G20 and COP26 World Leaders Summit

Liam Byrne Excerpts

Wednesday 3rd November 2021 Commons Chamber

[The Prime Minister]

I thank my hon. Friend. It was, in fact, only a couple of weeks ago that the entire Cabinet was in Bristol with Rolls-Royce, looking at what it is doing with GKN and other companies on sustainable aviation. We are also looking actively at what we can do to support a gigafactory in the Coventry area, but obviously, there are commercial discussions under way.

[Liam Byrne (Birmingham, Hodge Hill) (Lab)]

As Chair of the G7 and of COP, the Prime Minister will know that the world community is $20 billion short of what is needed for the vaccination programme, and we have missed the target of $100 billion promised for climate finance. The International Monetary Fund has given the world a shot in the arm with $650 billion of special drawing rights, which the Prime Minister helped to push for. The UK has been given £20 billion, more than the entire community of low-income countries put together, but why are we being so slow and sluggish in recycling that money back to the IMF so that it can be put to good use? We are behind France and America; we are a laggard when we should be leading.

[The Prime Minister]

What we are doing is putting hard cash into supporting countries around the world. The right hon. Gentleman makes a good point about the SDRs. We are looking at that as well, but we are prioritising cash up front.