wanted to create a company of his own.
With two friends he set up a property company in 1983 which still exists today. He was also jointly responsible for a number of other enterprises including a hotel and resort property business, now owned by Hilton, and a wealth management business in the City, now owned by Canaccord Genuity.
Upon leaving politics in 2019, he returned to the business world becoming UK Chair of APCO, a strategic consultancy firm, as well as advising an investment bank. He gave up his business interests on returning to Government in 2022.
Today, Richard has built a successful portfolio career, as an advisor to large corporate firms, investor in start ups and sits on the board of NESTA, which specialises in investing in social impact enterprises.