Commonwealth Development Corporation Bill

Marcus Fysh Excerpts

2nd reading: House of Commons & Money resolution: House of Commons & Programme motion: House of Commons
Tuesday 29th November 2016 Commons Chamber

[Marcus Fysh (Yeovil) (Con)]

I draw the House’s attention to my outside interests, among which are some financial interests in developing nations.

The scale of the development problem facing us is largely to do with the projected world population growth over the coming years, so it is right that the CDC focus on Africa and south Asia, as they are key areas of population growth. Twenty African nations are posting fertility rates in excess of five children per woman, and in some that figure is over seven. Africa is predicted to account for 80% of world population growth, quintupling its 1.2 billion population to add around 5 billion to the global population this century, while the number of Africans aged 15 to 24 is expected to nearly double by 2050 to 452 million.

These facts present some of the most outstanding challenges of our time: the impact on global warming, which we heard about earlier; environmental degradation; the impact on biodiversity and access to resources; and the potential consequences of war and migration, all of which can also have a big impact here at home. The only way to meet these immense challenges is to give people opportunities close to where they live, and that is what the CDC is helping to deliver: more job opportunities; better education so that people can take advantage of those opportunities; better health and reproductive care; and the involvement of women in the workforce. We should be helping other people to invest in these sorts of things.

The difference between the CDC and other kinds of aid is that these funds can be used to create businesses that can go on and have their own life and be recycled. Yes, some of the capital can come back to us, for us to reinvest, but, more importantly, these businesses can have a life of their own. If they are doing something well, they will be asked to do it again and again with their own capital, personnel and creativity. If we are to tackle these almost insurmountable challenges, they have to have their own life. The CDC can deliver that potential for scalability into the future and help us to cope with those challenges.

The CDC is also great because it presents an example of good governance and an opportunity for us to lead by example—to inspire entrepreneurs, to build capital and expertise in local markets, and to develop companies and structures capable of stewarding their own capital into the future. This is about building trust in the future in nations where often a pound tomorrow is worth a lot more than a pound in just a few years, because they do not have the necessary confidence in local structures, in the enforceability of contracts or in their politics. If we can build that trust into the future through these methods, we can help to create a virtuous circle that has a great impact.

This investment can also bring us opportunities in terms of commercial information and so on. My right hon. Friend the Member for Sutton Coldfield (Mr Mitchell) made some great points about the way the CDC works and about some of the great people involved with it. This is about creating human connections and using this country’s abilities to help nations develop in a positive way, to break down the barriers to development, to tackle crony capitalism, to reduce regulation, taxes and subsidies and licences, which often favour particular operators, and to enable more rapid growth and greater flexibility in those economies. That will also give stable politics a better chance in these places. I will happily support the Bill, and I commend it to the House.

Oral Answers to Questions

Marcus Fysh Excerpts

Wednesday 14th September 2016 Commons Chamber

[The Prime Minister]

I am not going to give the hon. Lady a different answer from the one I gave the House on many occasions last week, which is that this Government will be working to ensure the right deal for the United Kingdom in trade in goods and services. That includes listening to the concerns that the Scottish Government and the Governments in Northern Ireland and Wales might wish to raise with us. We will be fully engaged with the devolved Administrations. As I said last week, the best thing for the financial sector in Edinburgh and for the economy of Scotland is to be part of the United Kingdom.

[Marcus Fysh (Yeovil) (Con)]

Q2. Will my right hon. Friend join me in welcoming the figures that show that unemployment in my constituency has halved since 2010 and, crucially, that youth unemployment has fallen by 12% in the last year alone? Will she promote the value of technical skills and of science and engineering in her push for all children to have a good education that enables them to go as far as their talents and hard work will take them?

[The Prime Minister]

I am very happy to join my hon. Friend in welcoming the very good employment figures that we have seen today. As he has said, unemployment in his constituency has halved since 2010. That is because we have had an economic plan and built a strong economy. He is absolutely right to say that as we look to provide opportunities for young people, we must ensure that we consider those for whom technical skills and a vocational education are the right route, because what we want is an education that is right for every child so that they can get as far as their talents will take them.

Oral Answers to Questions

Marcus Fysh Excerpts

Wednesday 3rd February 2016 Commons Chamber

[The Prime Minister]

I will tell the hon. Gentleman what we are doing for pensioners, and that is putting a triple lock on pensions. Never again will they get the 75p rise that they got from Labour; their pensions now rise either in relation to prices or wages, or by 2.5%. I will tell the hon. Gentleman what we are doing for people who want to work hard in Britain, and that is creating the 2.3 million more jobs that have been created since I became Prime Minister. But yes, of course I believe that we will succeed more as a country if we get a good deal in Europe and stay in a reformed Europe. That will be good for jobs, good for investment, and good for growth, and that is what I am fighting for.

[Marcus Fysh (Yeovil) (Con)]

Q2. People in my constituency are rightly proud of their contribution to the defence of our country, whether through the skill and readiness of the Fleet Air Arm at Yeovilton or through the local high-tech industry that makes and maintains helicopters and equipment for our ships, submarines and aircraft and those who bravely serve in them. At a time of increasing security challenges and responsibilities and a worrying lack of commitment to defence in many European countries, I welcome the leadership that the Government have shown in committing themselves to spending 2% of GDP on defence. Will my right hon. Friend meet me to discuss my ideas for building on our local capabilities?

[The Prime Minister]

My hon. Friend is absolutely right. Yeovil makes a huge contribution to the defence of our country, not least through AgustaWestland, which is a great British business. We are committed to spending £178 billion on defence equipment over the next decade, which we are only able to do because we have a strong economy. We have also committed ourselves to that 2%, and we will make sure that the money is well spent so that we have the right equipment for our brave armed forces.