Leaving the EU: Protection for Workers
Debate between Jo Swinson and Greg Clark(5 years, 1 month ago)
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Jo Swinson (East Dunbartonshire) (LD)
The Business Secretary knows, as I do, that he has Conservative colleagues who would like to see workers’ rights diluted or swept away in the name of deregulation, and—who knows?—one of them could be Prime Minister before long. Will he therefore confirm that the mechanisms he has outlined could be repealed by a future Government passing primary legislation? Is it not true that exchanging enduring EU protections on the environment and workers’ rights for these flimsy mechanisms is like trading in a car that has a lifetime guarantee for a lemon without a log book just because the floor mats are thrown in?
Greg Clark
I disagree with the hon. Lady. I would say that there are far more of my colleagues who recognise the benefits for the UK of being a country and a jurisdiction that is associated with high standards rather than a race to the bottom, and that that is the way we will prosper as a country. I think she should have a little more faith in that.
The hon. Lady talks about the framework that the European Union offers. We are leaving the European Union—I recognise that she would rather we were not—so the choice before us is whether, in leaving, we have no reference to anything that is done, now or in future, in the European Union, or we create a mechanism that allows this House to see what is going on and to be able to act on it, bolstered by the statutory requirements on any Minister, now or in future, to pay due regard to the statements that are made in terms of compatibility.
On the hon. Lady’s point about a future Government being able to repeal the whole lot, she knows enough about the British constitution to know that that is available for every law, in every circumstance, by every House of Commons following every election.
Oral Answers to Questions
Debate between Jo Swinson and Greg Clark(6 years ago)
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Jo Swinson (East Dunbartonshire) (LD)
The industrial strategy rightly sets out opportunities arising from the new technology and STEM—science, technology, engineering and maths—sectors but says little about the increasing importance of skills that are unique to human beings, such as care. Does the Secretary of State recognise that part of our answer to increasing automation should be expanding employment in the care sector and the value we attach to it? If so, will he start treating this as a strategic priority?
Greg Clark
It is indeed such a priority. I am delighted to see a copy of the strategy in the hon. Lady’s hands. In fact, one of the four grand challenges that we have set out regarding areas in which we can be a world leader is to develop the opportunities that arise from an ageing population, and care is absolutely central to that.
Oral Answers to Questions
Debate between Jo Swinson and Greg Clark(6 years, 7 months ago)
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Jo Swinson (East Dunbartonshire) (LD)
9. What steps he is taking to encourage long-term decision-making in corporate governance.
The Secretary of State for Business, Energy and Industrial Strategy (Greg Clark)
One of Britain’s greatest assets in competing in the global economy is our reputation for being a dependable place in which to do business. In our response to the recent Green Paper on corporate governance, we set out plans to build on those strengths through greater transparency and accountability to shareholders, employees and suppliers, and others with an interest in the long-term success of companies.
Jo Swinson
A myopic focus on short-term profit and share price in many British boardrooms damages the UK economy, leading to chronically low rates of business investment and the treatment of workers as units of production rather than human beings. Some respondents to the Green Paper suggested that long-term investors should be rewarded with stronger shareholder voting rights. Can the Secretary of State explain why the Government rejected that interesting proposal?
Greg Clark
We consulted widely on the Green Paper, and the set of reforms that we are making has enjoyed broad support. We are proposing to extend the holding periods for long-term share incentives from three years to five years. I think the hon. Lady played some part in the introduction of the three-year periods, and I hope that she will welcome the extension. We are also making it a more explicit requirement of boards, including boards of directors, to reflect in their reports and accounts what they are doing for a wider range of stakeholders, not just the short-term issues. I hope the hon. Lady will welcome that as well.