UK Modern Industrial Strategy

Debate between Jonathan Reynolds and Rachel Taylor

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

I hesitate to say this, but I think the right hon. Gentleman underestimates the number of strategies there have been in recent years. It is certainly more than six; we are at 11 in the past decade, or something like that. There have been six Business Secretaries in five years, which is certainly far too many. I think we can all agree that we need some long-term consistency in that area alone.

I agree with the right hon. Gentleman’s point on risk. That is one of the more thoughtful contributions I have heard on the low economic growth, mainly under a Conservative Government, since the financial crisis. We have to consider that attitude to risk in terms of regulation. Maybe our role as parliamentarians, when we ask regulators to fix every problem and stop every bad thing happening, is to ask ourselves whether that is the right balance, whether that is a reasonable request, or should it be—of course, with that in mind—proportionate to the performance of the economy.

The right hon. Gentleman mentions some specific measures. We have the lowest corporation tax in the G7 and a competitive tax rate overall, but we are always seeking to improve that. We need supply side tools, fiscal changes and a consistent long-term environment. That is what we seek to put in place.

[Rachel Taylor (North Warwickshire and Bedworth) (Lab)]

This morning, I visited Horiba Mira, which employs thousands of people across the west midlands. It was a privilege to visit with the Prime Minister, the Secretary of State and the Chancellor. I am sure that the Secretary of State will agree that one of the highlights of that visit was the excitement on the apprentices’ faces. After 14 years of low investment in the west midlands under the Conservatives, does he agree that this industrial strategy will deliver opportunities for young people and the manufacturing industries in North Warwickshire and Bedworth?

[Jonathan Reynolds]

It was a pleasure to see my hon. Friend this morning with my right hon. Friends the Prime Minister and the Chancellor. I was absolutely blown away by that facility, not just by the obvious “big name” investment from the companies there, but by the young people in particular. Of course, we are trying to deliver a strategy for business, and that requires businesses to have access to the pipeline of people, talent and skills that they need. Within that story, there are so many opportunities and careers for young people. I find that absolutely inspiring. Having an offer for the kind of apprentices and advanced manufacturing we saw today, alongside pride in our service and creative sectors and what we are doing on defence, is all key to ensuring that there are not just the things we need as an economy, but equities and opportunities for young people, as there should be in every part of the UK, to get the lives that they deserve.

UK-US Trade and Tariffs

Debate between Jonathan Reynolds and Rachel Taylor

Thursday 3rd April 2025 Commons Chamber

[Jonathan Reynolds]

I agree: this is one of the principal issues that we have to address. Whether it is on farming, textiles or whisky, what is going on in the rest of the world and other countries’ relationship to the US have a direct impact, even though that does not relate directly to the conversation about tariffs and our own trade deal with the US. I am meeting the chair and chief executive of the Trade Remedies Authority imminently. This is a crucial part of the work that we have to get right. We have some measures in place for steel and aluminium, but we have to ensure that we are ready for other sectors of the economy, too.

[Rachel Taylor (North Warwickshire and Bedworth) (Lab)]

Many of my constituents work at Jaguar Land Rover or in the motor manufacturing supply chain, and they are really concerned about 25% tariffs on exports to the US. Can the Secretary of State set out what steps he is taking to get those tariffs reduced and to support west midlands businesses before I meet Jaguar Land Rover later today? Does he agree that a calm and measured approach is exactly what is needed to get the best deal for British businesses?

[Jonathan Reynolds]

JLR is an example of an incredible UK-based business in terms of its success in the US, China and other parts of the world. We want to maintain that and give that business the platform it needs for that success. I am in regular contact at the most senior levels with JLR. I am delighted to hear that my hon. Friend is meeting it today to share some of these messages of reassurance. I know that, like all businesses, it supports this calm, pragmatic, rational approach to finding a better trade relationship with the US, not just to avoid the imposition of what was announced yesterday evening.