Oral Answers to Questions

Jonathan Reynolds Excerpts

Thursday 18th May 2023 Commons Chamber

[Mr Speaker]

I call the shadow Secretary of State.

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

It has now been 100 days since we first welcomed the right hon. Lady to her new post. In that time, we have seen steel production fall to record lows; the automotive sector has issued warning cry after warning cry that Government policy risks shipping jobs overseas; and the US has seen incredible sums invested under the Inflation Reduction Act and the EU has put forward its own significant response. Meanwhile, the UK remains trapped in the Conservatives’ low growth, high tax loop, with the lowest business investment in the G7. This morning, three of her predecessors, each from a different political party, have said that the Government need an explicit industrial strategy. Does the current Business Secretary agree with them?

[Kemi Badenoch]

I thank the shadow Minister for highlighting that we have had 100 days as the Department for Business and Trade, during which we have been able to launch the biggest free trade agreement that the UK has seen since we left the EU and since the trade and co-operation agreement. He also mentions a lot of systemic issues, which have been faced globally. He rightly talks about the US IRA and the EU green deal industrial plan, but it is good for me to mention that we are doing a lot in this space. For example, the issue that the automotive industries are talking about relates to rules of origin. This is something that the EU is also worried out, because the costs of the components have risen. This is not to do with Brexit; it is to do with supply chain issues following the pandemic and the war between Russia and Ukraine. I have had meetings with my EU trade counterpart; we are discussing these things and looking at how we can review them, especially as the TCA will be coming into review soon.