Ministers always love to be associated with economic growth. Like mayors pictured planting trees, ministers can rarely resist a photo-op in a hard hat. But the new Whitehall obsession, ‘foreign direct investment' (FDI) has taken on added urgency.

This is partly a result of Brexit, with ministers desperate to be seen gladhanding overseas investors whom we will be dependent on should we leave the EU single market. But FDI also directly concerns local authorities because if 100% business rate retention goes ahead, their source of income will be reliant on economic growth.