Budget Resolutions

Debate between Andrew Jones and Rosie Winterton

Tuesday 12th March 2024 Commons Chamber

[Andrew Jones]

I did not see “Newsnight” last night, as I was here until very late. I was working away, as ever. Our benefits system has not held back the educational progress being made in England so, without having seen the programme, I suspect that other factors are involved.

The productivity of our public services remains below pre-pandemic levels, which suggests that the full value of budget increases is not being realised. It was, therefore, good to hear the announcement of a public sector productivity plan in the Budget. This important initiative has the potential to be a game changer. The National Audit Office suggests that a 5% increase in productivity is equivalent to a £20 billion budget increase.

The Budget detailed investment to upgrade IT in both the justice system and the NHS. The Chancellor revealed that 13 million hours are lost by doctors and nurses to outdated IT. The sheer scale of that is phenomenal, but not in a good way.

Governments of all colours have struggled with NHS IT for years, but the world is digitising. AI will change things even further and faster, and it is right to embrace these changes and secure the benefits they will bring. It is not just about the systems but about the processes used, and there is an attitudinal element as well. We have to think about how output will be achieved. In the world of government in the UK we tend to measure, then trumpet, inputs rather than outputs. That does not happen in the private sector. Moving that thinking into the policy and delivery teams so that they think more about outputs is critical in the longer term.

The most encouraging parts of the Budget tackle investment and productivity. Progress on those will create more wealth and better health for our future, which is why I will be supporting this Budget.

[Madam Deputy Speaker (Dame Rosie Winterton)]

I have a feeling it might be helpful for me to put the clock on Members. We will start with an eight-minute time limit, after the SNP spokesperson.

Finance Bill

Debate between Andrew Jones and Rosie Winterton

Report stage & 3rd reading
Monday 24th May 2021 Commons Chamber

[Madam Deputy Speaker (Dame Rosie Winterton)]

Speaker no. 5 has withdrawn, so we go straight to Andrew Jones.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

That was slightly unexpected, Madam Deputy Speaker. Thank you very much indeed.

The competition for having a freeport from colleagues around the House before the decisions showed how widely welcomed this policy was. We saw colleagues’ delight when their areas were successful. It is clear that freeports are part of a broader levelling-up agenda, which is at the heart of the Government’s policy and has significant public approval. When knocking on the doors of Hartlepool, I found support for initiatives to boost the economy of that area. I do not represent a freeport area in Harrogate and Knaresborough, but there is clear support, and it is therefore surprising that the Labour party is not more aligned behind it.

A well-designed freeport policy can boost trade. The key to that is the alignment of local bodies, whether the ports or the businesses, with local authorities to grow opportunity. Of course, all that is underpinned by tax reliefs and tax incentives. It is most important that we get tax reliefs on buildings and plant purchase right. If the policy does not deliver, we will have wasted public money and we will have seen the displacement of economic activity, rather than incremental economic activity. Even more significant, of course, would be the missed opportunity. The areas that are receiving freeports are those that have not had the chance that other parts of the country have had over the past decades. I know that my right hon. Friend the Minister knows that.

The Labour party has said measures are necessary before it can even consider supporting the policy, but there are already measures in place to monitor, collect and review data. The Treasury always monitors and reviews its policies. I have seen that from my own experience, but it is a truth that we all know. Therefore, new clause 25 addresses a concern that is, frankly, already solved; it is not necessary. On transparency, costings will be published at the next fiscal event—in other words, in the usual way. On data collection for freeports, we will be collecting data on reliefs, monitoring effectiveness and so on. The main question now is not about monitoring; it is about how those running the freeports can make them bigger, seize the opportunities and maximise the chances available.

As this health crisis morphs into an economic one, the focus is moving to recovering livelihoods as well as saving lives. All the levers that can drive growth must be pulled and freeports are clearly a part of that. It was very good to see the proposals in the Finance Bill. I will be supporting them strongly this evening.

Financial Services Bill

Debate between Andrew Jones and Rosie Winterton

Report stage & 3rd reading & 3rd reading: House of Commons & Report stage: House of Commons
Wednesday 13th January 2021 Commons Chamber

[Madam Deputy Speaker (Dame Rosie Winterton)]

Before I call Andrew Jones, I should say that after Stella Creasy I will reduce the limit to three minutes.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

The core purpose of the Bill is to ensure that the regulatory framework for financial services will continue to be effective now that we have left the EU. Of course, there are other measures in the Bill, on matters such as the open market arrangements with Gibraltar and debt advice; it is wide in scope.

In Committee, we considered the Bill in detail, and I commend my hon. Friend the Minister for his knowledge and vision. It would be fair to say that some of the measures that we looked at were in very specialist areas and were perhaps a little dry; I am thinking about the work to transition away from LIBOR and implement the Basel standards. That obviously had not been easy work; it had been detailed work, and the development had taken place over a significant period.

The Minister has placed certain underlying principles at the heart of his work, and we see them in the Bill. The first is ensuring that the UK will have world-leading prudential standards, and that those will be overseen by regulators with the powers they need. There is no doubt that the world, including the UK, has seen appalling financial scandals; I am thinking about insider dealing, money laundering and bank fraud. Our regulators must be equipped to deal with this fast-moving market. They must be careful that they are not so backward-looking that they are solving the last crisis, but they are also nimble enough to have proportionate regulations for the sector.

The second principle that my hon. Friend the Minister is operating under is the recognition that different types of activity, and different scales of company, require different approaches. The Bill enables the introduction of the tailored investment firms prudential regime. I believe that the whole Committee wanted to see a firmer approach taken to wrongdoing, alongside measures to ensure that the UK’s strong position in this critical sector is maintained. I think that the Bill does that—indeed, that is the bulk of the Bill—but it does, of course, require regulators to enforce that properly.

A further principle of my hon. Friend’s work is helping people with debt problems. We have already heard about clause 32, which introduces changes to the debt respite scheme. Those are of great significance to many of our constituents up and down the country. Essentially, there are two elements: a breathing space and a statutory debt repayment plan, the point being early intervention and recognition of the problem. That will help people escape the cycle of debt, which is sometimes very easy to get into and very hard to break out of.

In our evidence session, the Committee heard from Peter Tutton, head of policy at the debt charity StepChange. Mr Tutton described this as “a cracking scheme”—I wrote down the quote when he gave us his evidence. That is a significant endorsement of the Minister’s work. The Bill also contains a measure to provide a route for a successor account when the Help to Save term matures, so that the balance is transferred to an alternative savings account—again, practical support that will help many people.

There are many new clauses and amendments before us. I welcome Government new clauses 27 and 28 and new schedule 1, which basically broaden—update, really—the Proceeds of Crime Act 2002 to include e-money institutions. I am pleased to see that that is supported by the Labour party in its own new clause 6, which will not be moved. There is clearly a recognition on both sides of the House that the Act needed to be updated and tackled.

New clause 7, in the name of the hon. Member for Walthamstow (Stella Creasy) and many others, looks at the unregulated “buy now, pay later” market. It is easy to see how an interest-free product could help people spread payments for a sofa or other high-cost item, but it could also be a route into debt trouble. I am pleased that the Minister has commissioned a review, which is due to finish very shortly. May I just ask him to consider its recommendations very promptly?

Overall, this is a good Bill. I thought that the Committee scrutinised it well, and I will support it this evening.