UK Modern Industrial Strategy

Jim Shannon Excerpts

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

That is a great question. I remember our conversations about critical minerals, Madam Deputy Speaker. They are a key enabler and they will be even more important in the future. My hon. Friend will know that some of the National Wealth Fund’s initial investments have been into different critical minerals businesses in his region, because of the importance of that part of the UK to this strategy. We need more international co-operation on critical minerals as well, but he should rest assured that the British Business Bank and the National Wealth Fund are focused on this area because it is so important, and there will be big benefits to his area from that.

[Jim Shannon (Strangford) (DUP)]

rose—

[Samantha Niblett (South Derbyshire) (Lab)]

As the founder of Labour: Women in Tech, I wholeheartedly welcome the industrial strategy’s ambitious goals to scale our tech sector and workforce. On 15 July in Parliament, I am hosting WeAreTechWomen and Oliver Wyman for the launch of the Lovelace report. The report has identified that between 40,000 and 60,000 female professionals are leaving the tech sector annually or seeking advancement opportunities elsewhere, which represents well over £1 billion of economic opportunity that could be unlocked by better supporting our existing skilled workforce. Does the Secretary of State agree that both inspiring new talent and supporting great existing talent and diverse teams, across all demographics, is fundamental to maximising returns on our industrial strategy investments and securing the UK’s position as a world-leading technology nation?

[Madam Deputy Speaker (Ms Nusrat Ghani)]

I call Tom Hayes.

[Jim Shannon]

My bronchitis is starting to get to me a little, Madam Deputy Speaker.

[Tom Hayes (Bournemouth East) (Lab)]

The CBI says that our net zero economy grew by 9% in 2023, and that it was 40% more productive and wages in the sector were 15% higher than the UK average, so I am pleased to say that this industrial strategy is betting on a winner with clean energy. I am also pleased to hear the announcement that the Government will be slashing the cost of energy for industry, but will the Secretary of State tell me, my constituents in Bournemouth and people across the south-west what the industrial strategy will do for the south-west?

[Madam Deputy Speaker]

With my apologies for not calling him earlier, I now call Jim Shannon.

[Jim Shannon]

You are very kind, Madam Deputy Speaker—we got there in the end.

I thank the Secretary of State for his statement, which is full of positivity. Everyone here welcomes it deep down, and if they do not, then they should: well done, Minister, and well done this Government. While I welcome the news that more than 7,000 British businesses are set to see their electricity bills slashed by up to 25% by 2027, it is clear that much more support is needed, such as a reduction in corporation tax, especially for businesses in Northern Ireland, which borders the Republic of Ireland where the corporation tax rate is half of our rate at 12.5%. Will the Secretary of State discuss that with his Cabinet colleagues in order to provide greater support for our industries in Northern Ireland?

[Jonathan Reynolds]

I appreciate the hon. Gentleman’s support and kind words. There is a great deal in the strategy that will benefit every part of the UK. He knows that I take my responsibilities for Northern Ireland very seriously, particularly given the complexities of trade policy, the Windsor agreement and how that has to work for the benefit of everyone in Northern Ireland. He will know that the UK has the lowest corporation tax of any G7 country, so it is quite an ask to reduce it still further. However, I understand the genuine competitive pressures of being in business in Northern Ireland for people who are close to the border, and how they are affected by the mobility of capital and talent. We all have a responsibility to work with our colleagues in the Northern Ireland Executive to ensure UK Government policy works to the maximum, and provides consistent and co-ordinated benefits. I am regularly in touch with my colleagues in Northern Ireland and regularly visit. I am planning a visit right now—I might even look up the hon. Gentleman and make a visit to his constituency to address some of these issues.