Karl Turner
Main Page: Karl Turner (Labour - Kingston upon Hull East)Department Debates - View all Karl Turner's debates with the HM Treasury
Russia: UK Companies
Karl Turner Excerpts(2 years ago)
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James Cartlidge
That is an interesting point. My colleagues have been clear on the record about where we stand on that. I will not comment on any specific appeals, but our sanctions regime, to which he referred, is very strong and is working in practice. We are always committed to looking at what more we can do as a Government and working with our international partners.
Karl Turner (Kingston upon Hull East) (Lab)
Fenner Dunlop has existed in Marfleet in my constituency since the company Fenner was established in 1861. It manufactures conveyer belts for the mining industry. It refused to trade in Russia and has done the right thing. As a result, it is reviewing the business in Marfleet and 71 jobs are potentially at risk. Everybody can see that the company needs to be commended—it is an excellent employer—but the reason the Minister is having difficulty mentioning specific businesses is because one of them is Infosys. Does he want to put his finger on why he is struggling to talk about that business?
James Cartlidge
As ever, I am grateful to the hon. Gentleman for his question. All I will say about the company in his constituency—in Marfleet, I think—is that companies divesting their interests in Russia will undoubtedly have an economic impact at home. They will have gone into that market for a commercial reason and there will be a commercial impact if they divest. We have to do everything possible to show our resolve to the people of Ukraine. That includes strong economic sanctions, even if they have an impact here, but by far the biggest economic impact is on our economy from the enormous surge in energy prices and the resulting inflation. Global inflation will drive the economy around the world to experience a hiatus in growth. We want to see growth return, and one of the reasons that we have windfall taxes is to raise funding to support our constituents and businesses through this winter.