Oral Answers to Questions
Debate between Chris McDonald and Jayne Kirkham(2 weeks, 6 days ago)
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Chris McDonald
Of course, it is central to the Government’s policy that businesses are incentivised to invest in renewable energy and electrification where that is possible, so that they can access the lower-cost electrical energy that is coming on stream as part of our 2030 clean power mission. The hon. Lady mentioned that the business was a manufacturing business, so it is possible that it could qualify for our British industrial competitiveness scheme, which we will bring forward in 2027. The results of the consultation on that scheme will be published shortly.
Jayne Kirkham (Truro and Falmouth) (Lab/Co-op)
In Cornwall, after our groundbreaking critical minerals strategy, there is the possibility that floating offshore wind could power critical minerals processing plants. This is a fantastic opportunity. Will the Minister look closely at the proposals and see how the Department can help something like that to happen?
Chris McDonald
My hon. Friend does a grand job of championing the critical minerals industry in Cornwall and the potential for floating offshore wind in her constituency. She highlights a great opportunity, where investment in energy and industry side by side can reduce the cost of capital for both parts of the supply chain and so create an economic opportunity. I thank her for the representations that she has made to me on behalf of her constituents prior to today. I will continue to work with her in trying to realise this opportunity.
Critical Minerals Strategy
Debate between Chris McDonald and Jayne Kirkham(3 months ago)
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Chris McDonald
I thank the hon. Lady for her words on the strategy. Words are one thing, but implementation is another. This Government are now focused on how we implement the strategy and ensure that we attract investment. The single biggest difference with this Government is that we are putting real money behind the strategy; as I mentioned, we are putting in an additional £50 million, bringing the total funding to £200 million. Through both the British Business Bank and the National Wealth Fund, there are opportunities for more significant investment to ensure that we have UK-headquartered, UK-owned and UK-listed industrial champions in this area. We are not agnostic about industry and manufacturing, and we want to ensure that the communities that host these businesses benefit from that and that the UK economy benefits as a whole.
Jayne Kirkham (Truro and Falmouth) (Lab/Co-op)
I am so pleased that the riches beneath our feet in Cornwall will finally be taken out and used in a sustainable way that benefits the people of Cornwall. I am so pleased to see this strategy, as are the people of Cornwall. The Minister is coming to Cornwall and will visit the port in Falmouth, which I hope will benefit from an expansion project. I am also hopeful to see the freight railway restored, which could be used in future to move critical minerals and supplies around in a more sustainable way and take lorries off the road. Will the Minister consider this tomorrow when he comes to Cornwall and as part of the strategy going forward?
Chris McDonald
I thank my hon. Friend for the significant amount of work she has done and her engagement with me during the preparation of this strategy. She is right to highlight the opportunities at the port of Falmouth. Those opportunities start with critical minerals and perhaps also renewable energy. I intend to visit the port of Falmouth tomorrow and would be pleased to hear more about those opportunities when I am there.