(5 years, 5 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I beg to move,
That this House has considered the redevelopment of New Covent Garden market.
As a fellow Northamptonshire MP, Mr Hollobone, you might be slightly surprised that I am interested in this subject, but I hope to enlighten you in my contribution. The first records of Covent Garden supplying food to the population of London are from around 1200. By the 1800s, the market had expanded to cover more than 30 acres, with a covered market being built in 1834. In 1887, a foreign fruit exchange opened, which handled imported produce that was distributed widely beyond the capital city. By 1890, the market had become the most important fresh produce market in the United Kingdom, but space was tight and the market became a chaotic place. According to the Covent Garden Market Authority, people were complaining about congestion.
In 1904, the Jubilee Hall was built and in 1918, the Duke of Bedford sold the market and its trading rights to a property company. By 1929, the amount of produce flowing into the market had doubled since 1910 and congestion in the market area was getting worse. That congestion problem seems to be a recurring theme.
In 1961, with no space to grow, constant traffic jams and overcrowding, the market needed to move. Accordingly, the Covent Garden Market Authority was set up to modernise the market, and it passed into public ownership. Nine Elms, in the constituency of the hon. Member for Battersea (Marsha De Cordova), was identified as its new home. Construction of the new market began in 1971, and in 1974 the largest wholesale fruit, vegetable and flower market in the country moved to the new site at Nine Elms, which was officially opened by Her Majesty the Queen the following year.
At about that time, a young David Heaton-Harris went about setting up his own business with the help of some Lincolnshire farmers. What4 Ltd was the family business that I eventually went on to run before entering politics. I worked nights in the wonderful New Covent Garden Market for the best part of 11 years. Back in the day—this is relevant to the debate—we tried, as tenants, to buy the market from the Government, with other tenants, but they were not keen to sell such a prized asset.
For the past 45 years, the market has supplied fresh food and flowers to London and the south of England. According to Daniel Tomkinson, the chief executive of the market authority,
“New Covent Market plays a vital role in London’s hospitality and foodservice sectors. No award ceremony or major sporting event takes place in London without the input of one of the tenants. From quality fruit to flowers and amazing veg, this iconic Market is a key part of London’s life.”
Currently, 167 businesses trade on the market, employing 2,500 people. The aggregate turnover of businesses operating in the market in 2017 was about £626 million. That is a lot of fruit and vegetables. The market is expanding, and it is no surprise that that figure is a 6% increase on the 2016 numbers, as it is feeding a growing city.
The Mayor of London updated his final London food strategy in December 2018, and specifically commented on the need for “highly efficient supply chains” for the city of London. He committed to:
“Champion business support to food entrepreneurs and start-ups, and support London’s markets to increase their supply of fresh, local and seasonal produce to meet all Londoners’ cultural needs through the London Markets Board.”
New Covent Garden Market plays a huge part in filling those requirements.
From my conversations with the Minister, I know he understands how important the continuing existence and success of New Covent Garden Market is to the food supply chain for London and the south-east, and indeed the whole of England. He knows that there is a dispute between the market authority and the tenants of the market over its redevelopment. The Covent Garden Tenants Association was incorporated in April 1922. Its members are the traders on the market, and it has represented their interests for nearly 100 years. It represented my interests when I was a tenant on the market with What4. There is now the possibility of action, based on the infringement of traders’ rights under the terms of their agreements to occupy space in the market. That could easily be substantially expanded to incorporate claims that the market authority is acting in breach of its statutory duties.
Given what my hon. Friend said about the current state of things for the tenants, I wonder whether this is an opportunity to go back and look at the idea of the tenants taking ownership of the market.
I am sure the tenants would be delighted to have such an opportunity, but there would obviously have to be some sort of procurement process. That is not a possibility or a probability at this time because there are already contacts signed for the redevelopment of the market. It is a very good piece of real estate in London, where fantastic businesses are sited.
