(4 years, 11 months ago)
Commons ChamberIn May I announced an additional £28 million, from the £250 million Faraday challenge, for the UK Battery Industrialisation Centre, where industry will test next generation world-leading technologies.
Does the Secretary of State agree that for electric vehicles to thrive additional capacity will be required, and that energy efficiency measures to bring every home to an energy performance certificate C standard are vital in delivering that, as they will reduce energy consumption by 25% and free that capacity for electric vehicle use?
I completely agree with my hon. Friend. She is right to point out the connections between our energy systems and the future of mobility in how we drive cars. That is why the industrial strategy sets up both as grand challenges and why the Faraday Challenge addresses both of them.
(5 years, 10 months ago)
Commons ChamberThe Swansea city deal, to name one case in point, will be welcomed by the hon. Gentleman. In terms of planning for the future, making commitments that put on bill payers or taxpayers costs that are three times higher than are justified is no strategy for the long term. To saddle businesses and industries with such costs is a strategy for uncompetitiveness.
I thank the Secretary of State for his very sensible decision. Will he confirm that it would have put an additional 31p on every household’s bill in my constituency every year for up to 65 years, leading to £370,000 a year flowing out of my constituency on energy bills to pay for this uneconomic project?
My hon. Friend is right that £700 per household across the UK cannot be justified, either for consumers in Wales or in any of our constituencies.
(5 years, 10 months ago)
Commons ChamberUrgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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I think the hon. Gentleman would be more productive if he engaged with the substance of the negotiation. We are leaving the European Union, and what is required is to reach an agreement that avoids frictions and tariffs. It is perfectly possible to agree such an accord with the European Union. That is our purpose, and we will faithfully implement it.
Thousands of jobs in the north-west depend on Airbus and its supply chain there. Does the Secretary of State agree that close regulatory alignment is also a requirement to help to ensure that trade is as frictionless as possible?
My hon. Friend is right in alluding to the fact that an aeroplane, which is what we are talking about, is a combination of products from different countries. They need to come together—this is inherently international—so to have standards for wings that are different from standards for engines and parts of the fuselage would clearly be incompatible with having a plane that flies. There is good sense in having an agreement that brings coherence to what is a single product manufactured in different parts of Europe.
(5 years, 11 months ago)
Commons ChamberWe work very closely with the industry with great success. Engine production in this country was up over 17% last year, reaching 1 million engines. That is a record. Never in the history of the British motor industry were more engines produced than last year. Over the past year, the net number of jobs that are being created—note the word “created”—in the automotive sector in this country is 9,000.We have a very good record of working closely with the industry to support an industry that is not only very successful today, but will continue to flourish in the future.
The Government are committed to helping energy consumers. We have brought forward the price cap Bill, and more than 2 million low-income households receive £140 a year through the warm home discount.
Does the Secretary of State agree that a wide-reaching energy efficiency programme would help vulnerable customers in Eddisbury and elsewhere, as well as helping the UK meet its climate change targets?
(6 years, 3 months ago)
Commons ChamberSir Robert Syms—where is the fellow? I call Antoinette Sandbach.
The local authority pension fund forum has called for a review of accounting standards, having received opinion that there are substantial legal flaws in international reporting standards. The opinion states that the standards do not enable anyone to make a meaningful assessment of a going concern, which is a highly relevant issue for Carillion. Will the Secretary of State support such a review?
The day that Carillion went into insolvency I wrote to the Financial Reporting Council, and I spoke to its chairman, to ask it to investigate the auditors and those who are regulated as accountants. The FRC has agreed to do that, and it announced yesterday that the investigation is under way. I would expect it to learn the lessons for any changes to the regulations that it applies.
(6 years, 5 months ago)
Commons ChamberGreen growth is clearly part of our future as we move forward in the economy. Does my right hon. Friend agree that hydrogen batteries are as important as electric vehicles?
My hon. Friend is absolutely right to say that hydrogen offers big advantages. It is a clean fuel, and this country has great expertise in developing and applying it.
Let me say something about business finance, which has already come up in the debate. In a strategy that connects our areas of strength, it is essential that we allow the businesses that are growing across our country to benefit much more than previously from our financial services sector, which is one of the most significant in the world. The deep pool of capital that we have should be available to growing companies up and down the country. The Budget therefore includes a new £2.5 billion investment fund, incubated in the British Business Bank, to drive forward more investment into growing companies across the country. The British Business Bank will establish a network of regional managers by autumn next year, ensuring that it is not just in London and the south-east that these sources of finance and advice are available, as it is essential that they are in place right across the UK.