Oral Answers to Questions

Judith Cummins Excerpts

Thursday 5th March 2020 Commons Chamber

[Graham Stuart]

I thank my hon. Friend for his question, on which he is right. He is constantly championing the interests of his area, not least because of the need for regeneration. Free ports offer that opportunity. We are in constant talks with The Bristol Port Company, and I know that he is working closely with the West of England Mayor to make sure that that regeneration and the benefits of FDI are brought to his part of the country, with all the prosperity and employment benefits that that will bring.

[Judith Cummins (Bradford South) (Lab)]

The Minister will be aware of the concerns of businesses and, in particular, of producers supporting our regional economies about the impact of the proposed most favoured nation tariffs on their capacity to attract investment in new technology that is essential for our transition to net zero. What assessment has he made of the impact of the proposed measures on the UK’s attractiveness as a destination for investment, particularly in new green technology?

[Graham Stuart]

I thank the hon. Lady for her question. The consultation closes tonight and we are determined to get the right balance. We are clear that we are going to have a tariff regime that benefits UK consumers and business, and allows us to align ourselves most effectively to where 90% of global growth is expected by the International Monetary Fund to be in the next five years or so, which is outside Europe.

[Judith Cummins]

I thank the Minister for that answer, but he is not addressing the specific concern that the tariff schedule could hurt domestic producers by stifling FDI in precisely the places in the country that need it most. Are the Government really going to ignore industry concerns, potentially costing jobs?

[Graham Stuart]

I would have hoped that, after sufficient time in the House, the hon. Lady might have understood how a consultation worked. The consultation closes today, and I cannot comment on a consultation that has not yet closed. What I can tell her is that, as she will be delighted to hear, under this Government the UK has attracted more FDI than any other country in Europe. Indeed, we have attracted more FDI in aggregate than Germany and France combined. If she and her colleagues on the Labour Front Bench were to support business and enterprise in the way we do, instead of opposing them, we might see more jobs and prosperity.