The market’s moves over the years have been driven by congestion more than almost anything else. On each occasion, the market’s success has meant that it needs more space. Ultimately, it moved to its current site because of the lack of space and because of the congestion in the area in the 1960s. Its redevelopment will mean that, for the first time in its 800-year history, in a growing market environment, its size will be reduced substantially.
(5 years, 8 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I agree with the hon. Gentleman’s comments.
Pre-stunning renders animals immediately unconscious and insensible to pain before they are slaughtered. In the absence of stunning, animals can feel the pain of the neck cut, experience a delay to loss of consciousness and experience the pain and distress of aspirating blood into the respiratory tract. While there is no nice way to end an animal’s life, many would agree that that is a particularly distressing account of the last moments of an animal’s life.
I understand what my hon. Friend is saying about stunning, but unfortunately, it does not always work. Something like 26,000 cattle, 100,000 pigs and 9.5 million chickens are mis-stunned each year. How do we solve that problem?
(5 years, 8 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I beg to move,
That this House has considered accessibility at railway stations.
It is a pleasure to serve under your chairmanship, Mr Betts, and I am looking around as I have constituents who intend to sit in the Public Gallery to hear what I say this morning.
Trains have been and continue to be one of the most important modes of travel in the United Kingdom. According to the Office of Rail and Road, in the past financial year 4,679,220 train journeys were completed every single day. However, even with such a large number of people using the rail network, many stations still lack the facilities to cater for the disabled, the elderly and those struggling with heavy luggage or pushchairs. As Members are aware, to address the issues faced by disabled passengers and passengers with mobility restraints when using railway stations, the Access for All programme was launched in 2006 with £360 million to fund accessible routes from the station entrance to the platform. It was extended in 2014 with a further £163 million. More than 150 stations have been completed and another 68 projects are in various stages of construction or development.
In April 2011 the Government launched a new Access for All mid-tier programme for station access projects. Although funding was originally £17 million, the large number of very strong bids for train station improvements meant that it was increased to £37.5 million and the scheme ran until 2014. According to the Under-Secretary of State for Transport, my hon. Friend the Member for Wealden (Ms Ghani), Access for All has delivered step-free accessible routes at more than 200 stations since it was launched in 2006 and small access improvements at more than 1,500 stations.
One of the projects was at Goring station in my constituency. We managed to get lifts to make disabled access possible, but it was quite a bureaucratic process. Does my hon. Friend find that that is the case in other stations?
As someone who has walked not only the Thames path but the Ridgeway, I have experience of Goring station. I have found the system quite difficult and bureaucratic. It is a lengthy process and people often ask, just like with Brexit, “Why don’t you just get on with it?” As I get further into my speech, I will discuss my experience of the Hendon constituency.
(5 years, 8 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I beg to move,
That this House has considered gambling-related harm.
It is nice to see you—a Portonian—in the Chair, Mr McCabe, and to see the number of people who have put their names down to speak—although it is about not just the quantity but the quality of the speakers that we have in the Chamber.
When we think of harm caused by drugs, alcohol or tobacco, we have a very specific idea of what it looks like. When it comes to gambling, the harm may not be so obvious but it is there. The Responsible Gambling Strategy Board proposed that the following definition of gambling-related harm should be used in British policy and practice:
“Gambling-related harms are the adverse impacts from gambling on the health and wellbeing of individuals, families, communities and society.
These harms are diverse, affecting resources, relationships and health, and may reflect an interplay between individual, family and community processes. The harmful effects from gambling may be short-lived but can persist, having longer-term and enduring consequences that can exacerbate existing inequalities.”
From that definition, it is clear that the harm is not restricted to individuals, and that it can have a detrimental effect on entire communities and those living in them.
Debt incurred by gambling creates instability and insecurity, and can lead to bankruptcy. In the extreme, it results in criminal activities. Relationships can be disrupted, which often leads to emotional and social isolation. This can lead to mistrust and it erodes cohesive relationships. The consequences can include psychological distress, such as feelings of shame, stigma and guilt. Anxiety levels increase, and depression and even suicide can be the final outcome.
