Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill

Jerome Mayhew Excerpts

2nd reading & 2nd reading: House of Commons
Friday 11th September 2020 Commons Chamber

[Andrew Lewer (Northampton South) (Con)]

I am glad to have the opportunity to contribute to the debate on this private Member’s Bill and, indeed, to follow its promoter, whom I congratulate on a carefully crafted speech, with much passion in it. There are obviously some things one could take issue with, too, not least the Government’s record on carbon in the economy. Indeed, concerns about the feasibility of current targets and their cost—especially for those on lower incomes—in an already coronavirus-battered economy are well worth raising.

As we have heard, the Bill in essence seeks to enable co-operative and community benefit societies to raise external investment capital for environmental and sustainable purposes. On the surface, that is a sensible suggestion, and in general terms I—and I am sure many colleagues—support some of the objectives that aims to achieve. I am sure that several of my colleagues will make further good and detailed points on the purpose and key provisions of the Bill, but I will give some thoughts as a starter.

I am standing in an unusual place for me, away from the customary 2017-2019 naughty corner, and speaking on this topic is out of my comfort zone as well, but, having looked into it, it is well worth unpacking in debate. Indeed, some interventions have already revealed that to be the case. Co-operatives and community benefit societies are great means of facilitating business with a mutual and social purpose, democratic ownership and governance. The Government have always been supportive of that ethos, changing the law in the Co-operative and Community Benefit Societies Act 2014 to reduce some of the legal complexities and cut red tape on how co-operatives operate. It is encouraging that, since then, the co-operative movement has continued to be successful, generating more than £130 billion of income each year for the UK economy and employing more than 230,000 individuals. I have a personal connection: my dad worked for the Co-op in Manchester and the family is a chapel and Methodist family.

It is important to point out that from day one the Government have had a major focus on climate change and encouraged support for many green industries and green initiatives. In fact, as many colleagues regularly mention, the UK was the first major economy to enshrine into law a commitment to hit net zero by 2050 and to introduce a landmark Environment Bill, which places environmental ambition and accountability at the heart of all Government policy and holds subsequent Governments to account if they fail to uphold their environmental duties. Just last year, the Government published a green finance strategy detailing how they intend to support green financial services, accelerate investments into the UK’s clean growth and encourage a clean global finance market.

A 42% reduction in carbon emissions has been achieved while simultaneously growing the economy by two thirds to the end of 2019, which is the strongest record in that regard among the G7. That trend has the potential to continue, with recent announcements from the Chancellor that the Government intend their rebuilding of the economy after coronavirus to include releasing £3 billion into green investment programmes and to jointly fund a £40 million venture capital fund for green start-up companies, to encourage a new generation of a clean and low-carbon technologies.

[Jerome Mayhew (Broadland) (Con)]

My hon. Friend mentions the very welcome reduction in carbon in the UK economy over the past 20 years. Some of that has been achieved by offshoring carbon emissions to third countries, which is then reimported. Does he agree that an effective way of dealing with that would be the introduction of carbon border adjustment payments?

[Andrew Lewer]

A more general answer to that extremely specific question is that it is important to have realistic goals and targets in country, so that those sorts of ways of trying to get around things are avoided. That is why commitment and passion need to be mixed with pragmatism and realism in seeking targets that are actually achievable.

Covid-19: Future UK-EU Relationship

Jerome Mayhew Excerpts

Wednesday 15th July 2020 Commons Chamber

[Mark Fletcher (Bolsover) (Con)]

Dear oh dear oh dear, it is groundhog day again. We are back to discussing Brexit. I feel almost nostalgic; it is the 2017 Parliament arguments all over again. Why should we delay? What more excuses can we find to hold up Brexit? How can we make working-class communities in Bolsover wrong again? To be honest, I am not so keen on this groundhog day. The people have spoken. We need to deliver Brexit. The argument that we have a pandemic and we need to extend because that will create more certainty is nonsense. It is the wrong end of the lens. The only way in which we can give our businesses and our nation certainty is by sticking to the deadlines we have set out, and I am so proud that this Government are holding firm.

[Jerome Mayhew (Broadland) (Con)]

Does my hon. Friend agree with the director general of the CBI that there is no interest in further delaying transition and that business now wants to get on with it?

