Asked by: Lord Naseby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government why a grant of £8 million was recently paid to Vertical Aerospace to develop a flying taxi company at a time when the firm faced material uncertainty.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
A research consortium led by Vertical Aerospace, including four universities, was awarded an Aerospace Technology Institute (ATI) Programme grant to develop propeller technology.
The ATI Programme co-funds UK research and development activity with industry to develop zero-carbon and ultra-efficient aircraft technology. Grants are awarded after a competitive process, with only the best projects recommended - those that offer real innovation, emissions reduction and tangible economic benefits to the UK.
Due diligence checks are completed ahead of all awards, with grants paid in arrears based on activity delivered against an agreed plan. Safeguards are in place in the event of business failure.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what support is available to businesses that export British civil nuclear technology, including small modular reactors.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
My Department recognises that nuclear technology, including small modular reactors (SMRs), offers a significant UK export opportunity, which could create substantial economic benefits.
The Department for Business and Trade is proud to be supporting the sector, including SMR technology companies, and is working closely with the Department for Energy Security and Net Zero and the Foreign, Commonwealth & Development Ofiice, and across our overseas network, to offer a full range of support for UK exports to responsible nuclear nations.
This includes UK Export Finance, who can consider a range of options to support overseas sales, including loan guarantees for foreign buyers, and working capital, insurance and bond support products to assist UK suppliers.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the impact of Tata Steel's decision to close both blast furnaces at its Port Talbot plant on (1) UK primary steel production, and (2) the UK defence industry.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
HMG have agreed to invest a historic £500 million at Port Talbot as part of Tata Steel's £1.25bn plan to transition to Electric Arc Furnace production.
Following the transformation, the company's modelling suggests the business will be able to produce 90% of its existing order book through the new Electric Arc Furnace. Moving to EAF production will also enable them to satisfy demand from customers who are demanding more green steel.
Tata Steel's plans to cease UK primary steel production at its Port Talbot steelworks are not anticipated to adversely impact defence. Specialist steels that are unavailable from UK sources are already procured by our prime contractors from overseas suppliers. Other grades of steel are likely to remain available from UK sources or are widely available on world markets.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what discussions they have had with the directors of Royal Mail to restore the target to deliver 93 per cent of first-class mail within one working day of collection.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
It is for Ofcom, as the independent regulator of postal services, to set and monitor Royal Mail’s service standards and decide how to use its powers to investigate and take enforcement action should Royal Mail fail to achieve its obligations without good justification.
Ofcom is currently undertaking an investigation into Royal Mail’s failure to meet its quality of service performance targets, including the delivery of 93% of First Class mail within one working day of collection, for 2022-23.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to attain agglomeration effects through face-to-face working as part of their strategy to increase productivity.
Answered by Earl of Minto - Minister of State (Ministry of Defence)
The Government is supporting innovation and face-to-face collaboration through its work to develop innovation hubs, investment zones and freeports. These initiatives incentivise clustering of related industries, creating localised knowledge networks and knowledge-sharing. In addition we are investing in infrastructure development to improve connectivity and accessibility within and between urban centres, fostering proximity and interaction.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government, following reports that Oxford PV is more likely to seek listing on the New York or Hong Kong stock exchanges, what steps they are taking to strengthen UK energy and battery technology by incentivising such companies to seek listing on the UK stock exchange.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
The UK has some of the strongest capital markets in the world and continues to be Europe’s leading hub for investment, second only to the US as a listing destination. The UK is building on these strong foundations by taking forward ambitious reforms to the rules governing capital markets, including taking forward the recommendations of Mark Austin’s Secondary Capital Raising Review and launching an Investment Research Review to boost the UK’s investment research environment.
Furthermore, the Government has committed a total of £30 billion of domestic investment for the green industrial revolution. Our policy and regulatory environment has already been successful in providing investors and industry with long-term certainty. The Government also supports innovative clean energy projects and companies, and expects to invest approximately £4.2 billion in net zero research and innovation over the period from 2022-25.