Oral Answers to Questions

Debate between Barry Sheerman and Sajid Javid

Thursday 15th January 2015 Commons Chamber

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

8. What steps he is taking to increase investment in film, theatre and the arts in the UK.

[The Secretary of State for Culture, Media and Sport (Sajid Javid)]

The Government have an excellent record of creating new opportunities for investing in the arts and creative industries. Following the success of UK film tax credits, which have generated billions in investment since 2010, we have introduced new tax reliefs for TV, video games, animation and theatres, and continue to invest in skills and innovation.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

Huddersfield Town, one of the most famous football clubs, plays in blue as well.

There are some very good things going on in the arts, such as the international film awards. But the community arts scene, certainly in places such as Yorkshire, is really feeling the pinch. A lot of our talent starts off in little community groups and grows but there is an absolute desert at the grass roots of the arts for lack of funding.

[Sajid Javid]

First, I welcome the hon. Gentleman’s support for what has been achieved in the arts under this Government. He makes a good point. If I remember correctly, he raised recently the issue of social investment tax relief, which can help community arts activities as well as other charitable activities. He had called for an increase in the cap and he will know that the Chancellor announced just that in the last autumn statement. He can see from that that the Government are listening and doing what we can to help community arts.

Oral Answers to Questions

Debate between Barry Sheerman and Sajid Javid

Thursday 27th November 2014 Commons Chamber

[Sajid Javid]

I will wholeheartedly join my hon. Friend, not least because I was born in Lancashire and it is my home county, so I know more than most, perhaps, about everything that Lancashire has to offer by way of attractions, sites and heritage. Lancashire day is a fantastic day to showcase that.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

T2. The Secretary of State knows a lot about social investment tax relief. I worked happily with him on many aspects of crowdfunding, and he knows that crowdfunding provides an amazing opportunity for people to get together to start cultural and artistic events and raise the money for that. Will he have a quiet word with his old boss, the Chancellor of the Exchequer, about increasing the cap on social investment tax relief before the autumn statement?

[Sajid Javid]

The hon. Gentleman will have to wait to see what is in the autumn statement, but he raises an important point. I remember the discussions we had about crowdfunding, and he is right about the importance that it has for businesses and for cultural activities. I have discussed that on many occasions with colleagues.

Oral Answers to Questions

Debate between Barry Sheerman and Sajid Javid

Thursday 3rd July 2014 Commons Chamber

[Sajid Javid]

I have visited Bletchley Park a number of times, as I am sure all hon. Members have done, to look at its vivid story and see how that is brought to life. I would be more than happy to do so again. It is a fitting tribute to the remarkable men and women who worked there, including a wonderful woman in my own constituency, Betty Webb, who served there. I am delighted that Bletchley Park has received funding from the Heritage Lottery Fund for its restoration. My hon. Friend is right to give credit to John Major, as he has done in the past, for setting up the fund.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

The Secretary of State may know that as chair of the John Clare Trust, I have been the beneficiary of quite a lot of Heritage Lottery funding. I am delighted with it and would like more for projects going forward in my constituency, but will the right hon. Gentleman remember that it does not replace a Government committed to culture and heritage?

[Sajid Javid]

I am pleased to hear that the hon. Gentleman supports the work that the fund is doing for the causes that he holds dear, which are very good causes. The principle of additionality is very important and the distributors must adhere to it at all times.

--- Later in debate ---

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

I forgot to welcome the Secretary of State, so I do so warmly and ask whether he will support our all-party effort to get at least 150 MPs to read a poem of the countryside, and raise funds to get kids from poorer parts of our country out to the countryside this year?

[Sajid Javid]

I certainly will; that is an excellent initiative. Since A. E. Housman came from my constituency, that would be a good start.

Crowdfunding and the FCA

Debate between Barry Sheerman and Sajid Javid

Wednesday 18th December 2013 Westminster Hall

[Sajid Javid]

As the hon. Lady kindly suggests, I will write to her and take a closer look at what plans the FCA does or does not have.

