Oral Answers to Questions

Jayne Kirkham Excerpts

Tuesday 17th December 2024 Commons Chamber

[Ed Miliband]

Yes, but the hon. Gentleman does not say how the power station will be funded. The truth is that this is elementary economics. If things are announced, they need to be able to be funded, and the Conservatives need to learn that lesson.

[Jayne Kirkham (Truro and Falmouth) (Lab/Co-op)]

9. What discussions he has had with Cabinet colleagues on potential opportunities for industry under the national wealth fund.

[Lorraine Beavers (Blackpool North and Fleetwood) (Lab)]

10. What discussions he has had with Cabinet colleagues on potential opportunities for industry under the national wealth fund.

[The Minister of State, Department for Energy Security and Net Zero (Sarah Jones)]

The national wealth fund is delivering a key manifesto commitment to set up a Government-backed investor—in some ways like the sovereign wealth funds we see in other countries—that will support the UK’s industrial strategy and economic growth. It will play a central role in our clean power mission by creating jobs in rapidly growing green industries. My role sits across the Department for Business and Trade, where I work on industrial strategy, and this Department, where I work on industrial decarbonisation, so I have a unique vantage point to see the benefits of the national wealth fund and all the opportunities it will bring.

[Jayne Kirkham]

As the Minister knows, I am concerned about kick-starting floating offshore wind in the Celtic sea. The infrastructure and supply chain need building out quickly, but in a co-ordinated way, and the previous Government’s floating offshore wind manufacturing investment scheme was not enough to do that. Will the Minister please confirm that she is working with the wealth fund on a strategy and then speedy investment in ports such as Falmouth and the local supply chain, so that they are ready to take on the challenge of floating offshore wind?