Industrial Strategy

Debate between Greg Clark and Robert Jenrick

Monday 27th November 2017 Commons Chamber

[Greg Clark]

Part of the sector deal with the automotive sector will do precisely what the hon. Gentleman suggests—that is, look at the supply chain and create opportunities, backed by the industry and the Government working together, to make it easier for suppliers, including small suppliers, to locate in this country. He is bang on the money: that is what was proposed by the sector and it has been agreed in the sector deal. That shows the value of this strategic approach, with the Government and the sector working together to address some of the known opportunities.

[Robert Jenrick (Newark) (Con)]

From speaking to businesses and investors, Brexit is of course driving some uncertainty, but when they speak frankly, they say that their greatest fear is a hard-left Labour Government and the investment-destroying, punitive taxation that would come with them. What role is played in the industrial strategy by low, simple taxes and by great incentives, such as the world-class research and development expenditure credits?

[Greg Clark]

My hon. Friend makes an excellent point. Everyone should be seeking to build confidence in the UK economy. We make it clear in the industrial strategy that some of the UK economy’s strengths are that we are an attractive place for business to locate, which is why we are one of the biggest places for inward investment around the world, that we create more new businesses than any other country, that we are a competitive place with no sheltering for incumbents, and that we are a place of low taxes in which enterprise is rewarded. Those things are foundational to our success, and I cannot understand why any party would want to set itself against that.

International Investment

Debate between Greg Clark and Robert Jenrick

Tuesday 17th October 2017 Commons Chamber

[Greg Clark]

On the right hon. Gentleman’s second point, an export control regime deals with these matters. On his first point, while the scope of the Green Paper is extensive, it is not a consultation on immigration policy. There will be other opportunities to pursue that.

[Robert Jenrick (Newark) (Con)]

I broadly welcome the proposals to change the takeover code and protect national security assets, especially smaller companies, but will the Secretary of State consider adopting a new principle that for every new policy that could be construed—however unfairly—as being protectionist or anti-business, at least two new policies should be brought forward that state as loudly as possible that Britain is open for business and a free trading country committed to free enterprise?

[Greg Clark]

We are saying loudly and clearly that we depend on free trade, and that free trade depends on our having clarity in the rules so that investors in our companies know what scrutiny they will be subject to. That is something that business has wanted, so it is good that we are going to be clear about that.

Retail Energy

Debate between Greg Clark and Robert Jenrick

Thursday 12th October 2017 Commons Chamber

[Greg Clark]

Yes. The detriment identified by the CMA was that people on standard variable tariffs were paying too much. It will be for Ofgem to determine what the level should be, but I have made it clear that I expect the whole of that detriment to be removed.

[Robert Jenrick (Newark) (Con)]

There are still some people who believe in free markets. It is a lonely life, but I try to bear it with good grace.

I am naturally suspicious of caps, especially when they are introduced by a Conservative Government. Following the question asked by my right hon. Friend the Member for New Forest West (Sir Desmond Swayne), can the Secretary of State reassure me that the energy companies will not simply bunch up all the prices around the cap and that what little competition—imperfect competition—we see in the energy market today will not be further eroded so that more customers are put off from switching in the complacent, mistaken belief that they will get the best price, thanks to Government intervention?

[Greg Clark]

It is possible—and it is the practice—that companies, large and small, on the basis of their purchases in the wholesale market, can make offers to consumers in the competitive side of the market. Nothing will change that. Companies can offer attractive deals and have the same prospects—in fact, growing prospects, as we roll out smart meters—of access to customers who are engaged with the market.