The Office for National Statistics has published data showing that between 2001 and 2016 there were 21 suicides
“where the death certificate mentioned ‘gambling’ or ‘gamble’.”
Furthermore, the ONS stated that
“the data is not considered completely reliable, because a coroner will not always record detailed information regarding the deceased’s history”.
According to Gambling With Lives, 4% to 11% of suicides are related to gambling, which is the equivalent of 450 to 620 deaths per year in the UK. These figures are based on research carried out by Paul Wong that appeared in the Journal of Affective Disorders in 2010 and research from Louis Appleby at the University of Manchester in 2017.
The hon. Gentleman is making a very strong case. I wonder whether the starting point in all this should be in schools, and in trying to provide children with the necessary education to prevent them from starting to gamble.
I agree with that point and I hope to cover it later on, when I will look at the educational support for kids and the possible grooming of children, normalising gambling as part of their lives.
On my last point, will the Minister consider ways whereby coroners can ensure that data around suicide can be captured, so that accurate figures can be maintained?
Jack Ritchie was 24 and from Sheffield. He was a history graduate who taught English in Kenya and Vietnam. He began gambling at 17 and would visit betting shops during his school lunch break. By 18, he admitted that he had a gambling problem and that he had lost thousands of pounds, including £5,000 given to him by his grandmother. After another gambling loss, he committed suicide in 2017, while he was in Vietnam. Jack’s mother, Liz Ritchie, compared gambling addiction to heroin dependency. The harm is real and it is growing, while the research and support is massively underfunded.
I commend the work undertaken by Henrietta Bowden-Jones at her clinic in Fulham. There are plans to open a similar clinic in Leeds, and hopefully more in Scotland and Wales. That must happen, but the funding model requires scrutiny. Currently, the industry pays a voluntary levy that raises £10 million to £14 million a year. That money is used to fund support for problematic gamblers, and campaigns to educate people and hopefully reduce harm.
That voluntary contribution of £14 million must be measured against the gambling companies’ profits. In November 2018, William Hill issued a profit warning, saying that it expected yearly profits to be in the range of £225 million to £245 million—in 2017, company profits were £291 million—whereas 888 Holdings reported pre-tax profits of £83 million on revenue of £541 million in March 2019. Paddy Power Betfair reported pre-tax profits of £219 million in 2018 on revenue of £1.87 billion, and bet365 posted an operating profit of £660 million on revenue of £2.86 billion.
The total gross gambling yield for Great Britain between April 2017 and March 2018 was £14.4 billion, which was a 4.5% increase from the previous year. The annual sum that gambling firms win from their customers has risen by 65% since the Gambling Act 2005. It is against those figures that we have to consider the voluntary levy of £10 million to £14 million. A statutory levy of 1% would guarantee £140 million a year and that sort of money, in the right hands, could do some serious good.
(5 years, 9 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I beg to move,
That this House has considered online gambling protection.
I am very conscious that today there are distractions elsewhere in the House. This debate on online gambling was never going to pull hundreds of Members away from the business of how, when and indeed if we are to leave the European Union. However, that was never the point of it. Today is a chance to update the record on where we are on online gambling, to recognise the damage being done in some very sad cases, where lives have been ruined, and to offer thoughts and float ideas on what is ahead, as well as behind us, and on the trends and direction of what is happening.
Given that the statistics show that 430,000 adults have a serious gambling issue, with 2 million more in danger of addiction and 55,000 children between the age of 11 and 14 already addicted, and with all those figures rising fast, it must be clear to us all that, yes, Houston, we absolutely have a problem. At a time when many in the country believe that Parliament and the Government are all-consumed by Brexit, it is even more important to show that that is not so. We can, and must, address an issue that will become one of the great challenges of our generation: how do we deal with online gambling?
