International Investment Summit

Alan Gemmell Excerpts

Thursday 17th October 2024 Commons Chamber

[Alan Gemmell (Central Ayrshire) (Lab)]

I join in the congratulations of colleagues who have made excellent maiden speeches, including my hon. Friend the Member for Bournemouth West (Jessica Toale). I was only sad not to hear the names of her bulldogs and perhaps even her Mini. My hon. Friends the Members for Buckingham and Bletchley (Callum Anderson) and for Bangor Aberconwy (Claire Hughes) gave such important mentions of their mums in their lives.

I congratulate the Minister, my hon. Friend the Member for Wycombe (Emma Reynolds) on this record-breaking £63 billion of investment. It is a sign of the confidence in the British economy and this Labour Government. It is more than double the amount committed at the last Government summit and is set to create nearly 38,000 jobs across the UK, including in Scotland, with £2.5 billion committed for Green Volt, Europe’s largest floating wind project, to develop its north-east Scotland site. Iberdrola announced it was doubling its investment in the UK through Scottish Power from £12 billion to £24 billion over the next four years.

As a former trade commissioner, I thank my former colleagues in the Department for Business and Trade and in markets such as India for the incredible work they will have been doing to achieve that investment. I well remember the beavering away and constant phone calls to major investors at such moments. Having been at the last summit, I am sure my invite to this one was lost in the post.

I know from my time in India that international investors were already beginning to price in the benefits of a change in government. They see a Labour Government as a source of stability and predictability and the UK becoming a place for long-term, safe investment. That is the stability dividend that my hon. Friend the Minister has already spoken about. I just say that the £63 billion, while a record sum, is not enough for Scotland. We have seen significant investment in the first 100 days, but we would like to see even more come north of the border, and in particular to communities such as mine in Ayrshire. My hon. Friends the Members for Ayr, Carrick and Cumnock (Elaine Stewart), for Kilmarnock and Loudoun (Lillian Jones) and for North Ayrshire and Arran (Irene Campbell) are keen that increasing investment in Ayrshire is at the forefront of Ministers’ minds.

For the first time in 10 years, we have four Ayrshire Labour MPs committed to growth and investment and a Labour Government who can deliver it. My hon. Friends and I are working with the three local authority chief executives and the excellent principal of Ayrshire college to develop that “Invest in Ayrshire” proposition, and we are looking at the opportunities for our region and our skills gaps, because 14 years of the Tories and 17 of the SNP have let communities in Ayrshire down. Our towns were promised funding by the last Conservative Government and we, like other communities promised that towns funding, are lobbying the Minister for Democracy and Local Growth, my hon. Friend the Member for Nottingham North and Kimberley (Alex Norris). We want the towns of Irvine and Kilmarnock prioritised, but we know that other hon. Friends will be making similar cases. We need to see a mix of public and private investment in our towns to deliver the change that our communities need.

My right hon. Friend the Secretary of State for Scotland is also working closely with us so that we can ensure that the Ayrshire growth deal meets the real current and future needs of the Ayrshire economy. In the thousands of conversations I had during the election campaign, it was clear to me that jobs, investment and growth will be the most significant change this Labour Government can bring to communities across Ayrshire. My right hon. Friend the Secretary of State for Business and Trade visited Prestwick airport during the election campaign, for which I am grateful, and he will remember that Prestwick is Scotland’s aerospace hub, with 55% of Scotland’s aerospace sector jobs. That sector already attracts international investment, but we want to do much, much more.

Similarly, we are looking at GB Energy and this Government to drive further green investment in Ayrshire. We want to see parts of that green energy supply chain come to Ayrshire. We have a positive story to tell about transforming our coalfields into clean power fields, and we are proud to host our fair share of wind farms, which play a significant role in ensuring the Government meet their commitments to doubling onshore wind energy by 2030. We have also seen investment in companies such as XLCC, a subsea cable manufacturer, which has secured £87 million from the UK Infrastructure Bank to invest in the development of new subsea cable factories in the Scottish town of Hunterston, which was once home to nuclear power in Ayrshire. That industry is now on the way out, because of the failed policies of the SNP, which include a nuclear-free Scotland relying on English nuclear. I note that, once again, SNP Members are not in the Chamber in an important debate for Scotland’s economy. When Torness in Scotland stops generating, and if no replacement capacity is built, the power generated in England when there is low wind output—as on Monday this week, for example—will be needed to maintain supply in Scotland, and it will be significantly based on nuclear energy.

I was pleased that the last Labour leadership of North Ayrshire council welcomed the opportunity to restart the conversation with the nuclear industry in Ayrshire, because the jobs and investment that the industry could bring would be significant. With Ardagh Glass, Irvine continues to be a major centre for glass manufacturing—another industry that benefits from stability and predictability in policymaking and that is looking to make a significant investment in the green transition.

To conclude, I hope my right hon. Friend the Secretary of State sees that there are significant opportunities for greater investment in Ayrshire and will ask her brilliant colleagues in the Office for Investment to prioritise working with my colleagues and me to make that investment happen.