Industrial Strategy

Debate between Lord Walney and Kwasi Kwarteng

Wednesday 18th April 2018 Commons Chamber

[Kwasi Kwarteng (Spelthorne) (Con)]

I am grateful to be called in this important debate. I thought that I was coming here to speak about industrial strategy, but having listening to the hon. Member for Salford and Eccles (Rebecca Long Bailey), I realise we are having just another general debate on the economy in which we hear the same old Labour rants, gloom-filled prophecies and denunciations of Government policy.

Industrial strategy is one of the most interesting areas of policy and government, so it is frankly disappointing to see the Labour party using it purely as a political football, with its spokesman giving a ranting speech that, in my many years in this House, I have heard far too often—it was very dispiriting. I am sorry to have to introduce my short speech in this way, but her speech was a real missed opportunity.

It is exciting that, for the first time in a long while, we actually have an industrial strategy. The House will remember that there was no such thing under the previous Labour Administration. There was no coherent, focused strategy between 1997 and 2010, and it was exciting when the Government made their announcement last year.

On the reach of the industrial strategy, it is right to start with research and development, which is central to our forward progress. It was remarkable that the Lady opposite did not once use the phrase “research and development”, as far as I remember, although I will check Hansard tomorrow. It is was surprising in such a debate that we did not hear anything about research and development from the Opposition.

Research and development is clearly a big part of the Government’s strategy, and there is a £4.7 billion fund for such investment. We are also trying to create a more favourable environment. From where I stand, corporation tax cuts, about which we have been very consistent over the past eight years, have been an important lever—the Lady opposite talked about levers.

[John Woodcock (Barrow and Furness) (Lab/Co-op)]

The hon. Lady.

[Kwasi Kwarteng]

Forgive me. I am pleased that the hon. Gentleman has picked me up on that.

It is right that we look at these measures in the round. Reductions in corporation tax from 28% towards 18% have been of huge benefit in trying to create a culture of entrepreneurship and in trying to create growth.

Nuclear Safeguards Bill

Debate between Lord Walney and Kwasi Kwarteng

2nd reading: House of Commons
Monday 16th October 2017 Commons Chamber

[John Woodcock (Barrow and Furness) (Lab/Co-op)]

It is a pleasure to follow the hon. Member for North West Hampshire (Kit Malthouse)—[Hon. Members: “Why?”]—because he at least made an argument, unlike some previous Conservative Members, whose speeches were filled with vapid nonsense about how everything would be wonderful. His argument, however, was essentially: the Germans are coming and we need to pull up the nuclear drawbridge.

[Kwasi Kwarteng]

My hon. Friend’s precise point was that the Germans had retreated and left the field of civil nuclear energy. So the hon. Gentleman has drawn exactly the wrong conclusion.

[John Woodcock]

I tried to listen carefully.

I have some sympathy with Ministers. I am reminded of Dora Gaitskell in 1961 when she turned to her husband Hugh, that great leader of the Labour party—