There was a time when I thought that online gambling was a modest offshoot of the traditional bookies on the side of Cheltenham race course and Gloucestershire point-to-points. I thought they were flutters by computer for the technically savvy, but it is not so. In fact, online gambling has a higher percentage of problem and at-risk gamblers than any other type. When people log on to online gambling, they meet a plethora of sporting opportunities on which to gamble. How many throw-ins will there be in the first 15 minutes of an under-15 Azerbaijani football game? Nothing is too obscure to have odds attached to it. Not a single sport—I did not check Mongolian archery, but I am sure that someone, somewhere can offer odds—is without a gambling moment. With some 3,000 websites competing, there are plenty of options.
The size of the sector and its business is enormous, with annual industry gross profits of some £14 billion and tax receipts of £3 billion, 100,000 employees and some £200 million of advertising revenues. Is it, therefore, a huge UK success story? Yes, but even more no, because the dark side is horrific and growing. When some of those brave enough to talk about what has happened in their family do so, we really have to wonder whether we are doing enough to prevent addiction and disaster. I will give just one example: Martin Jones in Swindon, who talked to me this morning, explaining the story of his son, Josh, who eventually committed suicide in 2015 after years of fighting addiction. It is a truly tragic story, and there can be no doubt that the system is failing individuals and therefore us all.
My hon. Friend makes a strong point. Is it not the case that online gambling has a predominant effect on the young, and it is the young that we need to protect in this situation?
(5 years, 9 months ago)
Commons ChamberI think our preparations for Brexit are probably slightly outside the scope of this statement, but I can reassure the hon. Lady that every step that has been taken in preparing for MTD—indeed, its roll-out was delayed to ensure that we were prepared—will ensure that the 1.2 million companies and individuals are in the best possible position to go forward with something that will actually be a help to their own productivity.
One of the problems areas in my constituency is the farming industry, which seems to be having enormous problems with this. The Minister mentioned this in his statement, but can he tell me what is doing specifically to help the farming industry?
My hon. Friend is right to say that I referred to the fact that specific software was available for those in the farming sector. There is also advice that is relevant to farming on gov.uk, but if there are any further specific points that he would like to raise with me in the context of his farmers, I would of course be happy to discuss them.
(5 years, 10 months ago)
Commons ChamberI believe the hon. Gentleman is mistaken, as we are working with the EU to deal with deal and no-deal scenarios: we have published no-deal technical notices; we have tabled a number of statutory instruments, which are progressing well; and the EU has confirmed that it will maintain the connection between the EU and the UK to allow flying to continue. But if he is concerned about a no-deal scenario, he should vote for the Prime Minister’s deal.
The collapse of Flybmi is to be very much regretted, but does the Minister accept that connectivity is about more than one airline and that she should continue to establish growth in airlines across the country?
Absolutely. Even though the airline sector is a tricky market to be in and it obviously favours larger airlines—for example, it is a little easier for them to buy fuel than it is for smaller airlines—my hon. Friend is right to say that competition is good and we should do what we can to support not only our airports, but our regional airlines.
(5 years, 10 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
My hon. Friend is completely right. Later in my remarks, I will talk about the regional aspects of our financial services sector. Suffice it to say, I called this debate because I believe that our world-leading position in financial services is at risk. That will have an impact not only on London, but on regions outside London, and on industries such as the insurance industry in my hon. Friend’s constituency and across the country.
We must remember that despite the appalling financial crisis of 10 years ago, in which many institutions and firms were culpable of incompetence and wrongdoing—if not outright illegality—the British financial services sector is a national asset and a public good. It is our most successful sector and export. I will try my hardest not to get trapped in a Brexit rabbit hole during the debate, but I will make this point: in post-Brexit Britain, we will have to adapt our financial services sector to ensure that in the next 20 years, the UK remains the world’s global financial services hub, facilitating business and creating growth from Bangor to Bangalore and from Hitchin to Helsinki.
I am a former partner in Ernst & Young, so mine is a completely different perspective on the sector. Yesterday, I chaired a breakfast meeting to look at the future of digital currencies. Among those present, there was an overwhelming desire to see better regulations in place globally. We have an opportunity to take the lead on that. Does my hon. Friend see that as an opportunity for the UK?
