Spending Review and Autumn Statement

Mark Menzies Excerpts

Wednesday 25th November 2015 Commons Chamber

[Mr Osborne]

The Welsh block grant will rise in cash terms and will be worth £15 billion—over £500 million more than this year. There is also additional capital investment, and £900 million more is available for investment in Wales. Today we have made the historic announcement about a Welsh funding floor, which addresses long-held concerns in Wales that it is under-protected and not fairly treated by the Barnett formula. We have addressed that by building on work that has been done over many years by people such as Professor Holtham, and I am sure the hon. Gentleman agrees with me that this is a good deal for Wales.

[Mark Menzies (Fylde) (Con)]

Once again I thank the Chancellor for all that he is doing to support the economy of the north of England. My constituency is the powerhouse of the northern economy because we manufacture the nuclear fuel that fuels almost every reactor in the UK. Will the Chancellor do everything he can to ensure that fuel for the new nuclear reactors that he spoke about today is made in Fylde?

[Mr Osborne]

I certainly give my hon. Friend a commitment that we will continue investing in his constituency, which he champions so effectively. We have spoken previously about the enterprise zone at Blackpool airport, and although shale gas development is controversial in his area, it is now supported by a shale wealth fund that will mean money for local communities. He is right to say that north-west England is an area with real expertise in nuclear power, and we have made a big commitment not just on the development of this generation of nuclear power stations, but on the small modular reactors in which there is real expertise not just in south Yorkshire but in the north-west.