Oral Answers to Questions

Debate between Neil O'Brien and Rishi Sunak

Wednesday 15th November 2023 Commons Chamber

[The Prime Minister]

Actually, this Government and previous Governments have a proud record in championing LGBT rights. It was this Government who introduced same-sex marriage. We will continue to ensure that everyone in our society can live with tolerance and compassion, and have every opportunity available to them. That is what we have delivered, and that is what we will continue to deliver.

[Neil O’Brien (Harborough) (Con)]

Last year, through the Homes for Ukraine scheme, my family and I welcomed a refugee family to our home. I am proud that this country has always offered refuge to those who need it. However, it is essential that we in this country decide who comes here. The Prime Minister has rightly said that he will do whatever it takes to stop the small boats and the evil trade around them, but is it not apparent after this morning’s ruling that what it will take is a new law to override the Human Rights Act and cut through the thicket of case law built up by judicial activism, so that we can bring back control of our borders and stop the small boats?

[The Prime Minister]

It is right that we go through the judgment carefully and properly. As I have said, the Government have already been working in advance on a new treaty with Rwanda to address the concerns that were raised previously and were raised by the Supreme Court, which also acknowledged that changes can be delivered to address those issues. Let me repeat, however, that if it becomes clear that our domestic legal frameworks, or indeed international conventions, are still frustrating plans after that point, I am prepared to change our laws and revisit those international relationships, because we are absolutely committed to stopping the boats.

Economic Update

Debate between Neil O'Brien and Rishi Sunak

Monday 11th January 2021 Commons Chamber

[Rishi Sunak]

The Scottish Government obviously have control over their tax-raising powers and indeed have the ability to top up and design benefits, so if that is something that they are keen to do, they have the ability to raise the tax to fund a permanent uplift in the welfare system. I am sure that that is an opportunity that the Scottish Government can take up if they want to and see fit to do so.

[Neil O’Brien (Harborough) (Con) [V]]

As well as the 18,000 people in my constituency who benefited from the furlough, businesses here have benefited from more than £50 million-worth of loans. As we move into the recovery, we need to make sure that they are creating jobs and are not held back by excessive debt repayments. What will the Chancellor do through pay as you grow or other schemes to make sure that they can get on with the business of creating wealth and creating new jobs?

[Rishi Sunak]

My hon. Friend is absolutely right about the importance of cash flow, and he is right to highlight pay as you grow, which means that the 1.3 million businesses that have benefited from bounce back loans will have the opportunity significantly to reduce and extend their repayments for those loans. By extending the repayment term to 10 years from five, we have cut the average monthly payment by almost half from just over £500 to just over £300. Businesses also have the option to move to interest only, which further reduces the payment to around £60 or £70 on a typical loan. That extra cushion will ensure that businesses can save their cash for driving their businesses forward as they reopen after these restrictions.

Future of Financial Services

Debate between Neil O'Brien and Rishi Sunak

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

Obviously the Welsh Government will make their own decisions on supporting their own local economy. The issuance of sovereign bonds is obviously a reserved capability and it is appropriate that it remains that way.

[Neil O’Brien (Harborough) (Con)]

Short-termism in financing public companies has long been a concern in the UK, so I welcome the measures my right hon. Friend is taking today, which build on the work of the patient capital taskforce. I welcome the review of Solvency II, which is potentially deterring long-term investment, and I welcome the long-term asset fund, too. Will my right hon. Friend set out what he hopes it will achieve and what metrics he will use to assess whether it is working or not?

[Rishi Sunak]

My hon. Friend is absolutely right. To give him a sense of what we are trying to achieve, we know that today defined-contribution pension schemes in particular are not particularly well invested in long-term illiquid instruments—roughly 1% of their portfolios compared with about 10% for defined benefit schemes. If we can unlock that difference it is worth tens and tens of billions of pounds of extra investment in long-term infrastructure and assets in this country. I think that is a valuable prize and we will make a start on making that a reality next year.

Covid-19: Economic Package

Debate between Neil O'Brien and Rishi Sunak

Tuesday 12th May 2020 Commons Chamber

[Rishi Sunak]

Regardless of the industry in which companies operate, they are able to benefit from our furlough scheme. That is something that we were keen to do. It is not necessarily replicated by every scheme around the world, but we thought that that comprehensive approach was the appropriate one. Many of the companies that the hon. Lady mentioned will be able to benefit from that scheme. Beyond that, my right hon. Friend the Business Secretary engages regularly with all sectors regarding their particular concerns, and I will continue to liaise closely with him.

[Neil O’Brien (Harborough) (Con) [V]]

I strongly welcome the extension of the job retention scheme. It is the most generous in the world, and is saving a huge number of jobs here in Harborough, Oadby and Wigston. One of the great successes of policy in recent years has been a huge reduction in youth unemployment, but the virus is inevitably going to disrupt a lot of apprenticeships and work placements. Is my right hon. Friend thinking hard about how we can limit or stop any rise in youth unemployment?

[Rishi Sunak]

My hon. Friend is absolutely right. I know that he has put a lot of thought into this particular issue, and I look forward to hearing his ideas on it. As we emerge from this situation, we need to be cognisant of having the right support available for those who are most affected by this issue, especially those who are young and entering the labour force for the first time who will face this challenge, but also younger people who work in the disproportionately affected sectors of retail and hospitality; and that support might include skills, retraining and a dynamic labour market. This is about the economic impact on us all, and especially on those individuals; not having a close connection with the labour market at that early stage in their life is very damaging for their long-term prospects. I look forward to working with my hon. Friend to ensure that that does not happen.