Oral Answers to Questions

George Freeman Excerpts

Wednesday 6th November 2024 Commons Chamber

[The Prime Minister]

The previous Labour Government transformed the labour market with the national minimum wage. That was opposed by the Conservatives at the time, and sadly they do not seem to have changed. I was surprised by the comments of the Leader of the Opposition. I was surprised to see the new shadow Business Secretary say that the minimum wage was

“something that legislators pass to make themselves feel good.”

I disagree. I am very proud of the fact that this Labour Government have raised wages for 3 million low-paid workers, and I expect the Conservative party to welcome that.

[George Freeman (Mid Norfolk) (Con)]

Q4.   After 14 years shaping the UK’s long-term strategies for life sciences, agritech, fusion and space, I welcome the Government’s industrial strategy. However, too many of our great companies are being bought out by our competitors. To build the industries of tomorrow here, we need to unlock some of the hundreds of billions of pounds in UK pension funds in the City, only 3% of which are now investing in UK equities. With the new Lord Mayor making that a priority, and the Mansion House speech imminent, will the new Government commit to seeing through the previous Government’s reforms to unlock British capital for British research and development growth?

[The Prime Minister]

I thank the hon. Member for welcoming the industrial strategy. I know that this issue is close to his heart; he has spoken about and acted on it for many years. The Budget sees record R&D investment, with over £20 billion next year, including over £2 billion to support our world-leading life sciences sector. Through the British Growth Partnership, we will crowd in pension fund investment to support innovative business, and we have launched our landmark pensions review to unlock billions of pounds of investment into the UK and boost growth and living standards across the country.