(2 years, 6 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I will call the Member to move the motion and the Minister to respond. There will not be an opportunity for the Member in charge to wind up, unfortunately, because this is a 30-minute debate and that is the convention. I understand that several Members have indicated to the Member moving the motion that they intend to make an intervention, and she has very kindly agreed to allow that.
I beg to move,
That this House has considered cancer care for young adults.
It is a pleasure to serve under your chairmanship, Mr Paisley. Normally I would say that it is a pleasure to be here in Westminster Hall speaking on a particular issue but, of course, it is not a pleasure today. I wish I was not here raising the issue of cancer in young adults.
It is an issue that is horrible to confront and contemplate, but what I feel is nothing compared with what Simon and Andrea Brady feel. Every day they have to confront the reality of what happened to their daughter Jessica, who tragically passed away on 20 December 2020, aged just 27. They are here today because of Jess. I am here because of Jess. My right hon. and learned Friend the Member for North East Hertfordshire (Sir Oliver Heald) is here because of Jess, and the Minister is here because of Jess—I thank them both for that.
I pay tribute to Simon and Andrea. They are utterly determined in the face of their terrible loss to effect change in Jess’s name. I hope I can do justice to them and to Jess in supporting their call for that meaningful change. We are asking for Jess’s law—a practical change designed to save lives. Jess’s law would be that after the third contact with a GP surgery about a condition or symptom, a case should be elevated for review. After five contacts, it should be red-flagged and set procedures and guidelines should be followed, including a referral to a specialist.
We are clear that this should not be a tokenistic exercise, such as a simple, inconclusive blood test with the patient given an all-clear. The investigations need to be thorough and conclusive to make a real difference and to save lives.
I very much welcome the hon. Lady’s intervention. She is absolutely right. Her work to raise awareness of ovarian and breast cancer is all part of that hugely important process. I lost a dear friend to ovarian cancer, and it is a very difficult and unspecific thing to diagnose, or even for someone to realise that they might have the relevant symptoms. Breast cancer we have made a lot of progress with, and we have to keep that up. There are different cancers, with different symptoms, and awareness of the range of symptoms and how those might impact on different people is key to early diagnosis, to self-diagnosis so that people say, “Let’s go to a GP now”, and to get that GP to take things forward to identify the real underlying issue. I thank the hon. Lady.
The pivotal role that general practice doctors play in diagnosing patients early cannot be overstated. People—our sons, daughters, mothers, fathers, family, friends and neighbours across the board, regardless of age, race, sex or any characteristic—are equally deserving of diagnostic testing and referral. Patients must be accorded the time, space and physical contact to voice their concerns when presenting with recurrent and progressively aggressive symptoms. Listening and acting are key.
I know that the Minister is listening. We have met and discussed the issue, and her own experience in the nursing profession gives her great empathy and insight. I look forward to hearing her response in a moment. I also take this opportunity to thank my right hon. Friend the Secretary of State for Health and Social Care, who is arranging to meet Mr and Mrs Brady to discuss Jessica’s experience, what we can learn from it and how we might be able to implement Jess’s law.
I am also grateful to all those who have contributed today, in particular my right hon. and learned Friend the Member for North East Hertfordshire, who stands shoulder to shoulder with the Brady family. Finally, but most importantly, I reiterate my thanks to and deepest sympathy for Simon and Andrea Brady and their family. We do not want to hear tragic stories such as Jess’s—not because we do not care, but precisely because we do.
To conclude, I will repeat a detail of Jess’s story that I think illustrates the high regard in which she was held. On the day of her funeral, a satellite that she helped to design was launched into space from Cape Canaveral. It was inscribed with the words, “Thank you, Jess!” In honour of Jessica Brady, let us implement Jess’s law, so that other young adults who face the trauma of cancer in future can also say, “Thank you, Jess.”
Before I call the Minister, I too want to acknowledge the presence of Simon and Andrea Brady in the Public Gallery.
(3 years, 8 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
I remind hon. Members that there have been some changes to normal practice in order to support the new hybrid arrangements. I remind Members participating virtually that they are visible at all times, both to one another and to us in the Boothroyd Room. If Members attending virtually have any technical problems, they should of course email the Westminster Hall Clerks’ email address. Members attending physically should clean their spaces before they use them and before they leave the room. I also remind Members that Mr Speaker has stated that masks should be worn in Westminster Hall, unless you are speaking.
I beg to move,
That this House has considered the role of the Office for Investment.