[Mr Sheerman]

Will the Minister do some missionary work with his colleagues? This is a cross-departmental issue, and one does worry. The Secretary of State for Business, Innovation and Skills is well apprised of the issue, and we have met him. We want a better relationship with the Treasury team, because people are having to think about this business of investing only 10% of their portfolio. Most people who invest, or who will potentially invest, in crowdfunding would have no idea what a portfolio was if it jumped up and bit them. Every time I complain about “sophisticated” investors, the FCA and other people say, “Well, it’s part of the literature.” It is demeaning to say that people can do something only if they have a certain net worth and if they are a “sophisticated” investor. I do not mind “experienced” or another term, but “sophisticated” upsets many people in crowdfunding.

[Sajid Javid]

I share the hon. Gentleman’s concerns, and if there are too many barriers to investment, it could stifle growth. I have relayed my concerns to the FCA. As we have heard, one of the consultations has just closed, and the other is about to close. I believe that we will get a report from the FCA by February. He makes an important point.

[Mr Sheerman]

Last week, here in Parliament, we hosted the founder of Indiegogo, which is a pioneer. Is it not interesting that bright, talented women are coming into crowdfunding because there are fewer barriers? Many sites are run by people such as Karen Darby. The sites are successfully changing the world, but they are also giving women an opportunity to use their talent, when, in some areas, they do not yet have that opportunity.

[Sajid Javid]

The hon. Gentleman again points out one of the successes of this growing industry. We heard from my hon. Friend the Member for Cambridge (Dr Huppert) that more young people are involved in the industry and, in some cases, are perhaps finding it an easier platform than banks for raising money.

I congratulate the hon. Member for Huddersfield again on securing this debate. I reassure him and all other hon. Members that we would like to encourage the growth of this industry.

Royal Bank of Scotland

Debate between Barry Sheerman and Sajid Javid

Thursday 13th June 2013 Commons Chamber

[Sajid Javid]

As always, my hon. Friend has made a very good point. I agree with him that Stephen Hester has done a commendable job. Five years is a perfectly normal period for anyone to remain as chief executive of a major corporation, and that sentiment was reflected in Stephen Hester’s own comments since the announcement of his departure.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

Will the Minister answer one really important question about this very major change? Two banks ran into difficulties, RBS and HBOS—many of my constituents worked for HBOS—but those two banks were not run into the buffers by politicians; they were run into ruin by the group of unscrupulous, immoral bankers who ran the companies, and it was not politicians but auditors and those in the accountancy profession who never flagged that up. Let us get the record straight. Let us be honest with the British people. Let us also be honest and say “You have just sacked this banker for your own purposes.”

[Sajid Javid]

The hon. Gentleman is right about being honest, of course, and in the interests of honesty, it is important to point something out. Since he seems to have suggested that the previous Government played no role in the failure of RBS and that it was just a failure of poor banking, let me remind him of what the then shadow Chancellor, my right hon. Friend the Member for Hitchin and Harpenden (Mr Lilley), said in 1997 when the then Government planned to change the regulatory system. He said:

“The process of setting up the FSA may cause regulators to take their eye off the ball, while spivs and crooks have a field day.”—[Official Report, 11 November 1997; Vol. 300, c. 732.]

Oral Answers to Questions

Debate between Barry Sheerman and Sajid Javid

Tuesday 6th November 2012 Commons Chamber

[Sajid Javid]

The one policy that brought the coalition Government together was our determination to deal with the record budget deficit we inherited. When the Government came to power, the previous Government were borrowing £300,000 a minute. We have cut the deficit by 25%, which has brought confidence and jobs back to Britain.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

As an English and a Yorkshire MP I have a great interest in how the Heseltine review, “No Stone Unturned”, will help my region. Some of us in Yorkshire are very pleased with the report, because there is a glimmer of hope for more jobs and more investment in Yorkshire. What will the Treasury do to follow up the report that it commissioned?

[Sajid Javid]

This Government rightly commissioned the report because we believe that Lord Heseltine has a lot of experience in that area. We will study it carefully and will respond in due course.