Oral Answers to Questions

Jonathan Reynolds Excerpts

Thursday 30th November 2023 Commons Chamber

[Kemi Badenoch]

I do agree, and my hon. Friend is quite right to praise the progress that has been made on delivering Teesside freeport. The freeport has already been successful in securing several landmark investments, including from SeAH Wind, which is investing £650 million in building an offshore wind manufacturing facility. That will create around 750 high-skilled jobs and builds on the measures announced in the autumn statement last week to further strengthen the offer of UK freeports. My Department will continue to work with freeports, in Teesside and elsewhere, on securing high-value investment.

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

This is the Department in charge of growth, investment and exports. In the latest figures, following the autumn statement, growth has been downgraded. Business investment is still forecast to be the lowest in the G7, and goods exports have declined, both to the EU and to non-EU countries. Given that there are so many amazing businesses and sectors in the UK, how do the Government account for their poor performance?

[Kemi Badenoch]

I will not allow the hon. Gentleman to spin his way out of what is actually a very good news story for the Government. The fact is that the UK has overtaken France to become the world’s eighth-largest manufacturing nation. We are the world’s fifth-largest exporter. We are growing faster than Germany and France, and have received more investment than them combined. We are the top investment destination, certainly for financial services. We are doing well. Perhaps this is the moment for me to tell him what businesses told me at the global investment summit: that they were unimpressed by the Labour shadow Ministers they had met; that their offer was unimaginative; and that they were repetitive, and had no vision for the future of business in the UK.

[Jonathan Reynolds]

We follow the Secretary of State’s Twitter feed, and quite simply, we do not believe her.

I want to ask the Secretary of State about late payment. In the nine years that the Government have spent consulting on late payments, 450,000 businesses have gone under while waiting to be paid. Why do the Government’s new plans on late payment apply only to firms contracting with the Government? Why do they not rather follow our proposal to make sure that all public companies disclose their payment practices?

[Kemi Badenoch]

I have been working with the Federation of Small Businesses and others on late payments. The hon. Gentleman will have heard the measures announced in the autumn statement; this is an issue that the Government take very seriously. I disagree that we are implementing our plans in a partial way. We will resolve this issue, but I am afraid that I completely disagree with the Opposition: have done quite a lot on this, and many businesses have praised the measures that we announced in the autumn statement.