I defer to my hon. Friend’s experience as a very senior partner at a major accounting practice. The regulation of financial services has moved from a national to a regional level and now to a global level, for instance through Basel and Solvency II. Let us consider the reasons that Solvency II was brought in for the insurance industry. Britain—not just the Treasury but also the Bank of England—needs to make sure that as we leave the European Union, we do not lose our voice at the global level. If we do, we will have to implement regulations that we will not have taken part in shaping. I will address that further on in my remarks.
The Bank of England was not only present at yesterday’s breakfast meeting, but spoke. It took a strong role in looking at whether the digital currency sector needs future regulation.
I thank my hon. Friend; I will address that aspect directly in my remarks.
Before I come to that, I think it is worth defining, for people who might read or watch the debate, what financial services actually do. To many, it looks like it is just about shuffling paper around or playing with spreadsheets. Put simply, financial services are partners of business. In 2017, UK banks lent £14 billion per quarter. Almost 1,500 equity finance deals, with an investment value of almost £6 billion, helped smaller businesses grow in 2017.
Another thing to assess and to remember is that financial services create business demand for other goods and services. The financial services industry is the largest buyer of tech services in the UK, for example. A business contributing to what we might call “the real economy” needs financial services to be available, cheap and effective. In Britain, companies from around the world have access to those services through our financial services sector.
What impact do financial services have on the Treasury’s balance sheet? The Minister will be keenly aware of this—I know that the Chancellor is. The financial services sector contributed over £72 billion in taxes last year. To give people a sense of scale, that is half of the NHS budget and about 11% of total UK Government revenue. In addition, the sector provides 1.1 million jobs to the UK-wide workforce. If one includes related professional services in an advisory capacity, such as accounting or legal services, that number rises to 2 million.
We are global leaders. The UK is the leading destination country for foreign direct investment projects in financial services from the United States, Sweden and China. The UK attracts 15% of the US’s global projects of that nature, 47% of Sweden’s and 15% of China’s. I come back to the point made by my hon. Friend the Member for North Warwickshire (Craig Tracey); those who believe that financial services affect the City of London only should think again. Two-thirds of financial services jobs in the UK are based outside London. In fact, with regards to the foreign direct investment that I just described, between 2013 and 2017, regions outside London accounted for 49% of the jobs created, 48% of the gross value added in financial services, 36% of the estimated capital investment in the UK and 37% of the total number of jobs. All that went to regions outside London.
Highly paid bankers and insurance brokers or traders who earn millions of pounds do not reflect the reality of 99% of financial services. A major reason that they matter is the cluster effect of the jobs that major financial institutions create around them. Let us take self-employed freelance workers, who often work as consultants for major firms in the industry. The number of self-employed workers in the UK has gone up by roughly 50% since 2001. According to statistics from IPSE, the Association of Independent Professionals and the Self-Employed—I refer the House to my entry in the Register of Members’ Financial Interests—22% of the self-employed work in financial services, and 40% of those freelancers had at least one project based in the EU in the past 12 months. A good Brexit deal really matters to them, and those statistics show the ancillary losses that a poor deal for financial services will bring.
Numerous challenges and changes are on the horizon, which will require our Government to change and develop their approach to the sector. I will focus on three principal areas: first, the digitisation of the economy and the rise of FinTech; secondly, the challenges and tough choices we face as we leave the European Union; and thirdly, the need to increase the penetration of financial services into our most deprived areas. That will deepen and improve the relationship between the financial services sector and our most deprived people, to ensure that everyone benefits from the sector, not just the affluent.
On digitisation, we are in a new economy: the internet and social media, as all Members of Parliament know, have completely changed not only how politics operates but how goods and services are produced and sold throughout the world. Anyone who has read Stian Westlake and Jonathan Haskel’s book, “Capitalism without Capital: The Rise of the Intangible Economy”, will be in no doubt about the profound economic change that we are seeing. These days, anyone can produce almost anything anywhere using 3D printing; anyone can advertise a product worldwide at the click of a mouse; and, as I saw last week, a film producer based in Hitchin in my constituency can work with clients in China in minutes.
