Ukraine Recovery Conference

Luke Pollard Excerpts

Thursday 22nd June 2023 Commons Chamber

[Leo Docherty]

My hon. Friend is absolutely right. Democracy is and will be central to a flourishing Ukrainian society. I was pleased to have the opportunity to meet Ukrainian counterparts at the IPU event yesterday. Their role bringing accountability to the system is hugely important to the long-term development and stability of society and the viability of the economy, in which external investors will want to invest. President Zelensky himself referred to the central importance of democracy and the Ukrainian democratic tradition as a pillar of its recovery. We entirely agree and we look forward to a flourishing Ukrainian democracy in the future.

[Luke Pollard (Plymouth, Sutton and Devonport) (Lab/Co-op)]

I was interested to hear the Minister talk about the war risk work. If we are to support Ukrainian reconstruction, global public money will have to be spent, as a catalyst to leveraging private sector investment. London’s unique role as an insurance and reinsurance market should put us at the heart of that international effort. Could the Minister expand further on how the House will be kept informed of that effort? Importantly, how can the insurance and reinsurance markets be used not only to de-risk private sector investment in Ukraine but to make it harder for our international partners and those people around the world who are still trading with Russia to do business with Russian businesses on a global scale? There is a real opportunity here, because of London’s unique role at the heart of that global finance sector, and I would be grateful if the Minister could explain how the House will be kept informed. It is a great initiative, but I worry that we will not have the scrutiny of it.

[Leo Docherty]

The Department will keep colleagues informed through oral and written statements. The hon. Gentleman is correct that public capital is a small component; we are trying to create an environment where global private capital can flow into Ukraine to drive development and long-term sustainable growth. The de-risking of that is a key condition in which the London insurance market will be central.