Oral Answers to Questions

Matt Vickers Excerpts

Thursday 30th November 2023 Commons Chamber

[Ms Ghani]

Decisions have to be taken while responding to the consultations that take place. We have been absolutely determined to ensure that steelmaking will remain competitive in the UK, which is why we have been able to support the steel sector with high energy costs and put over £1 billion in place to deal with decarbonisation technology. When it comes to Tata, the support we have pledged involves an investment of over £1 billion to ensure that jobs remain secure in the future, and negotiations continue with British Steel as well. That is the support that we have provided and will continue to provide for steel in the UK.

[Matt Vickers (Stockton South) (Con)]

T1. If she will make a statement on her departmental responsibilities.

[The Secretary of State for Business and Trade (Kemi Badenoch)]

This week, I hosted more than 200 global CEOs and investors at the UK global investment summit, which was an extraordinary success. The Prime Minister set a £9.5 billion target to beat, and we tripled it, securing £29.5 billion of investment and more than 12,000 jobs. The success of the GIS is a vote of confidence in the UK. My Department’s work, supported by the £20 billion business tax cut in the autumn statement, is securing our country as a world-leading business and investment destination.

[Matt Vickers]

Many people are aware of the incredible story of the Redcar steelworks site being reborn as Teesworks, creating 20,000 jobs and unlocking £2 billion in private investment. Fewer people are aware that Stockton’s very own freeport business park is being built at the airport. Does my right hon. Friend agree that Teesside, as the home of the UK’s first and biggest freeport, offers a unique opportunity to those investing in the industries of the future?

[Kemi Badenoch]

I do agree, and my hon. Friend is quite right to praise the progress that has been made on delivering Teesside freeport. The freeport has already been successful in securing several landmark investments, including from SeAH Wind, which is investing £650 million in building an offshore wind manufacturing facility. That will create around 750 high-skilled jobs and builds on the measures announced in the autumn statement last week to further strengthen the offer of UK freeports. My Department will continue to work with freeports, in Teesside and elsewhere, on securing high-value investment.