UK Modern Industrial Strategy

Antonia Bance Excerpts

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

Well, I think that was a positive response to the industrial strategy. It certainly sounded like there were some positive themes there. The hon. Member asks a reasonable, specific question about her constituency, and I will check that with officials and write to her so that she has the correct information. If she has had a chance to look at it, she will see that the strategy includes big commitments to the advanced manufacturing R&D budget for a whole range of sectors. We are putting in the money that perhaps was not as firm as it is now in the national finances, but we also have long-term plans in many of those sectors around quantum, advanced manufacturing and aerospace 10-year settlements, for example, to give the kind of assurance and consistency we really need, but I will get her the specific answer she needs.

[Antonia Bance (Tipton and Wednesbury) (Lab)]

Representing Tipton, the birthplace of the first industrial revolution, I hugely welcome this industrial strategy and its 1.1 million good jobs. I am particularly pleased to see the Black Country singled out as a centre of clean-energy industries. We recently welcomed £45 million of investment in Eku Energy’s new battery energy storage system at Ocker Hill in my constituency. The action on high energy prices is especially welcome, and I wonder if my right hon. Friend could give us more details about how soon we can expect it to make a difference to businesses in our constituencies.

[Jonathan Reynolds]

The birthplace of the industrial revolution is somewhat contested by several of us Labour MPs, but we do not need a vote on that. My hon. Friend’s constituency certainly has a rich history and a great future for her constituents, who have been well represented by her since the election. On energy prices, we all want action sooner rather than later. There are some parts of the programme that I can implement more quickly than others, and I have to do this in the proper way and let people consult on the threshold. In my Department, we are often dealing with big inward investment decisions or existing domestic business investment decisions, and if they can have certainty as to where they will get to in a short space of time—many of these are investments that pay back over not just years but decades—that will make the difference. I believe that the benefits can be felt even sooner than the programme can be put in place, but I promise I will stretch every sinew to get it in place as soon as we can.