UK Infrastructure Bank Bill [Lords]

Debate between Abena Oppong-Asare and Selaine Saxby

Report stage
Wednesday 1st February 2023 Commons Chamber

[Abena Oppong-Asare]

I thank the hon. Gentleman for his comments—as I say, I always like to take them on board—but I fundamentally disagree with him, because our amendment would ensure that we take the Bill further. As he once said, the best way to promote UK manufacturing jobs and production is to

“shape regulation to support enterprise.”—[Official Report, 16 November 2021; Vol. 703, c. 438.]

That is exactly what Labour seeks to do with our amendments, so I really hope he will support them. I understand where he is coming from, but our amendments would make sure that we deliver the projects that we need in the UK.

We know that the UK Infrastructure Bank could be a national enterprise. We have a world-leading offshore wind industry in Scotland and on the east coast, hydrogen in the north-west and on Teesside, nuclear power in the south-east, and solar power in the south and the midlands, but the potential of these industries can be realised only if investment stays in the UK. The amendments we have tabled would allow that to happen. The lack of domestic champions has compromised our security and stalled progress, and our amendments would enable the UK Infrastructure Bank to help reverse the trend.

I will speak briefly to the other amendments we are considering today. Labour strongly supported the circular economy and nature-based solutions being on the face of the Bill, and we were disappointed to see the Government remove them, but we are clear that amendment 4 has not been properly thought through. Nothing in it would do anything to improve water company performance or reduce sewage dumping; on the contrary, it would give water companies an excuse to not undertake the necessary improvement works. We will therefore not support it. Labour has set out a clear plan to end the Tory sewage scandal by introducing mandatory monitoring with automatic fines, ensuring that regulators properly enforce the rules, and holding water bosses personally accountable for sewage pollution.

[Selaine Saxby (North Devon) (Con)]

Does the hon. Lady not agree, having been in the Chamber earlier today, that the Government are already monitoring storm overflows across the country? One of the reasons why we are aware of the size of the problem that we are trying to tackle is because we have increased the monitoring from only 6% a few years ago to nearly 100% now.

[Abena Oppong-Asare]

I am not going to take any advice from the Government. They have been in government for 13 years, and what have they delivered so far? I suggest that the hon. Lady support our amendment, which would ensure that things go through properly.

The devolved Administrations must be included in the development of the UK Infrastructure Bank. I have already mentioned the fantastic wind energy sector that we have in Scotland, and I was excited to read about the opportunities that the bank has identified in Northern Ireland. We do not believe that amendment 2 is necessary to ensure that all regions and nations of the UK benefit from the Bill, so we will not support it.

As we enter another year of low growth and failed Conservative government, we know there is a vital need to invest in the infrastructure of the future. We support the establishment of the UK Infrastructure Bank and have sought to improve the Bill throughout. We want to see stronger objectives and reporting for the bank, so that it can play a role in meeting our net zero targets while creating good jobs across the country and supporting the UK supply chain’s resilience, but what the bank needs most of all from the Government is an ambitious plan. Once again, the Government are on the back foot and U-turning at the last minute with amendment 1, on the bank’s reviews. It is yet another sign that Labour is the party with a plan for government—a party that will grow the economy and create jobs for the future.