International Investment Summit

Debate between Kevin Hollinrake and Judith Cummins

Thursday 17th October 2024 Commons Chamber

[Kevin Hollinrake]

I would not necessarily say “following the election”, but, generally, we should be very positive about our economy. I set out earlier some of the economic conditions that would make it conducive to invest in the UK, and we should be proud of that situation. I welcome the Minister’s comments about the change of priorities of the British Business Bank, specifically in relation to the pathfinder initiative. That piece of work was started by my hon. Friend the Member for Grantham and Bourne (Gareth Davies) when he was in the Treasury. Again, that will help to ease the flow of finance into our SMEs.

As I look, with a mixture of sadness and joy, at the now redundant Conservative party manifesto, I can see that there were some really positive ideas in there about easing finance for SMEs. In particular, I am referring to things such as regional mutual banks, which is a policy that the Labour Government should adopt, and the open finance and smart data revolution for our economy, which could transform the opportunities of SME finance, making it much easier for SMEs to shop around. However, the key thing that I would reiterate to the Minister and her team is that they need to make sure that we have stability in terms of not just work, but business taxation, capital gains tax, and business relief. I say no to a jobs tax, but, yes to stability and business taxes. I say no to taking us back to the 1970s, by giving unions more power, no to doom and gloom, and yes to a positive and optimistic view of the UK’s future in the world.

[Madam Deputy Speaker (Judith Cummins)]

I call Jade Botterill to make her maiden speech.

Oral Answers to Questions

Debate between Kevin Hollinrake and Judith Cummins

Thursday 14th September 2023 Commons Chamber

[Judith Cummins (Bradford South) (Lab)]

T5. The loss of Wilko is devastating, in particular for the thousands of workers who will lose their livelihoods. Will the Secretary of State confirm that she will seek answers from Wilko management about why clear warnings were ignored and the business was driven into the ground, at the same time that shareholders collected hundreds of millions in dividends? Will she meet me and the GMB trade union to assure us that those basic failures will not be repeated?

[Kevin Hollinrake]

The hon. Member raises an important point. There is certainly, as part of the administration process, an obligation on the administrators to look at the circumstances that led to the demise of that company and report to the Insolvency Service. I am sure that she, like I, will be very interested in the outcome of that investigation.

Oral Answers to Questions

Debate between Kevin Hollinrake and Judith Cummins

Thursday 18th May 2023 Commons Chamber

[Judith Cummins (Bradford South) (Lab)]

Marshalls Bakery, a small business in my constituency, has just closed its doors after 43 years of trading. The owners told me that they were unable to withstand the combined pressures of covid, rising wheat and container charges and high energy costs. They feel let down and are angry at the lack of Government support for businesses such as theirs. Can the Minister tell me what further steps he is taking to ensure that other small businesses can survive in this challenging climate to provide the certainty from Government that they so desperately need?

[Kevin Hollinrake]

I am sorry to hear about the demise of that business in the hon. Lady’s constituency. Clearly, it has been a very tough time for businesses in recent years, with the covid crisis followed by the cost of living crisis. I am very happy to meet her to discuss what support we provide, which is to the tune of hundreds of billions of pounds. I am informed that there has been £1 billion of support to businesses over recent years. The schemes running at the moment include: the rates discount at £13.6 billion; and £23 billion has been put into helping businesses with energy costs. I am very happy to meet her to discuss that further.

Finance (No. 2) Bill

Debate between Kevin Hollinrake and Judith Cummins

2nd reading: House of Commons
Monday 11th December 2017 Commons Chamber

[Judith Cummins (Bradford South) (Lab)]

It is a pleasure to follow the hon. Member for Stoke-on-Trent South (Jack Brereton). This Finance Bill has short-changed my constituents, the city of Bradford and the people of the north in ways too numerous to list in the short time I have available today. But there was one instance where the north was not just short-changed but plain snubbed: it was starved of the vital investment needed to unleash the potential of its people and its businesses. In this Finance Bill, Ministers did nothing to redress the imbalance in favour of London in spending on transport, whereby it gets seven times more per head than the north. That is illogical, given the Government’s much publicised commitment to rebalancing this country’s two-speed economy.

Modern and efficient transport infrastructure is a catalyst for growth, and improved regional transport connectivity is the key to unlocking prosperity in my home city of Bradford. It is essential to the fostering of wider prosperity throughout west Yorkshire and the whole of the north of England. It is fundamental to addressing the regional differentials in the economy. With clause 33 and schedule 9, the Financial Secretary has found the money to cut the bank levy, but he cannot find the funds for trans-Pennine electrification to fulfil the Conservative manifesto promise made ahead of the 2015 general election.

