(6 years, 12 months ago)
Commons ChamberThe £800 million defence innovation fund provides great opportunities for innovative suppliers. For example, I can today announce that the defence, science and technology laboratories, working with industry and academia, have developed a cutting-edge new chemical process to recover fingerprints, making it harder for terrorists and criminals to escape justice.
The Minister identifies great innovation within our suppliers, but does she also agree that an example is shown by the advanced induction motor technology—the most power-dense electric motors available anywhere—that have been installed on the Queen Elizabeth aircraft carrier, which were manufactured by GE in my constituency?
My hon. Friend is absolutely right to speak up for the amazing work being done in his constituency, not only for the carrier programme, but for the long-lead items for the Type 26 frigates.
(7 years, 1 month ago)
Commons ChamberWe published our national shipbuilding strategy in September. The very next day, we launched the programme for five new Type 31e frigates. We are currently considering at least 20 different proposals from industry across the UK.
My hon. Friend is an absolute champion for his county of Cornwall. He will be aware that we have started to announce the names of the Type 26 frigates with HMS Glasgow and HMS Belfast. Further names will be announced in due course. The Type 31e frigate will be named by the Royal Navy Ships Names and Badges Committee, and he has set out his claim today.
The strategy announced by the Secretary of State will provide many opportunities for the supply chain, including for companies such as GE Energy in my constituency, which is currently working on the first batch of the Type 26—the global combat ship. Will the Minister say something about the timetable for the second batch of those vessels?
My hon. Friend highlights the importance of the supply chain right across the UK and the fact that, in a relatively landlocked part of the UK, so much work is pouring in from the frigate programme. We announced a £3.7 billion first batch of Type 26 frigates. We will be securing the necessary approvals to carry on negotiations for that contract and we will announce the second batch of five frigates early in the 2020s.
(8 years ago)
Commons ChamberMay I add my congratulations to Andy Murray? Having said those remarks, I am sure that Mr Speaker will be able to watch many more matches played by the world’s No. 1 tennis player. It is absolutely fantastic news.
Small businesses are vital for growth and innovation, whether they work directly with the Ministry of Defence or through our prime contractors. We have committed to increase our direct and indirect procurement spending with small and medium-sized enterprises from 19% to 25% by 2020.
It is good to hear from the Minister that our armed forces can benefit from the innovation and entrepreneurship of small businesses. However, one such business in my constituency tells me that dealing with the Department can sometimes be overly bureaucratic, including the need to apply to remain on a list of approved suppliers. Can the Minister take any steps to simplify the process and encourage even more small businesses to come forward?
We recognise that processes are overly bureaucratic. We have got rid of the idea of an approved suppliers list, and we are working hard to reduce red tape. We are introducing a shorter contract and a network of supply chain advocates. May I suggest that any businesses in my hon. Friend’s constituency or any other contact the relevant supply chain advocate? I look forward to sending my hon. Friend those details later today.
(8 years, 2 months ago)
Commons ChamberThe hon. Gentleman is working hard to represent the interests of his constituents; not only did he raise this case last week at Prime Minister’s questions but I am pleased to say that we will be able to meet him and the administrators later today.
In Rugby we are very proud of the contribution that GE Power Conversion is making to the Type 26 global combat ship programme; it is also important to recognise its contribution to the local economy through the orders it places with subcontractors and through local small businesses.
My hon. Friend is absolutely right to highlight that earlier this year we were able to announce contracts for some of the long lead-time items as part of that programme, and also to highlight the way in which small and medium-sized businesses play such an important role in that supply chain.
(14 years, 1 month ago)
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I thank my hon. Friend and neighbour. He is a distinguished practitioner and member of the Treasury Committee. I am very interested to hear about the evidence yesterday.
We should not underestimate the costs of mis-sales to consumers. The FSA’s cost-benefit analysis assesses the cost to consumers of the pensions mis-selling scandal at £45 million per annum. In reaction to such circumstances, the FSA has spent the past several years consulting on how to address the issues involved. I share its goal of improving consumers’ perception of the industry and access to high-quality investment advice.
Does my hon. Friend agree that the new regulations will raise the bar in terms of the standard of advisers, which means that there will be fewer financial advisers in future and that individuals’ ability to seek advice will be restricted, not enhanced?
My hon. Friend raises an important point, and I will come to that.
The FSA has come up with proposals to address the issue. They are close to final, and the board is likely to take a decision in December. Under the current plans, the proposals will be implemented by the end of 2012. As they stand, the proposals are known as the retail distribution review. As colleagues have suggested, they raise real questions about the role of regulation and the laws of unintended, and indeed intended, consequences in terms of regulation.