Russian Oil Import Ban

Debate between Kwasi Kwarteng and Robert Jenrick

Wednesday 9th March 2022 Commons Chamber

[Kwasi Kwarteng]

In his customary way, the right hon. Gentleman raised a large number of questions, the majority of which I hope to deal with. He spoke against Putin’s barbaric invasion and completely illegal actions. I am very pleased that he reflects our sentiments and that we have a mutual interest in making sure that Putin fails.

As far as the cost of living is concerned, the Chancellor of the Exchequer has made an extensive intervention, and it is wrong for Opposition politicians to say that the price cap that will be set in August will necessarily be higher than it is today. We simply do not know. As the right hon. Gentleman understands, the price cap will be set retrospectively, looking at the average price. It may well be higher, but there are circumstances in which it will not increase as much as he imagines. As is always the case, we take an ongoing approach to looking at the price cap. We speak to Ofgem all the time and Ofgem is engaged in work on how the price cap is calculated.

I am pleased to hear that the right hon. Gentleman is keen to support investment in the North sea, making sure that gas is a key transition fuel, something that many people on the Opposition Benches may disagree with. He is right to stress an increased focus on renewables and nuclear power—we are absolutely at one in our agreement on that.

[Robert Jenrick (Newark) (Con)]

I welcome my right hon. Friend’s statement. We have to brace ourselves for the greatest impact on living standards that any of us has known in our lifetime, which necessitates a more pragmatic approach to energy policy. It means accelerating investment in renewables, potentially lifting the effective moratorium on onshore wind, looking again at fracking and taking all possible advantage of our domestic supplies in the North sea as part of a transition. Does my right hon. Friend agree with that, and also that it would be perverse and dangerous to take away oil from Russia and replace it with oil and gas from Iran and Venezuela, two regimes that are just as malign and dangerous as Putin’s in Russia?

Corporate Transparency and Economic Crime

Debate between Kwasi Kwarteng and Robert Jenrick

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

I am delighted to accept the hon. Lady’s warm words on the Bill. I am delighted that she is supporting it enthusiastically, and I am happy to engage with her on the passage of the Bill and to examine the amendment she has referred to.

[Robert Jenrick (Newark) (Con)]

I warmly welcome the creation of a register of overseas entities. Could my right hon. Friend give us a sense of how long it will take for an effective register to be created? Post legislation, it will presumably take months to establish the register, bearing in mind there are 95,000 foreign-owned properties in England according to the Land Registry and the Government propose to give those owners 18 months to register their ownership.

Secondly, further to the point made by my hon. Friend the Member for Huntingdon (Mr Djanogly), although I strongly support reform of Companies House, today a small businessperson in this country can pay £12 to register their company in less than 24 hours. Whatever we do must be as burden-free as possible to help small businesspeople and entrepreneurs to thrive.

[Kwasi Kwarteng]

My right hon. Friend is absolutely right. He says it may take a few months to get the register up and running, and I am trying to make the process as quick and effective as possible. He also mentions that we must not have a disproportionate effect, that we must not overburden small business people and people who want to incorporate and set up businesses, and we will not be doing that. I would be happy to work with him, as he did brilliant work in government, to make sure the Government get this right.