Oral Answers to Questions

Debate between Gareth Davies and Rishi Sunak

Wednesday 7th December 2022 Commons Chamber

[The Prime Minister]

I know this is an issue on which the hon. Gentleman has campaigned for some time, and he is right to highlight the importance of making sure that our children have access to food. That is why I am proud that we introduced not just an expansion of free school meals, but the holiday activities and food programme. I am always interested in more ideas of where we can go further, and I look forward to hearing from him.

[Gareth Davies (Grantham and Stamford) (Con)]

Q11. Whether on defence with AUKUS, trade with the comprehensive and progressive agreement for trans-Pacific partnership or diplomacy with the Association of Southeast Asian Nations, I know that this Government recognise the importance of the Indo-Pacific to the UK’s security and prosperity, but the challenges that exist, whether ballistic missile tests or belt and road, are deeply interconnected. Can the Prime Minister confirm that the Indo-Pacific remains a UK priority and that he will take a holistic approach within Government to meet the challenges and capture the opportunities that exist in the region?

[The Prime Minister]

Last year’s integrated review set out our Indo-Pacific tilt on foreign policy. I reaffirmed this Government’s commitment to that tilt in a speech at the Lord Mayor’s dinner just the other week, and my hon. Friend is right to highlight both the economic and security importance of the region. He should be reassured that we are pursuing not just free trade agreements bilaterally, but also CPTPP, the AUKUS partnership and hopefully a new partnership with our future combat air system—all evidence that we are delivering on the tilt.

Economy Update

Debate between Gareth Davies and Rishi Sunak

Thursday 26th May 2022 Commons Chamber

[Rishi Sunak]

Again, perhaps the hon. Gentleman did not hear what I said. We are extending the support to all those on means-tested benefits, not just those on universal credit, who account for less than half of all households on means-tested benefits. What we are doing is more comprehensive than what he is suggesting and, in fact, it is more generous, because £650 of support is more generous than uprating, which in aggregate, on average, would be worth only just over £500.

[Gareth Davies (Grantham and Stamford) (Con)]

Since 2011, the basic state pension has gone up by 35%. Today, pensioners across Grantham and Stamford are seeing additional support at this very difficult time. Does the Chancellor agree that, ultimately, we need to improve the culture of saving for a pension in this country, so that pensioners are well prepared for future challenges?

[Rishi Sunak]

My hon. Friend is thoughtful on that topic, and he is right. Previous Governments have reformed auto-enrolment to bring about that change in culture. The advantage that we are seeing now, with financial technology making it far easier for people to access and direct savings, means that we should only see that grow, and we will help to encourage it.

Financial Statement

Debate between Gareth Davies and Rishi Sunak

Wednesday 23rd March 2022 Commons Chamber

[Rishi Sunak]

The way that benefits and indeed pensions are uprated is the same every year, and it has been done in the same way for more than a decade. We are making sure that we support people from welfare into work, which is the most sustainable way to help them. Someone moving from UC into full-time work at the national living wage is £6,000 better off. That is why I am pleased that because of our management of the economy there are now record numbers of job vacancies and the support to help people get those jobs.

[Gareth Davies (Grantham and Stamford) (Con)]

Thousands of people across my constituency will welcome the targeted measures announced by the Chancellor today. Will he reconfirm for the House that he agrees that the best way to tackle the cost of living issues that people face is through the dignity of a job and the security of a regular pay cheque? That is why it is so important that unemployment—[Interruption.] I ask Opposition Members to listen. It is why it is so important that unemployment has fallen every month for the past year, and they should welcome that.

[Rishi Sunak]

My hon. Friend is absolutely right and puts the point eloquently: the best way to help people is to get them into work. That is why we are creating record numbers of jobs and then making sure that not only are those jobs well paid, but people keep more of the money they earn. That is the approach of this Conservative Government.

Oral Answers to Questions

Debate between Gareth Davies and Rishi Sunak

Tuesday 7th December 2021 Commons Chamber

[Rishi Sunak]

My right hon. Friend has rightly campaigned on this issue and she raises an excellent point. The good news on business rates is that, next year, thanks to the tax cut that we announced in the Budget, 90% of retail, hospitality and leisure businesses will see at least a 50% cut in their business rates bill. That is worth £1.7 billion; it is the biggest business rates tax cut since the system was created, other than during coronavirus. On her point about offline and online, she will know that we have helped to bring in an international tax treaty to tax large multinational digital companies, and we continue to consult on the pros and cons of an online sales tax.

[Gareth Davies (Grantham and Stamford) (Con)]

Does my right hon. Friend agree that one of the best ways in which we can reduce inequality is by ensuring that young people are equipped with the skills that they need to succeed, wherever they live? That is why the additional £126 million of funding for work placements and training is so important for young people in Grantham and Stamford.

[Rishi Sunak]

My hon. Friend is absolutely right; I know that he is a staunch supporter of skills and getting young people into work in his constituency. He mentions traineeships, which are fantastic initiatives with a 75% success rate in helping young people and a great example of our plan for jobs in action, spreading opportunity right across the country.

