Oral Answers to Questions
Jessica Morden Excerpts(1 year, 5 months ago)
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Kevin Hollinrake
I say again that UK trade with the EU has recovered to pre-pandemic levels when measured in current prices, worth £772 billion in 2022, 14% higher in current prices than in 2018. We are making significant progress, not just with the European Union but with the rest of the world. We see our place in the world as being able to trade with the entire world, not just focusing entirely on the EU.
Jessica Morden (Newport East) (Lab)
The Minister for Industry and Economic Security (Ms Nusrat Ghani)
The Government are actively engaging with the steel industry for a sustainable future, and my right hon. Friend the Business Secretary recently visited Tata and British Steel to see work that is under way. Since 2020 the Government have provided some £35 million in direct funding to support steel producers, on top of the hundreds of millions of pounds in energy price relief for the sector since 2013.
Jessica Morden
I echo the earlier comments of my hon. Friend the Member for Aberavon (Stephen Kinnock) on the greater need for support to help our steel sector decarbonise. Steelworkers from my constituency rallied in Parliament Square yesterday, calling for the Government to support our steel sector, yet they will have heard the Prime Minister’s poor response to my hon. Friend the Member for Ogmore (Chris Elmore) at Prime Minister’s questions, when he merely referred to pre-existing packages of support and funding that was not exclusive to steel in the first place. When will the Government accept the scale of the challenge and commit to helping?
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.
Oral Answers to Questions
Jessica Morden Excerpts(1 year, 7 months ago)
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Kevin Hollinrake
We are looking at the crypto sector carefully, and there was a report yesterday from the Treasury Committee on that matter. The crypto sector is moving at pace, and it is important that regulation keeps up with that. We have regulated already on some of the promotions around cryptocurrency, and it is something we will keep under scrutiny. I am sure my Treasury colleagues will be doing that even more than I shall.
Jessica Morden (Newport East) (Lab)
Holly Mumby-Croft (Scunthorpe) (Con)
The Secretary of State for Business and Trade (Kemi Badenoch)
We are actively engaging with the steel industry to secure a positive and sustainable future. Alongside that, my Department announced the British Industry Supercharger in February—a decisive and necessary intervention that will help to reduce energy costs for energy intensive industries such as steel.
Jessica Morden
As the Minister knows, the key issues facing the steel industry are energy prices—we are still paying much more than our European competitors—and decarbonisation. There are 23 clean steel projects in Europe, but none here. In reply the Secretary of State will quote support that is historic, too little, or too late. Labour Members have a plan for steel, where is the Government’s?
Kemi Badenoch
I visited the Port Talbot steelworks, and no one there is talking about Labour’s plan; they are talking about what the Government have been doing, and they have been grateful for the support we have provided. It is misleading to call that “historic” when we have been showing continued support for the steel sector. The Government continue to provide that significant financial support, and the steel industry has been able to bid into Government funds worth more than £1 billion to support energy efficiency and decarbonisation.
The Minister of State, Department for Business and Trade (Nigel Huddleston)
My hon. Friend raises an important point: more than 70% of our economy is services. Therefore, it is absolutely right that the Department for Business and Trade has a laser focus on services as well as goods, particularly in relation to international deals. Historically, some of those trade agreements have not covered services particularly well. The Secretary of State mentioned the Swiss agreement, which was silent on services. So my hon. Friend is absolutely right about this, and we have a hitlist of barriers we are working on. They relate to both goods and services, which are hugely important right across the country, including in his constituency.
Jessica Morden (Newport East) (Lab)
May I draw the Minister’s attention to a Which? investigation into the lack of consistency in unit pricing by supermarkets? That makes it difficult for consumers to work out the real price of goods and, crucially, to choose between them. The Competition and Markets Authority is looking at this issue, but will the Government talk to the supermarkets too?
Kevin Hollinrake
The hon. Lady raises an important point. Which? does fantastic work. The CMA acts independently, without ministerial influence, and it is right that it does. However, I am sure it is keeping a close eye on that matter. As I said in a previous answer, the best way we can regulate prices in the UK is through strong competition. We have a very strong, competitive market in the supermarkets, with 14 chains in this country, and that is the best way to hold down prices. However, she raises an important point and I am sure the CMA will have listened to it.