AstraZeneca

Jim Shannon Excerpts

Monday 3rd February 2025 Commons Chamber

[Chris Bryant]

First, let me clear up a point about national insurance contributions. I know that the Conservative party likes to bang on about them, but many people do not know that 50% of businesses and organisations in the UK will pay either exactly the same amount of national insurance or less. That fact is not often, if ever, repeated by Conservative Members.

Secondly, the hon. Gentleman asks whether AstraZeneca had cited national insurance contributions as a reason for withdrawing. It has not, so far as I am aware. I would not tell the House anything that I did not believe to be true.

[Jim Shannon (Strangford) (DUP)]

I thank the Minister for his answers, and I have a respectful question. The axiom “it takes money to make money” is a foundational policy for many businesses but, for some of us in this place, another phrase comes to mind: “penny wise and pound foolish.” Saving a little now may help a lot in the future, so will the Minister kindly and respectfully explain how the Government intend to encourage long-term, renewable investment so that businesses can rely on the Government to fulfil their obligations? How will the Minister ensure that companies throughout this great United Kingdom of Great Britain and Northern Ireland feel that growth and investment will be supported and fostered?

[Chris Bryant]

I could read out the long list of investments made in the last few months, except I do not think that Mr Speaker would let me. I do not think we have time, and you would get bored with me, Mr Speaker. The hon. Member makes an important point. At the moment, I am engaged in negotiations on a significant possible investment.

We must ensure that we are delivering value for money for the British taxpayer, and that we are not throwing money away unnecessarily. Of course, there comes a moment when we have to make a judgment, and we made a judgment that came remarkably close to the £90 million offered by the previous Chancellor of the Exchequer, despite the fact that AstraZeneca’s R&D contribution had gone down from £150 million to £90 million. We made a significant offer, but for whatever reason, it did not get it over the line.

Obviously, we always want to get deals over the line if we possibly can, and there are competing demands for different kinds of investment, but I assure the hon. Member that our aim is always to try to make sure that we are at the forefront of all the nations seeking such investment, especially in this kind of technology.

The hon. Member is right about Northern Ireland. I, as a Welshman, bang the drum for Wales, and he bangs the drum for Northern Ireland—and quite rightly so.