Oral Answers to Questions

Debate between Gareth Davies and Rishi Sunak

Tuesday 7th September 2021 Commons Chamber

[Gareth Davies (Grantham and Stamford) (Con)]

11. What fiscal steps he is taking to incentivise businesses to invest in new infrastructure and equipment.

[The Chancellor of the Exchequer (Rishi Sunak)]

The Prime Minister is rightly ushering in an infrastructure revolution because infrastructure drives growth and productivity and creates jobs. We are doing that with over £100 billion of investment this year and, thanks to the efforts of the Financial Secretary to the Treasury, a world-leading UK Infrastructure Bank created and set up in Leeds.

[Rishi Sunak]

My hon. Friend is absolutely right to focus on making sure that our investment reaches every part of the country, including his constituency. I am pleased to tell him that £760 million has been allocated by the Chief Secretary and the Transport Secretary to deliver East West Rail, and I understand that the Department for Transport is currently working with the East West Rail Company to figure out the best possible way to serve Aylesbury. I hope that my hon. Friend will engage with that process.

[Gareth Davies]

The Infrastructure Forum recently published a report that showed clearly that the super deduction is already having an impact, accelerating investment by businesses. Will my right hon. Friend join me in encouraging businesses across Grantham and Stamford to take up the relief, and does he agree that this is exactly the kind of investment that will boost jobs and level up our country?

[Rishi Sunak]

From the Office for Budget Responsibility to the Bank of England, many people have described the super deduction as doing exactly what my hon. Friend has said, and that is why we know it is working. I recently visited BT, for example, which, because of the super deduction, is now increasing the speed of its roll-out to millions more houses and creating thousands of new jobs in the process. My hon. Friend is absolutely right, and I encourage his businesses to take up the super deduction, and, indeed, we see that; a Deloitte survey recently showed that business intentions to invest in this country are the highest they have been in years.

Oral Answers to Questions

Debate between Gareth Davies and Rishi Sunak

Tuesday 27th April 2021 Commons Chamber

[Rishi Sunak]

I am very sorry for the hon. Gentleman’s loss, and I know the whole House will join me in passing on those condolences. I am not aware of the particular proposal that he mentions, but if he writes to me, I will be happy to take a look at it.

[Gareth Davies (Grantham and Stamford) (Con)]

The Government’s commitment to the Task Force on Climate-related Financial Disclosures highlights the importance of transparency in investment portfolios. Does my hon. Friend agree that more can be done to improve transparency and prevent the exposure of investments by financial services companies to modern slavery?

Future of Financial Services

Debate between Gareth Davies and Rishi Sunak

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

The UK Government issue UK debt. Where spending has a Barnett implication, the money is provided to the Welsh Government. The sovereign bond is just a way of financing the expenditure of the United Kingdom. The Barnett consequentials will always be provided if and when the appropriate expenditure is made, for the Welsh Government to use as they see fit.

[Gareth Davies (Grantham and Stamford) (Con)]

I warmly welcome the statement today, particularly on the issuance of green gilts, which is a great idea. Does my right hon. Friend agree with me that the issuance of a green gilt marks a great opportunity to showcase Britain’s place in the world in terms of our financial services power to move towards net zero by 2050?

[Rishi Sunak]

I pay enormous tribute to my hon. Friend, who has campaigned tirelessly, written tirelessly and advocated tirelessly for many years for the UK to issue a sovereign green bond, and I know he will be heartened by the announcement today. He is absolutely right, and he knows better than most what a signal this will send across the world of our desire to be a global leader in green finance and to deliver on all our ambitions. I know he will pay a key part in making sure that we do.

Covid-19: Economy Update

Debate between Gareth Davies and Rishi Sunak

Thursday 22nd October 2020 Commons Chamber

[Rishi Sunak]

We have addressed this point before, but I am happy to repeat it. Very low-paid workers will benefit from the flexibility and responsiveness of universal credit, and that is where the universal credit taper works. The way it works is that it will replace the falls in income with a top-up in universal credit worth about 63p in the pound. For example, a single person in their late 20s, working in hospitality and renting privately in a flat in a northern city, will receive about 92% of their original income on an after tax and after benefits basis.

[Gareth Davies (Grantham and Stamford) (Con)]

I too warmly welcome the Chancellor’s statement today. Does he agree with me that it is vital and absolutely right that we take this decisive action to support businesses and jobs today, but it is also important that we are mindful of the sustainability of public finances for tomorrow?

[Rishi Sunak]

My hon. Friend is absolutely right. He will have seen the figures from this week detailing the difficult situation of our public finances, with the scale of the borrowing and the scale of the increase in our debt this year. While right now our primary focus should be on supporting jobs and employment, given the restrictions in place, it is always right that we have one eye on the future. We must be careful not to mortgage our children’s futures, and that is why our interventions will be done in a way that is sustainable and affordable for the long term to ensure that we live within our means over time.