(6 years, 10 months ago)
Commons ChamberI agree with my hon. Friend. That is one reason why we have established a series of test beds between London and the west midlands, including the motorsport cluster. They are already attracting huge interest from around the world, reinforcing our reputation in the field.
(6 years, 12 months ago)
Commons ChamberI would have thought that the hon. Gentleman would welcome the fact that jobs are being created in all parts of the United Kingdom and that we have the highest level of employment since records began. That is a signal of the success of the UK economy, but he is absolutely right that we want to make sure that every part of the United Kingdom reaches the height of prosperity it is capable of reaching, and through the industrial strategy we will have more to say about how we can propel that forward.
(7 years ago)
Commons ChamberMy hon. Friends in the Treasury are, as the House knows, active and vigorous in pursuing measures against money laundering, and that approach is an important part of this regime’s reputation for applying high standards.
I welcome the Secretary of State’s statement and his recognition of the importance of not only large strategic businesses, but the supply chain. Does he agree that it is vital that the rules for the scrutiny of foreign investment are clear, certain and proportionate?
That is exactly what is proposed in the Green Paper. The focus is on national security, which is an important responsibility for the Government. It is important that investors and businesses know the procedures so that they can have the greatest certainty when conducting business, including when contemplating takeovers.
(7 years, 4 months ago)
Commons ChamberUrgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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I am not sure that I would give them the excuse of exchange rate movements. The Competition and Markets Authority has said that suppliers have unilateral market power over this part of their customer base. This is a regulated market. Ofgem has the powers to introduce and extend the price gap, and my view is that it should use those powers now.
Going back to switching, does the Secretary of State think that more needs to be done to make it much easier to switch, particularly for our more vulnerable constituents?
I agree with my hon. Friend. While there should certainly not be barriers in the way, it also should not be necessary for people to spend every evening on the internet checking whether their bill has gone up by an outrageous margin. If people are loyal to a brand, it is not unreasonable for them to expect to be treated reasonably, especially as that brand may be a trusted brand. The regulator should enforce that.