Oral Answers to Questions

Debate between Simon Hoare and Alun Cairns

Wednesday 3rd April 2019 Commons Chamber

[Alun Cairns]

The hon. Gentleman is quite selective in the quotes that he cites on foreign direct investment. He and the House will be well aware that the latest available figures show that the UK has the third highest stock of foreign direct investment in the world after the US and Hong Kong. Clearly, the UK’s record on FDI is strong, and I suggest that Wales’s record is stronger than most of the rest of the UK.

[Simon Hoare (North Dorset) (Con)]

Will my right hon. Friend ensure that every single UK trade delegation overseas sings the song loudly and proudly that Wales is, and will continue to be, open for business?

[Alun Cairns]

I am grateful to my hon. Friend for his question. He is rightly aware of the great record that Wales has on attracting inward investment. There are more than 60 Japanese companies in Wales, for example, and that is why I was there some weeks ago talking not only about existing investments but about the potential for new investments for the UK outside the European Union.

Autumn Budget as it Relates to Wales (Morning sitting)

Debate between Simon Hoare and Alun Cairns

Wednesday 7th February 2018 General Committees

[Alun Cairns]

My right hon. Friend will recognise that this is a dynamic environment and costs in the energy industry are changing at various stages. Indeed, there has been a significant change in energy costs since this project was first proposed.

[Simon Hoare (North Dorset) (Con)]

My right hon. Friend will remember as acutely as I do the debates about the merits and demerits of the Cardiff bay proposals in the ’80s and early ’90s. I am sure we all accept the need to make an economic case and to ensure value for public money, but does he accept that the message that the tidal lagoon proposal sends about a commitment to renewable energy and to the industrial base of Wales is very strong? That must be taken into account when making the economic assessment of the proposition.

[Alun Cairns]

I absolutely accept my hon. Friend’s point. Ultimately, however, the project must prove to be value for money because otherwise taxpayers will risk paying more than they would for an alternative source of energy, in addition to pushing up consumer prices. Two years ago, we were considering the crisis in Tata Steel, which is adjacent to the proposed site for the Swansea bay tidal lagoon. One of Tata’s core concerns was the rising cost of energy. It is not in anyone’s interest for a project to go ahead that risks driving up energy costs. It is therefore only right that we scrutinise this project to establish whether it provides value for money, as is believed.