Public Finances: Borrowing Costs

Perran Moon Excerpts

Thursday 9th January 2025 Commons Chamber

[Darren Jones]

The question was whether the Government have an iron grip on public finances; the answer is yes.

[Perran Moon (Camborne and Redruth) (Lab)]

Meur ras ha myttin da, Mr Speaker. Does the Chief Secretary agree that the only way that we can wrest the economy out of the clutches of the Conservatives’ doom loop is to go for growth? The Government’s new industrial strategy will be a core foundation underpinning that growth.

[Darren Jones]

My hon. Friend is absolutely right. Our industrial strategy, through which we will invest alongside businesses and industries of the future, and our infrastructure strategy, which sets out how we will get Britain building again, are two examples of the Government playing their part by bringing economic and political stability. By, for example, reforming the planning system, we will unlock billions of pounds of private sector investment in UK plc—something that did not happen under the previous Government.

Crown Estate Bill [Lords]

Perran Moon Excerpts

2nd reading
Tuesday 7th January 2025 Commons Chamber

[Perran Moon (Camborne and Redruth) (Lab)]

Meur ras, Madam Deputy Speaker.

I welcome the provisions made in the Bill to improve the governance of the Crown Estate and broaden its investment powers and capacity to borrow. As stated in the Bill, the changes will mean that commissioners can undertake activities such as investing in port infrastructure and in digital technologies to map the seabed. As a Cornish MP, it is the seabed that I will focus on for the next few minutes.

Commissioners will be enabled to assist with investment in public infrastructure for the benefit of the nation. I support those provisions on the basis that the Crown Estate will use its increased power to invest in areas of higher deprivation where there is a clear commercial potential, such as, as has been mentioned, floating offshore wind in the Celtic sea. In that respect, Cornwall is perhaps the best example of where post-industrial deprivation is high, yet—I am sorry to mention this with Welsh Members in the Chamber—it is the closest land mass to much of the Celtic sea floating offshore wind opportunity.

As has been mentioned, Cornwall is also home to the third deepest natural harbour in the world, in Falmouth. The development of the port of Falmouth would support the export potential of critical minerals such as tin from my constituency of Camborne, Redruth and Hayle, and of lithium that will be mined in Cornwall. As mentioned by my hon. Friend the Member for Reading Central (Matt Rodda), Cornwall’s economic development is also held back by a lack of grid connectivity. I hope that support for the Bill will result in significant improvements in that area.

The Crown Estate plays a fundamental role as an enabler of infrastructure projects. The Bill inserts a new subsection into the Crown Estate Act 1961 requiring the commissioners to keep under review the impact of their activities on the achievement of sustainable development in the United Kingdom. I sincerely hope that Ministers agree that deprived communities such mine in Camborne, Redruth and Hayle should be the direct beneficiaries of this development through the work of the Crown Estate. I also hope that the Crown Estate fully understands the expectations of deprived coastal communities in every corner of England, Wales, Northern Ireland and Cornwall.

Finance Bill

Perran Moon Excerpts

Committee of the whole House
Tuesday 10th December 2024 Commons Chamber

[James Murray]

I am not entirely clear that that is what the Liberal Democrat amendment does. We have been clear that our intention is to end unjustifiably generous allowances. That is exactly what we are doing by abolishing the core investment allowance, which was unique to oil and gas taxation and is not available to any other sector in the economy.

[Perran Moon (Camborne and Redruth) (Lab)]

New research published in the last few days has found that fossil fuel companies reported profits of nearly $0.5 trillion during the 2022 energy crisis. By contrast, people struggled with fuel poverty and had to choose between heating and eating. One in seven households in my constituency is in fuel poverty. Does the Minister agree that the ability to extend and increase the energy profits levy is a key lever for addressing this imbalance and supporting households?

[The Chairman]

Order. That was neatly done, but interventions have to be very closely related to what we are debating here and now.