[Mark Fletcher]

It is an unusual experience to agree with a director general of the CBI, after so many years in which have disagreed with them, but in this instance it is a delight to agree.

However much I disagree with SNP Members on almost everything, I do at least give them credit for turning up. As I cast my eyes over the Opposition Benches, it is an unusual experience to see only the same number of Members on those Benches as there are in my fan club; they usually way outnumber me on that front. The Labour party has once again abandoned the pitch. Its Members have straddled for so long, trying to keep their true feelings on Brexit hidden. [Hon. Members: “They are hiding.”] They are indeed hiding. Here we are today with three hon. Members sat on the Labour Benches. I feel sorry for the hon. Member for Sheffield Central (Paul Blomfield), who is sitting at the Dispatch Box; I cannot help but feel he will have to summarise all the various Labour opinions that have been expressed today and make them seem like an eloquent argument.

The Economy

Jerome Mayhew Excerpts

Wednesday 8th July 2020 Commons Chamber

[Jerome Mayhew (Broadland) (Con)]

We are looking at a really deep recession, with unemployment almost certain to rise vertiginously over the coming months, with a particular impact on the younger workforce. I therefore wholeheartedly welcome the Chancellor’s statement to protect, support and create jobs. That is evidence, once again, that this Conservative Government are not just listening to the people but acting swiftly and dynamically to tackle the economic and social fallout from covid-19.

I also welcome the developing demonstration that this Government are really serious about reshaping the economy to achieve carbon net zero by 2050. We are on a journey of technological development to zero-emission energy and zero-emission land transport, and now is the time to tackle our buildings, which are responsible for 18% of all our emissions. Even with our increased appetite to “build, build, build”, 80% of all buildings likely to be standing in 2050 have already been built. The Chancellor’s £3 billion insulation schemes are a fantastic start, and I look forward to the publishing of the buildings and heat strategy later this year to see how this policy can be further developed.



However, as the Chancellor made clear, our response to the current crisis cannot all be about spending. In the medium term, we need to put our public finances back on a sustainable footing. Baldly, it is likely that ways in which to raise revenue will not be far from the Chancellor’s mind. Anticipating that, we should consider a carbon tax, together with a scheme for broader adjustment payments. Today, the full cost to the economy of carbon emissions is not included in the price of purchase, creating a false exchange. Put simply, when we buy something, we do not know what carbon cost we are responsible for. A carbon tax, which adds in that missing part of a transaction, would remedy that.

Such a tax would make the decision to take advantage of today’s grants for insulation even more attractive, and, rather than costing the taxpayer, could raise significant sums for the Treasury. Its enormous benefits can be summarised as follows: creating an efficient exchange where all the costs of production are reflected in a decision to purchase; creating stronger and more profitable business cases for the new green tech businesses that we want our economy to pivot towards, without having to attempt that by expensive and inefficient Government projects and grants; providing a cash incentive to all of us to reduce our carbon emitting purchases in favour of lower carbon alternatives, thereby assisting the achievement of our legal obligation to reduce carbon emissions to net zero by 2050; and, in addition to all those public goods, generating a very significant income source for the Treasury at a time when everyone else is calling for increased spending. If anything will get the attention of the Minister, I hope that last point will.

Future Relationship with the EU

Jerome Mayhew Excerpts

Tuesday 9th June 2020 Commons Chamber

[Penny Mordaunt]

On that issue, but on many other issues related to law enforcement and security, the negotiations have been good and constructive. We were having discussions on those areas last week and making good progress on them. Ultimately, though, having an arrangement, whether it is on other aspects of security or on protecting all our citizens from those who would wish to do them harm, is in our mutual interests. I have said this from the get-go since the referendum, and I am confident that common sense will prevail.

[Jerome Mayhew (Broadland) (Con)]

Having a deadline promotes deals, and I have high hopes for the negotiations over the next few weeks. But does my right hon. Friend agree that where there is no sign of a convergence in negotiating positions, an extension of the transition period, four and a half years after the referendum vote, would serve no purpose other than to cost us money, prolong business uncertainty, delay effective control of our borders, and hamper our economic response to the covid crisis?

[Penny Mordaunt]

My hon. Friend is damn right.