It is an honour to serve under your chairmanship, Mr Paisley, and a real pleasure to be able to debate this issue, which is of huge importance to, and presents huge opportunities for, our country’s future growth. I am especially pleased to be having this debate not only because foreign direct investment—FDI—is so important to the national economy, but because it is so relevant to many of my constituents. We in Hertford and Stortford are part of the world-renowned innovation corridor, and our local life sciences sector is one area of particular opportunity and attractiveness to foreign investors.
The Government unveiled their plans for the Office for Investment in November last year, specifically designed to attract FDI into the UK. The aim is to connect public and private sector expertise in order to drive investment into all parts of the UK. I am particularly pleased that that has such strong and specific support from the Prime Minister in No. 10 and the Treasury. It is a Government priority at the highest level. We have long been a global centre of FDI in this country. FDI stock levels reached £1.6 trillion by the end of 2019. We have traditionally been the top FDI destination in Europe, and according to the World Bank we are second only to Denmark in offering the best business environment in the world. That has been so crucial to the success of our start-up ecosystem, and it is why so many businesses want to come here.
We have maintained our FDI leadership in Europe when many thought that we could not, or would not, post the EU referendum. FDI markets reported that between July 2016 and September 2020 foreign investors announced nearly 5,000 UK projects, more than Germany and over 50% more than France over the same period. The impact that that success has had on UK venture in particular has been huge. It has helped to fuel a world-beating venture sector that has insulated the UK’s start-up and scale-up communities from many of the global shocks of the past decade. Interventions of the past decade to usher in new FDI have made major contributions to our world-renowned and highly enviable start-up and small and medium-sized enterprise ecosystem, which has in turn nurtured and enabled so much growth in new, and sometimes brand new, parts of our economy.
However, covid has taken its toll on FDI right across the globe, including here in the UK. There was a 49% global drop in FDI flows in the first half of 2020, which will already have had profound consequences for our economies and prospects for future growth, but it is true to say that negative trends had already started to emerge before the outbreak. Between 2018 and 2019, the UK’s FDI flows had already fallen by £6 billion, well before we had even heard of covid. We cannot blame covid for all of a trend that had already begun, and we have to respond with purpose. That is fundamental to the short-term health and recovery of our economy, as well as to our long-term growth prospects. Central leadership is needed to unblock the most complex cases and put FDI at the top of the UK’s agenda. The Government have set out how this new office will provide that leadership, and I am sure the Minister will confirm that the Government will ensure that the Office for Investment is given the necessary prominence to make a real difference and command the authority to work with Departments beyond the Department for International Trade to truly work across Whitehall, catalysing activity across all Departments.
The UK’s overall history of FDI is a story of success. Even now we are competing well, despite a recent dip, but a closer look at data reveals a divided country, which poses problems for the UK’s future. Since 2016, London and the south-east has increased its share of total FDI projects to more than 51%. That clearly has an impact on regional inequality and the spread of opportunity—an issue that I know the Government and the Minister are well aware of and are determined to address. Could the Minister explain how the Office for Investment will use its influence to guide investment to different parts of the UK? Data also shows that devolved Administrations have an advantage in securing FDI, compared with English regions outside London. I should be very interested to hear how the Minister intends the office to work for the entire country, to elevate areas previously left behind and provide a coherent, co-ordinated strategy.
Bringing new investment to all parts of the UK is at the heart of the Office for Investment’s purpose. I am keen to use a little more time to discuss the importance of a regional approach to FDI, because it is in the regions that we will discover the most untapped new potential. Most new wealth over the next few years will be created through emerging industries such as green energy; it will not come from the already saturated markets that make up most of today’s FTSE 250. London’s market simply does not have as much capacity for new growth as those of the regions. Off the back of the pandemic especially, we have a great opportunity to develop new powerhouse regions to match the might of London. Right now, the gap between the most and least productive local enterprise partnerships is growing, but a balanced FDI strategy can help reverse that trend and level up our economy and regions.
It seems obvious that FDI is one of the keys to scaling the success of the many positive and innovative announcements made in the Budget last month, such as the super deduction and freeports. For every FinTech hub in London we need a thriving life sciences sector somewhere else. With better levels of FDI in regions, skills will follow investment, providing new opportunities to retain the best talent and attract it from afar.
It is equally important to recognise that FDI is not just vital for the start and scale-up sector of business. The biggest and most established companies also seek opportunities to expand and invest around the globe. We are right to demonstrate our ambition and commitment to get them investing here, where their FDI will create more jobs, improve productivity and unleash research and development investment.
