The Growth Plan

Debate between Duncan Baker and Kwasi Kwarteng

Friday 23rd September 2022 Commons Chamber

[Kwasi Kwarteng]

What I find extraordinary is that Opposition Members stood on a platform of pure unadulterated socialism in 2019 that was totally reckless and had no interest in the private sector. What we are doing is putting more money into the pockets of people and businesses. That is what drives growth.

[Duncan Baker (North Norfolk) (Con)]

Is it not the case that the Chancellor’s intervention to freeze energy bills is already predicted to reduce inflation by 5%, and that for every single percentage point that inflation comes down by, our borrowing costs are reduced by £6 billion? Therefore, by simple economics, in which the Opposition need a lesson, it is entirely feasible that we have the second-lowest amount of net debt to GDP within the G7. That makes this growth strategy entirely plausible.

[Kwasi Kwarteng]

My hon. Friend is absolutely right. Because of careful stewardship of the public finances, we can withstand the exogenous shocks represented by covid-19 and Russia’s invasion of Ukraine. We have the second-lowest net debt to GDP in the G7 and we will use our fiscal position to help the most vulnerable in society.

Corporate Transparency and Economic Crime

Debate between Duncan Baker and Kwasi Kwarteng

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

The hon. Lady raises a key issue. It is of great relevance to me and my Department, and also of relevance to the Department for Digital, Culture, Media and Sport. I would like to say very briefly that the UK has led on this. The fact that Russian financial institutions are being denied access to SWIFT has been very much a success of our diplomacy, but I am very happy to talk to her about further measures.

[Duncan Baker (North Norfolk) (Con)]

I am pleased to have so much in common with my hon. Friend the Member for Wellingborough (Mr Bone), as I too am a former chartered accountant. The reforms to Companies House could not come soon enough—just getting a fictitious audit report removed proves incredibly difficult these days, so this legislation is much needed. However, if we are to empower Companies House to root out the corrupt filings, it must have the resource because, as we have heard, it is by no means a small issue. Can my right hon. Friend assure me that we will have not just the powers, but the resource, the tools and the capability to carry out those actions?

[Kwasi Kwarteng]

My hon. Friend will be pleased to learn that, as a consequence of the comprehensive spending review, my right hon. Friend the Chancellor of the Exchequer has increased the amount in anticipation of the reforms that we are bringing in. I am happy to work with my hon. Friend in future to ensure that we get this absolutely right.

Gas Prices and Energy Suppliers

Debate between Duncan Baker and Kwasi Kwarteng

Thursday 23rd September 2021 Commons Chamber

[Kwasi Kwarteng]

The massive increase in energy prices is a global effect. I completely understand that people are facing issues this winter that were not foreseen maybe six months ago, but this Government have rigorously focused on protecting the most vulnerable customers in the energy market and we are absolutely focused on getting Britain back to work. That is why our unemployment rate is one of the lowest in the G7 at 4.7%. In France, it is 8%. We are creating jobs and we are keeping the economy going.

[Duncan Baker (North Norfolk) (Con)]

As my right hon. Friend will know, I have been something of a doughty champion in North Norfolk for the offshore energy grid—[Interruption.] He is smiling; he knows what I am going to say next. Will he work at speed to ensure that the offshore network grid will be implemented as soon as possible to ensure that we stop the dereliction of the countryside with the offshore cable corridors?

[Kwasi Kwarteng]

Nobody in this House has been as consistent and as focused on this issue as my hon. Friend. He knows that, as Energy Minister, I commissioned the offshore transmission network review, on which we have accelerated work. I would be happy to speak to him and other colleagues about the review’s progress.

UK Steel Production: Greensill Capital

Debate between Duncan Baker and Kwasi Kwarteng

Thursday 25th March 2021 Commons Chamber

[Kwasi Kwarteng]

I will certainly look into the hon. Lady’s request. This is something that has been brought to my attention and I will try to see if we can publish something soon.

[Duncan Baker (North Norfolk) (Con) [V]]

It is absolutely right to support the steel industry, given the jobs and the simple fact that steel is a fundamental material in our construction industry, and the Government do. I am sure the Secretary of State will note my Environmental Audit Committee inquiry looking at sustainable building materials for the future, such as engineered wood, which is stronger than steel and embodies carbon. Does he agree that we must explore these avenues alongside supporting existing industries as we transition to a greener economy?

[Kwasi Kwarteng]

I welcome my hon. Friend’s report and his contribution to the debate around the green industrial revolution. He is absolutely right that, alongside steel, we should consider all forms of innovative and novel materials—advanced materials—that can help us build back greener and more sustainably.