Such changes are exciting from a technological perspective, but present a real challenge to the way in which we do things. For the past 15 years or so, companies have invested more in intangibles, such as branding, design and technology, than they have in machinery, hardware or property. Businesses such as Uber do not own cars; they own software and data. Coffee bars and gyms rely on branding to help them stand out from the crowd, and they often lease their premises and physical goods, rather than owning them. That is capitalism without capital.
What does that mean for financial services and, in particular, for banking? The normal model for bank lending is this: when lending to a business, the assessment of the company’s balance sheet—the assets and liabilities—is a critical aspect of assessing credit-worthiness. In the new economy, banks struggle to understand how to value and monitor intangible property. In the old days, if a company went bust, a bank could recover its money by selling physical assets—it would have a mortgage over the buildings and could sell capital assets such as machinery. If a company with intangible assets folds, those assets cannot be sold off easily—in effect, their value will have sunk with the company.
A lot of smaller businesses in the new economy therefore do not have the same access to bank loans. They are much more reliant on venture capital and angel investors, and that is a very different model of financing from traditional bank lending. My first question to the Minister is this: how will our regulatory system have to change in order to catch up with the new economy, which is changing at both a domestic and a global level? Without changing the rules on bank lending, we will be unable to finance small entrepreneurial businesses properly over the longer term.
FinTech is another success story for Britain in financial services. Indeed, we are the world’s FinTech hub. Of the European Union’s $26 billion of FinTech investment, the UK attracted $16 billion, which is a huge chunk of that European market. In the first half of 2018, that helped the UK to overtake US FinTech investment for the first time. If we consider the size of the United Kingdom, for us to overtake the US in terms of total investment is really something.
Those numbers look impressive, and they are, but there are clouds ahead. I suggest that the money is still being raised easily because the successful companies that attract a lot of the equity investment are based in Britain—they were set up here. However, there is much evidence across the FinTech sector that new start-ups increasingly are created in competitor countries, in cities such as Berlin and Paris. Much of the money raised by companies—the money I was just describing—still comes to Britain, but it is spent abroad. The companies are expanding their footprints elsewhere due to worries about the short and medium-term outlook for FinTech in Britain. We need to face up to that.
The fundamental point that we need to be honest about is that Brexit has put huge uncertainty at the centre of Britain’s short and medium-term economic outlook, which affects financial services and FinTech in particular. There are many reasons for the success of FinTech over the past few years, but the key factor is that London has become the principal magnet for the best software engineers, the best inventors, and the best and most successful investors from all over the world. How will we maintain that while dealing with the challenge of Brexit?
I suggest a twofold approach. First, we need to ensure that we remain one of the best places to raise equity finance, and enable the employees of FinTech start-ups to take equity in the businesses in which they work. Will the Minister undertake to ensure that the Treasury will not seek to change the enterprise investment scheme or entrepreneurs’ relief? Will he also consider eliminating stamp duty on shares? That idea was floated recently by Xavier Rolet, the former head of the London stock exchange. Oxera Consulting calculates that the abolition of stamp duty on shares would cut the cost of raising capital for small and medium-sized enterprises by between 7% and 8.5%. KMPG estimates that that could rise to 13% for some technology companies. Cutting the cost of capital for SMEs would lead to increased growth, profitability and employment, and higher salaries for workers, all of which make revenue for Her Majesty’s Treasury while creating a more dynamic business environment.
The second approach is simple: it is about people. In recent conversations—some took place earlier this week—with major FinTech investors, they were extremely clear that the ability to hire high-quality people, and to keep them in this country away from the clutches of Paris or Berlin, is very important. The £30,000 earnings threshold proposed in the immigration White Paper should not be a huge problem for the sector, because the vast majority of the people brought in by our FinTech companies earn more than that. One consideration, however, might not have been fully appreciated: 42% of our founders in FinTech are from abroad, and when they start their business, they often do not earn much, because they are ploughing what they earn back into their businesses, so they might fall beneath the £30,000 cap.