[Kevin Hollinrake]

Does the hon. Lady welcome the huge investment in northern powerhouse rail and the latest proposals for the route to go through the centre of Bradford?

[Judith Cummins]

I thank the hon. Gentleman for raising that point; unsurprisingly, I am going to mention that later in my speech.

Just yesterday, I read with great interest that the ambitious plan for full trans-Pennine electrification is to be scaled back, with the scrapping of the line connecting Manchester to Sheffield and Leeds via the HS2 network. The north is being starved of the investment it needs to prosper. The north wants, needs and deserves full and fair funding, and transport infrastructure fit for the 21st century.

In stark contrast, in his Budget the Chancellor committed the Government to multi-billion pound public investment in transport improvements across the Oxford, Milton Keynes and Cambridge arc. I have no quibble with investment in transport infrastructure in London and the south-east—connectivity in that region is important, too—but it should not and must not be at the expense of rebalancing the country’s economy. It should not and must not be to the disadvantage of the business community in Bradford, west Yorkshire and throughout the north. Regional business in the north deserves the Government’s attention and support just as much as the London-based business community. Indeed, the Government talk about fixing the country’s productivity problem, and the key to that is addressing regional differences. The Government have missed an opportunity to tackle that in the Bill.

Clause 19 will increase the rate of the research and development expenditure credit from 11% to 12%. I am sure that business innovators in the north will welcome that, but the one constant that I hear from business is the need for better transport infrastructure. As well as R and D, physical connectivity is crucial for industry. As a region, the north’s economic output by gross value added was £304 billion in 2014, which would make it the 10th largest economy in the EU if it were a country. As a region, though, it trails substantially behind the south-east in economic output per capita. That has to change if our nation as a whole is to prosper and our productivity is to increase.

Bradford and the north of England are in desperate need of transformational investment in their creaking railway infrastructure. Spending in the area has multiple benefits, with just two examples being the easing of congestion and the reduction of air pollution. On that last point, the Minister had an opportunity to address air pollution from vehicles by investing to make public transport better. Instead, clause 44 makes changes to vehicle excise duty and clause 9 makes changes to benefits in kind for diesel cars. Both measures seek to address vehicle emissions. Few in the House, if any, would disagree that reducing air pollution is both necessary and desirable, but I fancy that more carrot and less stick would have been welcomed by my constituents.

Tackling congestion and air pollution through a modal shift, moving more journeys from private cars to public transport, is an option, but not one currently available to my constituents. The creaking rail infrastructure that my constituents have to contend with currently makes the motor car not just a more attractive option but in many cases the only option. The Minister could have shown real determination to change that, with a commitment to investment in modern and efficient public transport systems. As I have said, the much delayed, now much diluted, partial trans-Pennine electrification would be a key first step in addressing the north’s transport woes, but it would be just that: a first step. What is really needed is a game-changer, but on that the Bill is silent.

My home city of Bradford is a leading voice in northern powerhouse rail. In recent months, in a bid to maximise the value of the project to Bradford’s economy, Bradford Council launched Next Stop Bradford in partnership with the city’s business community. Next Stop Bradford is a cross-party campaign calling for an NPR stop in Bradford. Initial research suggests that a Bradford station would bring an annual boost of £53 million pounds to the local economy, and at least £1.3 billion pounds for the region as a whole. If the media reports from over the weekend are accurate and Bradford is now included on the NPR route, that is welcome news for the Bradford economy and for my constituents.

Bradford is a growing city, with one of the youngest populations in the country. It has huge potential. As I have said in the House before, Bradford is Britain’s fifth largest local authority, with a population of 530,000 residents, and it is the biggest city in the country without a through stop connecting it directly to the intercity rail network. An NPR stop in Bradford would be a huge step change in our regional connectivity. Faster services and higher capacity would draw the region closer together, and it would connect people to jobs and businesses to new opportunities across the region and the country. The currently disconnected economies of the great cities of the north would be united. The economic opportunities would be enormous, as would the boost to this country’s productivity. This is a priority for my constituents, but a priority that is not in the Finance Bill.

During the recent Budget we learned that, as a country, we face an era of economic stagnation unseen in modern times. Wages in my home city are flat, real incomes are falling and the cost of living is rising, all of which is not helped by a 3.4% hike in rail fares from January. Crucially, productivity improvements have stalled. That point is massively important in the context of my remarks today, because arguably the single most potent driver for improving productivity is sustained investment in transport infrastructure. I ask that the Minister and this Government commit to NPR with a Bradford stop, and the resulting transformation that that will deliver.

This Finance Bill concentrates on many of the wrong priorities as far as my constituents are concerned and, importantly, does not seek to redress the economic imbalance between the north and the south.