Russia: UK Companies

Mark Pritchard Excerpts

Wednesday 7th December 2022 Commons Chamber

[James Cartlidge]

The right hon. Gentleman poses a number of very important questions. On a general point, he talks about strengthening the resolve of the people of Ukraine. This country can be rightly proud of every step it has taken to strengthen that resolve, and, I must say on record, of the leadership of two former Prime Ministers, as well as the current Prime Minister. They have shown extraordinary leadership appearing in Kyiv under huge pressure and supporting President Zelensky, alongside the support we have given to the Ukrainian armed forces and our massive humanitarian aid. I know there is consensus on that, but we should not in any way be defensive about the steps we have taken to support the Ukrainian people.

The right hon. Gentleman talks about companies doing the right thing. He is absolutely right that companies are divesting and exiting from Russia. We welcome that. I explained about the statement made by the Prime Minister when he was Chancellor back in March, which is obviously something we welcome. I think there are some complexities in that process and I will not be drawn on individual firms. That is long-standing Treasury policy for very good reason.

The right hon. Gentleman mentions the windfall tax. We have a windfall on North sea oil and gas which will raise £41.6 billion—an enormous sum of money. Why are we raising that money? It is in part precisely to fund the extraordinary support we are putting in place to help British people and British businesses through this winter. He talked about the impact on companies of Putin’s war and the impact on people. Yes, of course, the harshest impact is on the people of Ukraine, not least the bereaved families, but there is an impact on our people with higher prices, including energy prices, here and throughout Europe and the world. Our windfall tax funds that support so that this winter we are doing everything possible to support our businesses and our people, alongside massive support for the people of Ukraine.

[Mark Pritchard (The Wrekin) (Con)]

There is no doubt that the UK has led the Ukraine war effort with the United States, and there is no doubt that the UK has led the international sanctions regime, but this urgent question is about UK companies. Does the Minister share my concern that DP Eurasia is selling pizzas in Russia, Unilever is selling Cornetto ice creams in Russia, and HSBC is still servicing Russian corporate clients? Does he think that is acceptable? What more action can the Government take to encourage those companies to remove their services and businesses from Russia and to divest themselves fully, rather than just give interviews to corporate magazines and offer warm words?

[James Cartlidge]

My hon. Friend makes an important point. It is for good reason that we do not entertain specific discussions on individual companies and their commercial interests, but we have been very clear on the need to divest. We have an outright ban on investment in Russia, and I sincerely hope that companies are not abusing that. I am not going to suggest that the companies he mentioned are doing so or comment on those specific cases, but I am always happy to meet my hon. Friend, or receive correspondence from him, if he has concerns in that regard.