As important as a regional approach to FDI is to the future of our economy, equally important are the sectors that the Office for Investment will target. To compete globally in 10 and 20 years’ time, we have to pinpoint the right markets that will one day lead the world. It may be that the FTSE is stocked with establishment banks and oil companies at the moment, but it will not be those industries providing the high-growth success stories of the next decade and more. New wealth will rely on fledgling, disruptive sectors—some growing now, some to be established and some just dreamed of. Could the Minister explain how the Office for Investment will better enable the UK to attract FDI in those strategically important sectors for our long-term growth ambitions?
I was extremely pleased to see that we have secured the new sovereign investment partnership with the United Arab Emirates, announced last month. From the Government’s £200 million investment in life sciences we have leveraged a further £800 million, giving a total investment inflow of £1 billion, all negotiated through the Office for Investment. This is a blueprint for success, which is so impressive and so important.
As a cricket fan I have used cricket analogies before, but I feel it bears repeating today that the role we play in this place to secure future FDI in growth in strategically important sectors is somewhat akin to that of a cricket groundsman. As I see it, we are the groundsmen and women whose job it is to prepare the wicket for our batsmen to thrive. Cricket fans will recall how England’s batsmen felt the wrong end of a rough wicket at the hands of Indian groundsmen recently; the groundsmen prepared their wickets to suit their bowlers and make life harder for our batsmen. In much the same way, it will be the job of England’s groundsmen to prepare our wickets to suit our own batsmen, not their bowlers, during the return fixture. That is the home advantage principle, which we should be applying in this place too. It is our job to set up advantages for our businesses, communities and regions by preparing a wicket to suit our ambitions. Admittedly, we are on quite a sticky wicket at the moment, but with every rough patch that emerges, there is an opportunity for the most creative of spinners to take advantage of the new landscape.
That is what I believe the purpose of this office should be, and indeed is, and I read with great interest the initiatives that are being rolled out by the Office for Investment to that end. The foreign investment summit will, I believe, be the largest gathering of investors to meet in the UK ever. Its focus on clean technologies is a clear signal that the Government understand where their attention should be focused in order to capitalise on the biggest future growth opportunities.
When I worked in corporate and international banking, my role was to engage senior investors with high value opportunities, so I understand how important a statement this summit makes in telling the world that the UK is open for business and in nurturing and developing strategically important relationships. We cannot overestimate the huge dogfight for FDI currently taking place across the world. Global competition for FDI has never been fiercer as countries try to recover from covid-19. It is for this reason that I believe now is the time to prepare our wicket effectively, to make sure that the UK is on top of its game. The Office for Investment and set pieces such as the foreign investment summit can be a central plank of that ambition. With that in mind, would the Minister expand on the single front door strategy, and explain how the Office for Investment will be given the prominence and capacity it needs to lead this work and navigate the UK through the currently incredibly competitive climate?
I welcome the establishment of the office and what it says to the world about the UK’s priorities for the future. We are a country that is open for business on a global scale and inviting of others to add value to that endeavour. Given the title the Office for Investment, I wonder whether we might even be practical and prudent to extend or replicate the UK’s domestic investment centre. So much wealth is already under management in the UK: nearly £10 trillion worth of assets. To challenge the US as the best place to grow new innovation and technology, we need to encourage more FDI, but we also need to encourage more domestic investment at an earlier stage to catalyse growth.
A relatively small proportion of the £10 trillion-worth of assets under management in the UK is ever directed at UK venture, and yet we still have one of the world’s largest venture markets: $13.2 billion was invested in UK venture in 2019, making it the fourth-largest market in the world by inward investment. Imagine, though, how much potential could be catalysed if we were to channel a larger portion of assets under management into venture. A domestic version of this office, to include examining changes to the domestic regulatory landscape, could encourage a greater flow of capital into UK-backed venture. Various Government-led initiatives could be considered that encouraged or even obliged the biggest investors in the UK, such as institutional pension funds, to include venture as an asset class in all they do. That might fall outside the Minister’s current purview at the Department for International Trade, but I would be interested in his thoughts on the potential of a dual approach, to look at foreign and domestic investment.
This is a very positive step forward for the UK’s FDI strategy. It will provide clear leadership in Government and a clear and obvious door for foreign investors to go through. The office has my full support and I look forward with great optimism to the foreign investment summit, which I believe will help to position the UK as the natural choice for foreign investors.
The rules state that with the permission of the Member opening the debate and the Minister, a Member may make a short speech, so I call Marco Longhi.