UK Modern Industrial Strategy

Noah Law Excerpts

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

This industrial strategy seeks to deliver more inward investment. For example, Universal is making an incredible investment in Bedfordshire, where is seeks to deliver the biggest theme park in Europe, creating 8,000 jobs in hospitality. People should recognise that there is a direct relationship between what we are doing here, what we are trying to get more of and the kind of benefits that the hon. Gentleman talks about. We have set a target of 50 million visitors by 2030, so such issues are represented in the strategy and, as I say, some of the issues that are not covered will be in the small business plan, which will come out imminently next month.

[Noah Law (St Austell and Newquay) (Lab)]

As the chair of the all-party parliamentary group on critical minerals, I have an interest that I know you share, Madam Deputy Speaker, in critical minerals. I welcome the strategy’s recognition of the role that regional clusters, like that in Cornwall, can play. Given Cornwall’s resurgent critical minerals ecosystem, what steps is the Secretary of State taking to ensure that the region is at the forefront of secure domestic supply chains, and that we benefit directly from that growth in green industrial jobs?

[Jonathan Reynolds]

That is a great question. I remember our conversations about critical minerals, Madam Deputy Speaker. They are a key enabler and they will be even more important in the future. My hon. Friend will know that some of the National Wealth Fund’s initial investments have been into different critical minerals businesses in his region, because of the importance of that part of the UK to this strategy. We need more international co-operation on critical minerals as well, but he should rest assured that the British Business Bank and the National Wealth Fund are focused on this area because it is so important, and there will be big benefits to his area from that.