Oral Answers to Questions

Julie Marson Excerpts

Tuesday 7th September 2021 Commons Chamber

[Jeff Smith (Manchester, Withington) (Lab)]

9. What fiscal steps he is taking to help achieve the Government’s net zero emissions target.

[Julie Marson (Hertford and Stortford) (Con)]

13. What fiscal steps his Department is taking to encourage investment in green (a) industries, (b) growth and (c) jobs.

[The Exchequer Secretary to the Treasury (Kemi Badenoch)]

The Prime Minister’s 10-point plan demonstrates our commitment to net zero. It sets out £12 billion of new Government investment in green industries. This will create and support up to 250,000 highly skilled green jobs in the UK. In addition to this £12 billion, our plan will attract up to three times as much private investment by providing regulatory certainty and robust green finance frameworks.

--- Later in debate ---

[Julie Marson]

I thank the Minister for her response. With more than £10 trillion of assets under management in the UK, there is scope for more green innovation investment via the venture capital sector. I therefore welcome the measures she explained and the regulatory changes being driven by the Treasury, but will she meet me to discuss a potential office for venture, similar to the new Office for Investment, which could provide a centre for expertise and growth in this area?

[Kemi Badenoch]

I thank my hon. Friend for that question. The Government recognise the important role of financial markets in supporting the UK’s transition to a net zero economy. The British Business Bank is a Government-owned economic development bank that makes finance markets for smaller businesses work more effectively, and its remit includes venture capital. I note her point about a meeting and believe that my hon. Friend the Economic Secretary is happy to meet her on this issue.