Football Index Collapse: Lessons Learned

Sheryll Murray Excerpts

Wednesday 24th April 2024 Westminster Hall

[Liz Twist]

I thank the hon. Member for his intervention. Of course, we could have a whole different debate on the influence of the gambling industry on football—indeed, I am sure that in future months we will have such a debate. But today that link between gambling and clubs and their players, with or without their consent, is being used to attract people to gamble money.

As I was saying, I fear that the product that I am talking about today—KiX—is dangerous and has the potential to bring misery to more people. I therefore urge the Minister to do everything he can to ensure that this platform does not launch without the utmost regulations being in place. To put it simply, that is the very least that the victims of Football Index deserve and we do not want to see more victims being created through new platforms.

I also bring to the Minister’s attention another company—StocksFC. I am told that it has been operating in the crypto space for about a year. Alarmingly, a quick glance at its website and at the Twitter account of its head of marketing shows the dangers of this type of platform. It is clearly masquerading as a stock market and is manipulative in its language, suggesting to people that they are “investing” and sharing the totals of profits made on their supposed investment.

I will add that despite this platform allegedly being a crypto-based platform, there are no entries about it on the blockchain and users in the UK can deposit money straight into its system from their debit cards. I am sure that the Minister will agree that that is deeply concerning and a danger to consumers. Does he know whether the Gambling Commission is aware of this operator and if so, what discussions has he had with the commission to ensure that consumers are being sufficiently protected?

Many victims of the original Football Index collapse are vulnerable and eager to recoup their losses through any means, and I fear that new platforms could prey on their vulnerability. I hope that the Minister will raise these concerns with the Financial Conduct Authority, and that the FCA and the Gambling Commission will work in partnership to ensure that nobody is left victim to an unregulated football stock exchange ever again, consulting with the Football Index action group to learn from the real-life examples that it can provide.

The evidence regarding the regulatory failures that led to the collapse of Football Index is highly compelling. It serves as a reminder that we cannot let anything like that collapse happen again. Meanwhile, victims have long-standing grievances that are yet to be resolved.

People from across the country will now be willing the Government to respond to the new platform of KiX in a serious manner and to review, in full, the evidence that the Football Index action group has sourced and put together. I hope that the Minister will listen to calls from the victims, because that is quite simply the least that they deserve.

Finally, I would welcome any update that the Minister can provide on this subject. At the heart of this scandal is injustice. We need to develop a plan that seeks to compensate victims of the Football Index collapse effectively while working to ensure that any future football platforms, such as KiX, cannot be launched without learning considerably from the lessons of the Football Index scandal.

[Mrs Sheryll Murray (in the Chair)]

I remind Members that they should bob if they wish to be called in the debate.

Oral Answers to Questions

Sheryll Murray Excerpts

Thursday 29th June 2023 Commons Chamber

[Ms Ghani]

We accept the scale of the challenge; it is a global challenge to decarbonise the sector and many countries are feeling it. However, a potential £1 billion in support is not a small measure—it is a large measure. Dealing with the procurement process to ensure that we have UK contractors securing UK steel in their programmes of work is not a small task, nor is dealing with energy prices. We have provided more than £730 million. When the sector needs support and we know it is a valid use of taxpayers’ money, we have stepped in, such as with the more than £30 million in Government loans to Celsa Steel in 2020. That secured 1,800 jobs, and the money has been returned to the taxpayer. We are more than happy to work with the hon. Lady and all Members who have steel firms in their constituencies, but we are going to provide steady support for the long term.

[Mrs Sheryll Murray (South East Cornwall) (Con)]

16. What steps her Department is taking to help reduce potential barriers to trade for Cornish businesses.

[The Minister for Industry and Economic Security (Ms Nusrat Ghani)]

We are targeting a global hit list of barriers whose removal will deliver massive new opportunities for UK businesses throughout the country, including in Cornwall. It is estimated that that will be worth more than £20 billion over five years. The Government are working to open up new markets, including for Cornish farmers. British lamb is now being exported to America for the first time in over 20 years, and British beef is being sent to the Philippines.

[Mrs Murray]

Many of the businesses in my constituency pay an additional tax by way of a toll to cross the Tamar, which can run into many thousands of pounds for them. What representations has the Department made to the Department for Transport to have that additional tax, which can make it harder to compete with firms in the rest of the UK, removed?

[Ms Ghani]

I thank my hon. Friend for bringing that to my attention. She is such a powerful voice for Cornwall. I am surprised that the Department for Transport has not yet buckled, because I know what a champion she is for her constituency and the region. I will ask my team to engage on this matter with their counterparts at the DFT and the Department for Levelling Up, Housing and Communities. I know that she will not stop until she gets what she deserves for her constituents, so I am more than happy to give the strength to her elbow.

