Oral Answers to Questions

Debate between Michael Fallon and Adrian Bailey

Thursday 10th April 2014 Commons Chamber

[Michael Fallon]

My hon. Friend will be aware, because I know he takes a strong interest in this area, of the reforms to UKTI, which is now working closely with British businesses. This week, I attended the world’s leading trade and industrial technology fair in Hanover and saw UKTI working with the Birmingham chamber of commerce to provide support for 40 UK companies. It is estimated that from that fair alone some £5 million-worth of orders are in the pipeline.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

In February, UK exports actually fell. Given the fact that last year only a fifth of the total amount of money available for financing exports was actually used, what more can the Minister do to increase the uptake of UK export finance in order to boost our exports?

[Michael Fallon]

The hon. Gentleman makes an important point. There are schemes to assist companies with their export finance, but only large companies have taken advantage of them in the past. We need to do more to market those schemes. I do not think it is fair to take one month’s particular trade figures. We are increasing our trade, particularly with the emerging economies of Brazil, Russia, India and China.

Oral Answers to Questions

Debate between Michael Fallon and Adrian Bailey

Thursday 24th October 2013 Commons Chamber

[Michael Fallon]

It is not unusual to see some share price volatility in the immediate aftermath of a sale. Let us be clear: this sale was popular, oversubscribed and successful. When the Labour Government tried to sell Royal Mail, they failed.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

Will the Minister tell us how much money was paid to Lazard for so comprehensively undervaluing Royal Mail?

[Michael Fallon]

The fees paid to the Government’s advisers will be disclosed in the normal way to the National Audit Office, which is of course looking at this sale as they looked at the Northern Rock sale, but they compare favourably to the fees paid to advisers by the Labour Government in the sale of QinetiQ 10 years ago, when 10 senior managers were allowed to walk away with £107 million and no shares were sold to the public.

Oral Answers to Questions

Debate between Michael Fallon and Adrian Bailey

Thursday 18th July 2013 Commons Chamber

[Michael Fallon]

My hon. Friend raises an important point. It will be for his local enterprise partnership, as part of its local growth strategy, to ensure sufficient space for the development of business parks, so that companies can grow successfully without constantly having to move from their premises and can expand next door.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

There is considerable concern among the further education college sector about the potential low take-up of the post-24 advanced learning loans and the impact that that will have on people’s finances. What assessment has the Minister made of this issue, and what help will he give to those colleges, if indeed there is such a low take-up?

Oral Answers to Questions

Debate between Michael Fallon and Adrian Bailey

Thursday 13th June 2013 Commons Chamber

[Michael Fallon]

I know that my hon. Friend has continued to raise the case of Mr and Mrs Langstaff in his constituency. The “Insurance: Conduct of Business” rules require insurers to handle claims promptly, and redress is available through the Financial Ombudsman Service if they do not do so. I note that a number of insurance companies have now signed the prompt payment code.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

What assessment has the Minister made of the take-up of post-24 advanced learning loans and the potential impact on further education colleges’ finances?

Oral Answers to Questions

Debate between Michael Fallon and Adrian Bailey

Thursday 6th September 2012 Commons Chamber

[Michael Fallon]

My predecessor, the hon. Member for Hertford and Stortford (Mr Prisk), can be proud that rounds 1 and 2 of the fund now involve some 149 projects and programmes, delivering about 330,000 new jobs and drawing in nearly £5 billion of private investment. The bid for Gateshead college in the hon. Gentleman’s constituency was successful in round 2. A final offer letter was sent to the college at the end of July, and the money is there waiting for the college to take it up.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

I welcome the Minister to his new role and look forward to having the opportunity to question him at some stage in the BIS Committee. May I draw his attention to the fact that in the black country some companies that were successful applicants in round 2 of the RGF have still not had contracts issued, with some waiting for as long as 10 months, and that business opportunities are being lost as a result? Will he undertake to look at this rigorously in order to speed things up?

[Michael Fallon]

I certainly look forward to appearing in front of the hon. Gentleman’s Select Committee.

I am happy to look at any specific examples of delay that the hon. Gentleman can produce. I want in round 3 to accelerate the process—in particular, to shorten the gap between announcement and conditional offer and between conditional offer and completion of due diligence. He will understand that it is necessary, when public money is involved, for those due diligence checks to be carried out. However, I will look at what he has said and we will do everything we can to accelerate the approval process.