Oral Answers to Questions

John Baron Excerpts

Wednesday 12th July 2023 Commons Chamber

[The Deputy Prime Minister]

I know there is an Opposition reshuffle coming up, but this audition for John Prescott’s old job is getting a little bit hackneyed. It is this Government who have lifted 400,000 children out of poverty. I hear the right hon. Lady claiming that Labour is the party of working people, but under their policies people cannot even get to work. They support Just Stop Oil protesters blocking our roads, they support their union paymasters stopping our trains, and of course they support the hated ultra-low emission zone stopping cars across our capital. While Conservatives get Britain moving, Labour stands in everyone’s way.

[Mr John Baron (Basildon and Billericay) (Con)]

Q5. Given that the Mansion House compact does not encourage our pension funds to invest specifically in British companies, what more can the Government do to encourage greater investment in our companies, especially climate technology start-ups, which increasingly are going abroad to find the funding they require, to the benefit of our competitors?

[The Deputy Prime Minister]

My hon. Friend raises an important point about both start-up capital and ensuring that we get more money to high-growth companies. The Chancellor’s pension compact is a very important step forward, which will unlock £75 billion of additional investment. I am quite confident that large amounts of that will go to UK companies, and it sits alongside measures such as the Edinburgh reforms to financial services, which will help improve financial services in this country and unlock money for those industries.