Department for Business and Trade

Gregor Poynton Excerpts

Wednesday 5th March 2025 Commons Chamber

[Gregor Poynton (Livingston) (Lab)]

I speak today as a member of the Business and Trade Committee and as the MP for Livingston constituency, determined to see this Department play its vital part in delivering the Government’s No. 1 mission of economic growth and economic renewal, all underpinned by a pro-worker, pro-business approach. One of the crucial elements in delivering that mission is the delivery of a modern and ambitious industrial strategy. It is towards that industrial strategy that I will primarily address my remarks.

It is my belief that the UK economy is in a moment of peril. Fourteen Tory years of underfunding, instability, and a lack of investment in our people and infrastructure have left us with anaemic growth. If we do not get the next few years right, that trend will continue, despite the best efforts of our business leaders and our workers. However, I also see opportunity. The Business and Trade Committee went around the country gathering evidence for our report and speaking to those with a stake in our economy—from sole traders to global corporates, from trade unions to academics. Time after time, we heard and saw the same thing: the huge optimism and potential for our country and the businesses that power it. What those people wanted from Government was stability, predictability and coherence. If we as a Government can provide that, they believe that they can unleash our country’s potential.

There was universal positivity about the Government’s focus on an industrial strategy—a belief that it will drive investment, create high-quality jobs and ensure that businesses, including those in my constituency of Livingston, thrive in the economy of the future. Economic prosperity does not happen by accident; it takes businesses, business leaders and workers. It requires vision, leadership, and a Government willing to invest in the industries that will power our future. The Green Paper sets out how the strategy will support growth sectors, drive productivity, and ensure that Britain remains a world leader in financial services, fintech, manufacturing, green technology, life sciences and more. These are not just abstract commitments; they have tangible benefits for people and businesses in my constituency of Livingston, and across Scotland and the wider UK.

Take, for example, the significant opportunities in Scotland’s renewable sector. With the right industrial strategy, we can fully harness the nation’s potential in onshore and offshore wind, hydrogen production, sustainable aviation fuel and battery technology, creating well-paid, secure, future-facing employment across Livingston constituency and elsewhere that benefits workers, families and communities alike. Contrast this approach by DBT and the wider Labour Government, rooted in a long-term strategy and tangible investment, with the record of the SNP Scottish Government over the past 18 years. It is frankly staggering that Scotland— a country with truly extraordinary economic potential, not least in the area of renewable energy—still lacks a dedicated industrial strategy. Not only that: under successive First Ministers, businesses of all sizes were shunned, and their growing concerns about Scottish Government economic policy were ignored.

[Chris Law (Dundee Central) (SNP)]

Will the hon. Member give way?

[Gregor Poynton]

Go ahead—I would like to hear the hon. Member’s intervention.

[Chris Law]

I am glad that the hon. Gentleman would like to hear it. What I just heard was breathtaking. I remind him that Scotland’s economy is one of the best performing in the UK. Since 2007, Scotland’s GDP per person has grown by 10.5%, outperforming the UK’s 6.5%, while productivity has risen at an annual rate of 1%. I would be curious to know what figures he is working from, because it is a topsy-turvy world, since Scotland has had the highest rate of foreign direct investment in the UK for the past nine years in a row outside of London.

[Gregor Poynton]

I am afraid the hon. Member often falls into the trap of thinking that being just a little bit better than the Tories is good enough for Scotland. I see Scotland as much more than that.

While this Government are providing businesses with the certainty that they need to plan for the future, the SNP has been content to manage decline without a plan to stimulate growth or attract investment. It failed on delivering green jobs, despite grand promises on renewable energy that never materialised, and failed to support manufacturing, leaving companies without backing. Contrast that with the UK Labour Government’s crucial action to protect jobs and investment at Grangemouth, a site of huge economic importance to Scotland. The Prime Minister’s announcement of £200 million from the national wealth fund represents a clear and unequivocal commitment to ensuring that Grangemouth remains a hub of economic and industrial activity. This investment will not only safeguard existing jobs but unlock new opportunities in green energy and advanced manufacturing.

That is Government working in the interests of business, workers and our long-term prosperity. It is in that spirit that I hope and believe that Grangemouth will become a central part in DBT’s industrial strategy and its thinking and work for years to come. The SNP Scottish Government and previous Tory Governments had years to act but failed to do so. They have squandered opportunities and failed to plan for Grangemouth or for Scotland’s economic future. This Labour Government have stepped up and secured a future for Grangemouth workers, providing them with a training guarantee and working with industry partners to build long-term resilience for the site. The contrast could not be sharper.

I look forward to working with my dedicated and talented collegiate Committee colleagues from all parties as we continue to scrutinise the work of the Department. This Government are committed to driving growth and building an economy that works for everyone. The opportunity to get ahead is what everyone wants for their family. That is why I am in politics, driven to ensure that no one in this country is held back by their circumstances. A modern industrial strategy is key to making that happen.

[Madam Deputy Speaker (Caroline Nokes)]

I will now reduce the time limit to four minutes.