Oral Answers to Questions

Alan Mak Excerpts

Wednesday 8th January 2025 Commons Chamber

[Mr Speaker]

I call the shadow Secretary of State.

[Alan Mak (Havant) (Con)]

Thank you, Mr Speaker.

“Companies like ours will be less incentivised to grow”.

That is the conclusion of Paul Taylor, founder of British tech unicorn Thought Machine, which employs more than 500 people. Britain is now missing out on new jobs and investment as a direct result of Labour’s national insurance jobs tax. When the Chancellor started punishing our tech sector, the Secretary of State failed to stand up to her. Why?

[Peter Kyle]

We have put the public finances on a solid footing. Our economy is now stable in a way that has not been the case for 14 years. The Conservatives want all the benefits of the last Budget without saying how they will pay for any of it. Until they do, they will not be taken seriously by anyone, including the business that the hon. Gentleman referenced.

[Alan Mak]

The truth is that the Labour Government are failing our tech workers, because they do not care about our tech sector. Last September, Paul said that he was very keen to list Thought Machine in London instead of New York, and one of his preconditions before listing is being able to grow the business as much as possible. Why did the Secretary of State allow the Chancellor to make growth harder for Britain’s tech sector at the Budget?

[Peter Kyle]

I think the hon. Gentleman missed the investment summit that the Government held just before Christmas, at which a record £60 billion was invested into this country, £24 billion of which was AI-related. That is almost as much going directly into AI as was committed in total at the previous Government’s investment summit. This Government are unlocking investment; the previous Administration wrecked our economy and public services, and failed to secure faith in our economy for foreign companies to invest in this country.

Oral Answers to Questions

Alan Mak Excerpts

Wednesday 20th November 2024 Commons Chamber

[Mr Speaker]

I call the shadow Minister.

[Alan Mak (Havant) (Con)]

On the Opposition Benches we are proud that it was the last Conservative Government who created the Department for Science, Innovation and Technology. I am glad that Labour is following our agenda, and I look forward to my exchanges with the Secretary of State.

Under the last Conservative Government, Britain was home to more billion dollar tech start-ups than France and Germany combined, but last month an industry survey found that nearly 90% of tech founders would consider leaving Britain if Labour raised taxes on tech businesses. Yesterday, Labour U-turned on policy in Scotland, so today will the Secretary of State commit to reversing Labour’s jobs tax, which damages tech businesses across the entire country?

[Peter Kyle]

I welcome the hon. Gentleman to his post. We worked together on the all-party parliamentary group on the fourth industrial revolution, which he chaired, and I look forward to having a constructive relationship going forward.

The hon. Gentleman mentioned the last Government. Given the way the Conservatives are going, that will have been their last Government. To be honest, the circumstances that businesses, large and small, operating in the tech landscape have asked for are a smooth regulatory process—we have already delivered regulatory reform; reform to planning—we have delivered reform to the planning system; a stable financial settlement—we have delivered that with a Budget for—

[Alan Mak]

I thank the Secretary of State for his kind words, but he has punished labour: figures from his own Department show that workers will be losing out by nearly £800 each per year as a result of Labour’s Budget. Will he stand up to the Chancellor and oppose any further tax rises on Britain’s hard-working tech sector?

[Peter Kyle]

The Budget gave a pay rise to working people in this country and set the conditions for a stable economy, fixing the black hole left in our economy by the mismanagement of the last Government.