(4 years, 5 months ago)
Commons ChamberWe now head down to the south-west and the Chair of the Select Committee, Mel Stride.
Thank you, Mr Speaker.
The future fund will provide venture capital-backed businesses with vital support, but of course it excludes investments made through the enterprise investment scheme and the seed enterprise investment scheme. It is certainly the case that there is significant public subsidy within those two schemes. However, businesses supported by them still face the challenges of the virus and, where successful, still go on to generate significant numbers of jobs. Will my right hon. Friend therefore take a second look at the qualification requirements for the future fund to see whether EIS and SEIS might be accommodated in some way?
As my right hon. Friend will know well, EIS is a notified EU state aid, and that is what presents the challenge to providing EIS relief for convertible loan instruments into the future fund. That said, guidance was published today, and the fund will be open for applications on Wednesday. I have been crystal clear that should applications exceed the initial £250 million provided, I will be more than happy to expand the scheme. I think this will be a vital part of fuelling our recovery, because, as he said, these companies provide the growth of tomorrow and they deserve our support.
(10 years, 6 months ago)
Commons ChamberI have not yet had time to read the report as it was published only this morning. The way in which coastal shipping works and links with the rail network is very important, and we need to develop it even further. I had a very interesting meeting yesterday with one operator who is drawing directly from ports into Drax power station.
T7. My right hon. Friend will know that many of the 8,000 miles of roads in Devon are blighted by potholes. Will he therefore join me in congratulating Devon county council on its online pothole advisory system and the efficient way in which it is tackling the problem? May I also press him to consider very seriously Devon county council’s bid for some of the additional funds that were announced in the Budget?
Indeed. Before the year-end, we allocated extra money to local authorities that they were encouraged to spend on potholes and to show how they had spent it. That will have a bearing on how we allocate the future fund for local authorities that the Chancellor made available in the Budget.
(10 years, 7 months ago)
Commons ChamberThe Government should certainly consider that. Indeed, the announcement in yesterday’s Budget on the Merseylink crossing indicates that there can be some cross-subsidisation of crossings to fund new provision.
10. What steps he plans to take to improve road and rail infrastructure into Devon and Cornwall.
My Department is reviewing the resilience of the transport network to extreme weather events. This will include the south-west. The current priority is restoring rail services through Dawlish. We have announced £31 million for 10 resilience projects and commissioned Network Rail to identify a resilient rail route west of Exeter. There is £183.5 million available nationally to help repair local roads and we are undertaking a feasibility study to improve options for the A303.
My right hon. Friend will be aware of the proposal for a new railway line from Exeter to Plymouth via Okehampton and Tavistock. May I urge him to take it very seriously and perhaps to visit Okehampton with me to meet local business people and others in order to have the case for the economic advantages of that route presented to him?
I have asked Network Rail to do a substantive piece of work, which I expect to get this July and which will address some of the options. I very much hope to visit Dawlish shortly and if a visit to my hon. Friend’s constituency can be arranged at the same time, I will try to do so.
(11 years ago)
Commons Chamber1. What progress his Department has made on the roll-out of better bus areas.
Last year we announced our intention to establish a small number of new better bus areas, within which bus subsidy would be devolved to the local authority to invest in bus improvement measures in partnership with local operators. The Department has made good progress with five new better bus areas having been announced this year. These are in Sheffield, York, the west of England—the area centred around Bath and Bristol—Merseyside and Nottingham.
I congratulate my hon. Friend on the speed with which this new scheme has been rolled out, but may I urge him to ensure we have fair and firm targeting, particularly on remote rural areas? I have a number of villages in my constituency that have no bus service at all, and many that do have very little provision.
Earlier this year we announced that current levels of Government support for buses will be maintained until at least 2016, and we have also ring-fenced a portion of bus subsidy that will be devolved to local authorities from January, providing greater security to vital local services. In addition, in 2011-12 a total of £20 million in funding was targeted to rural authorities to support those very vital community transport solutions.
(11 years, 4 months ago)
Commons ChamberThat argument can certainly be made by people in the south-west, in respect of whether there is scope for realigning the routes for the main line and allowing freight to use some of the older lines. However, the issue is complicated and hugely expensive, as I am sure the Minister would be the first to tell me. There are a lot of people, certainly in the south-west, with a lot of good and interesting ideas. Were the money available, I am sure that Governments of all complexions would be prepared to consider them.
The investment started under the last Labour Government at Reading and in Crossrail will improve reliability and connectivity. However, the geographical constraints on the tracks’ infrastructure in the south-west will continue severely to limit the maximum line speed and extend journey times. If we are serious about reducing pollution and car use, it should not be quicker to drive from Tiverton or Exeter to Plymouth than to take the train.
The fragility of the south-west’s infrastructure has been ignored repeatedly. The recent severe floods affecting the signalling near Taunton, washing away the line at Cowley bridge, has served only to reinforce the view in the south-west that people in Whitehall do not have a clue about the potential for economic growth in the region.
I agree that railway resilience is a particular issue in the south-west and Cowley bridge has been a particular problem. However, does the hon. Lady welcome, as I do, the fact that many millions of pounds are now being invested in the Cowley bridge problem, in particular to make sure that cabling is above the likely water level in the event of further flooding? Does she welcome and recognise that progress?
That work was essential. We cannot continue with a situation in which severe weather conditions completely wipe out the links to the far south-west. No Government of any complexion would ever have been forgiven for not ensuring that the signalling around Cowley bridge in particular was made more resilient.
I was about to mention some of the important pinch points highlighted by Network Rail in the region, including Cowley bridge. Others were Chipping Sodbury, Hinksey, Whiteball tunnel, Athelney, Hele and Bradninch, Flax Bourton, Patchway tunnel and the Exeter diversionary route, all of which eventually need to be progressed. I fully accept that there is a restricted funding envelope, but how that limited funding is prioritised across the country can give or take away hope from rail users and local authorities, particularly in the south-west.
The latest solution for the problem at Exeter, over and above the lifting of the cabling and signalling, and put forward by the Environment Agency, appears to have been effectively to put a barrier across the section of rail if the flooding comes back, to manage the water flow. That effectively closes the south-west off for business. Plymouth has no airport and if either the M5 or the A303, which is not yet dualled, close at the same time, as has happened more than once, financial losses in the region will be significant, running into millions of pounds.
The weather troubles of last winter showed precisely the need for improvements to infrastructure in the south-west. During that period, First Great Western’s public performance measure for trains arriving on time fell to 80%. We should acknowledge—I am sure that Government Members who use the service would do so—the work that the staff of First Great Western undertook at that time, which was well over and above their usual call of duty. That includes everybody from drivers to station managers to the man who was tweeting the problems on the line—as well as the engineers, of course, who were out in all weathers trying to mitigate and cope with the effects of landslides and flooding.