National Security and Investment Bill

Debate between Bob Seely and Andrew Griffith

2nd reading & 2nd reading: House of Commons
Tuesday 17th November 2020 Commons Chamber

[Andrew Griffith (Arundel and South Downs) (Con)]

It is a pleasure to follow my hon. Friend the Member for The Wrekin (Mark Pritchard), who was a very successful businessman before he entered the House. I am also looking forward to hearing from my hon. Friend the Minister when he sums up later.

Foreign investment in the UK is an unalloyed good thing, and we would all be much the poorer without it. Inward investment stimulates our economic growth across the entirety of the UK. In 2019 alone, as the Secretary of State told us, almost 40,000 jobs were created thanks to foreign direct investment, with most of those outside London, despite its global reach.

Foreign investors in the UK create more exports and spend more on research and development than our domestic businesses, giving the lie to some of the things that we have heard from Opposition Members this afternoon. Let us remember that every doctor, nurse and careworker who has looked after us during the pandemic is paid for directly from the product of the economic growth that results from being one of the most open economies in the world. That is one reason why I congratulate the Government on recently establishing the new Office for Investment, with my noble Friend Lord Grimstone and No. 10 working together to bring high-value opportunities to the UK, such as on net zero, as well as investment in infrastructure and advancing research and development.

I approach this Bill with a degree of trepidation, much as one may occasionally have to approach a golden goose and suggest moving it to a slightly different, newer nest next door. There are many positive aspects of the Bill that I welcome, such as the clear statement of intent about enthusiastically championing free trade—we heard that from the Secretary of State today. I think it is very important that the Minister restates that at each stage of the proceedings. In many respects, this will be a more modern and slicker framework, providing more certainty and clarity for those we seek to attract here to invest. Timelines for assessments will be set out in law, and, as somebody who was previously a practitioner of acquisitions, I know how capricious the current status quo is, so I welcome anything that can make that more predictable. I also agree that aspects such as the turnover test or share of supply are backward-looking in an era when a business can become successful or strategically important while barely out of the incubator.

I hope that the Minister will not mind if I mention some areas for those on the Government Benches to focus on, from the perspective of a colleague who wants the Bill to succeed in its stated objectives. It is really important that it remains narrowly drawn around the risk to national security, and it will be good to hear the Minister again restate that very clearly. To govern is to choose, and it is important to be as clear about what the Bill is not as we are about what it is.

[Bob Seely]

Will my hon. Friend give way?

Planning and House Building

Debate between Bob Seely and Andrew Griffith

Thursday 8th October 2020 Commons Chamber

[Bob Seely]

I am just coming to that point. The 10 largest developers control 70% of supply. They withhold land to inflate value; while 80% of residential permissions are granted, half remain unbuilt and 900,000 permissions, as my hon. Friend says, are outstanding. If just 10% of those were finished every year, the Government would be close to or on target. That raises two critical questions. First, is the problem with the system, or with the building firms that are abusing it, maybe because of the foolish laws being put in place? Secondly, do we need to scrap the current system and potentially face the law of unintended consequences, or do we need to reform it?

I think the Minister and I can both agree that the market is failing first-time buyers. The answer is not greenfield sprawl or unachievable targets, but a new generation of community-based, affordable housing, accompanied by creative rent-to-buy schemes accessible to first-time buyers in existing communities, whether in city, suburb or countryside.

[Andrew Griffith (Arundel and South Downs) (Con)]

I thank my hon. Friend for the detailed work he has done and the figures he has shared. Does he agree that this is not about the national figure, which many Members on this side of the House fully support and want to see built, but that the test of any good planning system is whether it reflects the true geography of an area and fully takes into account the need to protect things such as national parks, to take care of floodplains and the inability to build on them, and to make full use of brownfield land?

[Bob Seely]

I thank my hon. Friend for his comments and I agree wholeheartedly.