(7 years, 6 months ago)
Commons ChamberThe hon. Lady is absolutely right that the needs of different places should be reflected in decisions that are made locally. Along with the centrality of skills and training, that is a big theme of the industrial strategy consultation, to which I hope she will respond. I look forward to her contribution.
Business investment in science and technology is key to local economic growth and Britain’s leadership of the fourth industrial revolution. Will the Secretary of State continue supporting LEPs to fund these key sectors and technologies?
I will indeed. One of the big opportunities is to make sure that the excellence we have in science and research is married with local strengths so that we can have the products of that research, in manufacturing for example, as well as the discoveries themselves.
(7 years, 7 months ago)
Commons ChamberI am grateful to my hon. Friend for her words. She will know that in life sciences, one proposal is to review what the sector needs to be able to support the small and medium-sized businesses in it, so that proposal might be something to be taken up.
I congratulate my right hon. Friend on the statement and on the Green Paper. As he develops the industrial strategy, will he continue to support Britain’s leadership role in the fourth industrial revolution, and the new jobs, innovations and companies that are driving forward our growth? Will he encourage them to contribute to the Green Paper consultation, which I warmly welcome?
I am grateful to my hon. Friend for all the work he has done to make sure that this country does not cede to others the energy and initiative to take advantage of what is termed the fourth industrial revolution. The pamphlet that he recently wrote is full of good ideas, and I hope that my hon. Friend and his colleagues who wrote the pamphlet will respond to the consultation.
(7 years, 8 months ago)
Commons ChamberI am delighted to see my hon. Friend in this place. When he reads the Green Paper, he will see that the proposal he made in a very well-written paper for a think tank to suggest a shareholder committee in this way is one option we are consulting on. I congratulate him on his influence on this debate and look forward to the responses to it.
Family-run businesses, and small and medium-sized enterprises, are well-known for their good governance and values, so will my right hon. Friend join me in encouraging more of them to come forward in the review and the consultation so that we can get the complete picture of corporate opinion?
I will indeed. I would like to thank the Federation of Small Businesses, which has helped contribute to the shaping of these proposals, through some work it has been doing on corporate governance. Small businesses are very important. Small Business Saturday is coming up, and I think Members on both sides of the House will be paying tribute to and celebrating the vital contribution that small businesses make to this country.
(7 years, 11 months ago)
Commons ChamberI am delighted to answer that question. In fact, EDF has confirmed to me that it will not be taking up that £2 billion guarantee, so the taxpayer is fully insulated from the costs of construction.
I welcome the Secretary of State’s statement today. Can he confirm that he will continue to work with business groups such as the China-Britain Business Council and the French Chamber of Commerce in Great Britain to ensure that we build on this nuclear partnership and attract future investment into the UK?
I will indeed. We want to have good investment opportunities for countries around the world, and China has been an important and valued source of investment right across the United Kingdom. It is important that we build on that.
13. What assessment his Department has made of the level of support for local enterprise partnerships from growth deals .
During the last Parliament, we devolved £7.7 billion of central Government funds in local growth deals, and in March, I invited applications for a further £1.8 billion of funds to further support local growth.
Solent local enterprise partnership supports the regeneration of Dunsbury Hill Farm business park, which is creating more than 3,000 new jobs in my constituency. Will the Secretary of State continue to support LEPs, through the growth deals, to continue job creation in Havant and across Britain?
I will indeed. My hon. Friend has been a big champion of the Dunsbury Hill Farm link road, which was funded by the LEP. I understand that the business park has its first tenants signed up and is creating 3,500 jobs, which is a further boost to the very successful time already being enjoyed on the Solent and in Havant in particular.
The Chief Secretary to the Treasury has joined me on the Front Bench, and I do not think he looks like a strangler. He looks pretty benign to me. Sadly for the hon. Member for Hemsworth (Jon Trickett), he has got this wrong. The agreement that I reached with the Chief Secretary to the Treasury today related to my Department’s budget, not the budget for local authorities. In my view, it is right to lead from the front and to make significant savings in the running costs of my Department before I invite local councils to do the same.
3. What steps his Department is taking to speed up the planning process.