Business of the House

Paul Uppal Excerpts

Thursday 1st May 2014 Commons Chamber

[Mr Lansley]

In relation to the business of the House, the hon. Lady will be well aware that both the Select Committee on Business, Innovation and Skills and the Public Accounts Committee are looking at the issue, and no doubt they will bring forward reports, which I know that the Government will want to consider carefully and respond to. The reason why I was perhaps more dismissive of the hon. Member for Wrexham (Ian Lucas) than of the hon. Lady’s perfectly proper question is that the hon. Gentleman’s question was based on a false assertion. The Royal Mail privatisation was achieved successfully. I know from my involvement in past privatisations, as a civil servant way back in the 1980s, that it is very difficult to get the price right at the initial public offering. It is normal for the privatised company subsequently to sell at a higher price than the one at which it was offered. It is very important to establish the price at which it can be underwritten, and to engage substantial investors to ensure that the bulk of the sale can be made.

[Paul Uppal (Wolverhampton South West) (Con)]

I am sure that the Leader of the House will welcome, as I did over the Easter recess, the news that Wolverhampton Wanderers have been promoted to the championship. I am a stoic Wolves fan, but I am not asking for a debate on that, as it might be guillotined. Perhaps more pertinently, the Black Country local enterprise partnership has outlined a vision for regeneration in the area, and I warmly endorse two aspects of that vision. One is around the Wolverhampton interchange, and the second is around cultural capital investment in the city centre. May we have a debate on how LEPs, and this one in particular, facilitate regeneration in areas such as Wolverhampton?

[Mr Lansley]

I am grateful to my hon. Friend, and I wish Wolverhampton Wanderers well; Wolves have a great history, and it may be that their future is getting better all the time. I am sure that he and many supporters of the club will be very encouraged by that.

On my hon. Friend’s question about the Black Country LEP and many other LEPs, it is important to note that we are agreeing a whole range of city deals that are enabling locations across the country to identify what they believe will best assist in economic regeneration for the future. The same is true of applications to the regional growth fund. The LEP and the local authority are coming together, as my hon. Friend says, to define projects such as the interchange. That is very important, and it is important for them to make bids to the regional growth fund. There is £3 billion already committed to 430 schemes under that fund, and there is dramatic leveraging—something like a fivefold or sixfold leverage—of private sector investment as a consequence.