The Growth Plan
Debate between Kwasi Kwarteng and Nick Smith(1 year, 7 months ago)
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Kwasi Kwarteng
We openly repudiate a socialist vision of society. We do not believe that the state should take more and more of people’s income. We think that people should keep more and more of their earnings.
Nick Smith (Blaenau Gwent) (Lab)
The Chancellor has sacked his permanent secretary and muzzled the Office for Budget Responsibility, and is man-marking the Governor of the Bank of England. The Chancellor’s free-wheeling ideology is crushing dissent. Will the Governor of the Bank of England still be in his job by Christmas?
Kwasi Kwarteng
The Governor of the Bank of England is entirely independent. We actually have very good relations. We speak regularly, which I think is a good thing. The hon. Gentleman might think it is man-marking; I think it is very cordial. We exchange ideas, and we intend to continue doing so.
Oral Answers to Questions
Debate between Kwasi Kwarteng and Nick Smith(2 years, 11 months ago)
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The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng)
The Government are committed to a UK steel industry. I mentioned this repeatedly in my session with the Business, Energy and Industrial Strategy Committee this morning.
Nick Smith
Sanjeev Gupta promised that none of our steel plants would close on his watch, but after the Serious Fraud Office descended on his empire, the workforce became afraid for their future. The Liberty Steel plant in Tredegar puts food on the table and pays the mortgages of my constituents, and across the country 5,000 families rely on the company. We now need the Government to ensure that these plants remain open, and, crucially, to provide the finance to bridge any transition period should a new buyer or stake purchase be necessary—and, of course, to work with the trade unions to test the commitment of any new buyers. If promises are broken, will the Secretary of State step in with the finance to support our steel communities?
Kwasi Kwarteng
The hon. Gentleman will remember that Mr Gupta asked me and the Department for £170 million. Many Labour Members—dare I say it?—were hollering and screaming and saying we should nationalise. In fact, I would say that my actions and those of officials have been vindicated. There were serious concerns about corporate governance with this company, and Labour Members would do well to understand how to manage public finances with care. Having said all that, I am monitoring the situation closely and I remain strategically committed to the steel industry and this sector.
UK Steel Production: Greensill Capital
Debate between Kwasi Kwarteng and Nick Smith(3 years, 1 month ago)
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Kwasi Kwarteng
I would be very happy to work with my hon. Friend to protect jobs. She is doing a great job of representing her constituents. All I would say on this is that we published last week the industrial decarbonisation strategy, which is the first of its kind in the world, and we are absolutely committed to a continuing future for British steel.
Nick Smith (Blaenau Gwent) (Lab)
Liberty Steel has a diverse portfolio with a long supply chain. These jobs are often trade-unionised, so they have better pay. Losing them will have a big impact across our country. How will the Secretary of State protect the different elements of this complex company, such as the tubing plant in Tredegar in my Blaenau Gwent constituency, with its loyal and skilled workforce who have kept it going through tough times?
Kwasi Kwarteng
The hon. Gentleman is quite right. The company has a range of assets spread across England and Wales, in particular, and we are looking very closely at what specific assets and jobs are necessary. We hope to support the company in its entirety.
Oral Answers to Questions
Debate between Kwasi Kwarteng and Nick Smith(5 years, 1 month ago)
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Kwasi Kwarteng
And the regulations. I am determined to resist any idea of a second referendum, because that would extend the uncertainty and lack of clarity.