Oral Answers to Questions

Debate between Michael Fallon and Peter Aldous

Thursday 24th October 2013 Commons Chamber

[Michael Fallon]

It is far too early to judge the long-term performance of the Royal Mail share price. With any initial public offering there will be volatility in the price and it is too early to make a judgment. As far as the banks are concerned, a whole number of banks were consulted on the value of Royal Mail. The value established was, I think, around the mid-point of the range of the advice we received.

[Peter Aldous (Waveney) (Con)]

15. What steps his Department is taking to promote regional growth.

[The Minister of State, Department for Business, Innovation and Skills (Michael Fallon)]

The Government believe that local businesses and civic leaders are best placed to understand what drives growth in their area. Resources available to local enterprise partnerships have been increased to at least £20 billion until 2020-21, and LEPs will be able to access funding and powers to support growth through local growth deals. Furthermore, the regional growth fund is projected to deliver more than 500,000 private sector jobs, leveraging in more than £14 billion of private sector investment.

[Peter Aldous]

The Under-Secretary of State for Communities and Local Government, my hon. Friend the Member for Great Yarmouth (Brandon Lewis), and I, along with 12 other colleagues from Suffolk and Norfolk, wrote to the Minister earlier this week emphasising the advantages for promoting growth that assisted area status for Lowestoft and Great Yarmouth will bring to the two counties. Will my right hon. Friend give full consideration to the strong and compelling bid submitted by the New Anglia local enterprise partnership?

[Michael Fallon]

I certainly undertake to do that. I have seen my hon. Friend’s letter, signed by several colleagues, and I have also written this week to all Members setting out the benefits of assisted area status and explaining the process and timetable for revising the map for the period 2014-2020.

Oral Answers to Questions

Debate between Michael Fallon and Peter Aldous

Thursday 17th October 2013 Commons Chamber

[Peter Aldous (Waveney) (Con)]

Will the Minister confirm that he is continuing to work with industry to agree a long-term strategy for the offshore wind sector that will secure large-scale private investment and create thousands of jobs in my constituency and other coastal constituencies?

[Michael Fallon]

We have an offshore wind industrial strategy, which we published earlier this summer, and I look forward to taking it forward with the Offshore Wind Industry Council, which I co-chair. Offshore wind is part of the energy mix. We have put draft strike prices out for consultation, which has now closed, and we are analysing the responses. We expect to confirm the final strike prices for offshore wind by the end of the year.