What are the Government’s plans to ensure that founders—the talented people who are the brains behind FinTech businesses—can move easily to the UK to start their firms? If they cannot, they will go somewhere else, and that innovation and wealth, and those jobs, will go to other countries.
(5 years, 10 months ago)
Commons ChamberI would be happy for the hon. Gentleman to write to me about it. As I think I have made clear tonight, trust and integrity are paramount in sport.
Our sport, internationally, has a massive part to play in our global reputation. We can travel the world and meet people who do not know much about our home town, but they will know if our local football club is in the Champions’ League or has been in an FA cup final. As we leave the European Union, we will work with the Foreign and Commonwealth Office and the Department for International Trade to ensure that the incredible contribution of sport can be part of our international profile, and part of our vision for global Britain. I recently met the Japanese Sports Minister, who is keen to learn from our experience of hosting major events so that the Tokyo 2020 Paralympics and Olympics can be an inclusive experience for everyone.
We can continue to deliver major world events, and this summer we will host the cricket world cup, with an expected global audience of 1.5 billion people. It will be a wonderful opportunity to showcase our country, bring communities together and get more people to be active. It is not just cricket—I will rattle through the other sports. The world wheelchair curling championships take place in Stirling in March; Liverpool host the netball world cup in July; the world road-cycling championships take place in Yorkshire in 2019; UEFA 2020 Euro fixtures take place at Hampden Park and Wembley; and the UEFA women’s Euros and rugby league take place in 2021, with matches hosted all over England. I am delighted that the benefits will be experienced across the country.
Our investment in major events will deliver opportunities for everyone. Everywhere, people will be able to see at first hand that sport is great. Of course, we look forward to hosting the 2022 Commonwealth games in Birmingham, which will be the biggest sporting and cultural event in the west midlands ever. All those global sports events offer a fantastic opportunity to showcase the UK to the world, and give us an opportunity to showcase our commitment to fair and inclusive sport, which is why we must take steps to protect the culture and integrity of elite sport.
In that long list of sports, the Minister failed to mention one particular sport that I am particularly keen on—rowing, which is important not just for the high-class activity that takes place in Henley but because it contributes to the better appreciation of the sport by young people in that area. Will she give credit to those companies for attacking sport, as it were, at both those levels?
My hon. Friend mentioned high-class behaviour in Henley—I expect nothing less. Absolutely—it is fantastic that rowing is thriving, and I have promised to visit.
The Commonwealth games will take place 10 years after the Olympic and Paralympic games, and I want to build on the success of 2012, and make them an event that is remembered for bringing people together, celebrating diversity, and promoting inclusivity across the Commonwealth and beyond. Its legacy will go further, and embrace trade and investment, culture, sport, employment, housing and tourism. Later this month, I will set out the strategy with UK Sport beyond 2020, the Olympics and the Paralympics, supporting our athletes and all competitors for the next stage. As we heard, UK Sport has recently launched its aspiration fund.
I want to conclude, because I am sure that you want me to do so, Mr Deputy Speaker. [Interruption.] I want the number of people enjoying sport and engaging in physical activity to grow; I want sport to be embedded in Government thinking on health and social care; I want this country’s amazing reputation for hosting the world’s biggest sporting events to continue; I want our sporting bodies to demonstrate strong leadership and a duty of care to all participants; I want Team GB to continue its medal success; and I absolutely want to make sure that everyone can benefit from the power of sport.
(5 years, 10 months ago)
Commons ChamberI can only apologise, Mr Speaker, and I obviously accept your guidance on this matter. I believe I was asked about 20-plus questions between the two Front Benchers, but I take your point.
I will deal with one last point. The hon. Member for Aberdeen North (Kirsty Blackman) specifically asked me how many of the 5,000-plus personnel that HMRC is recruiting in the context of our Brexit planning will be based in Scotland. We are up to about 3,500 currently, and I will write to the hon. Lady to make sure that we provide her with the information she has sought.
When I was an inspector of taxes, the office network was totally incapable of being developed for a digital situation. How will this new programme make such development a possibility?