Oral Answers to Questions

Sheryll Murray Excerpts

Thursday 23rd March 2023 Commons Chamber

[Kevin Hollinrake]

I regularly meet Home Office colleagues, including this week to make sure this legislation is fit for purpose and will do what it says on the tin: tackle economic crime.

[Mrs Sheryll Murray (South East Cornwall) (Con)]

3. What steps her Department is taking to help protect critical minerals supply chains.

[The Minister of State, Department for Business and Trade (Ms Nusrat Ghani)]

I wish everybody a happy Ramadan on our first day of fasting.

We are moving towards a world powered by critical minerals. We need lithium, cobalt and graphite to make batteries for electric cars, and we need silicon and tin for our electronics. I am pleased that we recently published our “Critical Minerals Refresh.” This strategy will accelerate the growth of UK capabilities, collaborate with international partners and enhance international markets.

[Mrs Murray]

Cornwall is known for its mining—some people even define a mine as a hole in the ground with a Cornishman at the bottom. What efforts is the Department making to ensure that we make the most of our home-grown mineral security?

[Ms Ghani]

I am so grateful to my hon. Friend for reminding the House of Cornwall’s mining heritage and the world-renowned Camborne School of Mines. This is why we are backing Cornish lithium and geothermal engineering, through the Getting Building fund and the automotive transformation fund, which are collaborating to build a zero-carbon lithium extraction plant at an existing site in Cornwall. I very much look forward to visiting it in the near future.

--- Later in debate ---

[The Minister of State, Department for Business and Trade (Ms Nusrat Ghani)]

We have a strategy in place to support the automotive industry, with £1.3 billion of innovative projects, including the Faraday factory challenge —[Interruption.] I have a response to the question. The hon. Gentleman will be pleased to know that we have investment in place, so let me continue. With a budget of £544 million, the Driving the Electric Revolution scheme includes nearly £80 million of Government investment through the Innovate UK programme. I suggest that the Opposition Front Benchers flick through my “Critical Minerals Refresh” document, because there is a fantastic page on UK battery supply chains—not just the automotive transformation fund but the Envision AESC announcement, which is worth £1 billion for the north-east electric vehicle hub. Perhaps they will read it before the next Question Time, so that they have a tricker question for us to deal with.

[Mrs Sheryll Murray (South East Cornwall) (Con)]

T2. One up-and-coming internet provider in my constituency understands from Building Digital UK that the next roll-out will create a single cross-Devon and Cornwall procurement contract. That will be available only to companies that already have massive turnover, thereby blocking smaller, more agile companies that may be able to deliver contracts faster. Will the Minister review that urgently, if necessary working with others?

[Kemi Badenoch]

I thank my hon. Friend for raising that issue, because it gives me an opportunity to point out that that is also an issue in my constituency, and something I am concerned about. Unfortunately, it is a matter for the Secretary of State for Science, Innovation and Technology, because BDUK is an Executive agency of hers, but if she requires any support from me as Business Secretary, I would be happy to provide it. BDUK is doing a good job in looking at this issue in the round, but we would be happy to help and do whatever we can to support businesses in all our constituencies.

Oral Answers to Questions

Sheryll Murray Excerpts

Thursday 9th February 2023 Commons Chamber

[Ms Ghani]

The beauty of having former business Ministers in the new Department is that we are across most of these issues, including the issue of IP. I am more than happy to sit down with the hon. Gentleman, or to make sure that the right Minister does, because we need to protect our IP.

[Mrs Sheryll Murray (South East Cornwall) (Con)]

4. What recent progress her Department has made on tackling export barriers for food and farming businesses.

[The Parliamentary Under-Secretary of State for Business and Trade (Kevin Hollinrake)]

May I also pay tribute to you for the way that you welcomed President Zelensky here yesterday, Mr Speaker? The occasion made us even more proud to be British.

Over the financial year up to March 2022, we did away with 192 barriers across 79 countries, including by opening up markets for UK poultry meat in Japan, and for UK pork in Mexico—a market that will be worth £50 million to UK pork producers in the first five years of trade. Of course, Cornwall is home to fantastic British produce, such as Cornish yarg and clotted cream, which are promoted and recognised around the globe through the GREAT Britain and Northern Ireland campaign, and at home through our “Made in the UK, sold to the world” marketing strategy.

[Mrs Murray]

I have to mention Cornish blue and Cornish Gouda, which are made in my constituency. South East Cornwall farmers are rightly proud of their excellent produce. What more can the Department do to help these small businesses access the widest possible market?

[Kevin Hollinrake]

My hon. Friend is absolutely right: we should be very proud of the food and drink sector. It is our largest manufacturing sector—larger than automotive and aerospace put together. Our Export Academy delivers specialist food and drink modules to get companies started, and our Export Support Service can answer questions on export markets in Europe. Companies can access our network of international trade advisers across England, and the Department has teams in Scotland, Wales and Northern Ireland.