Oral Answers to Questions

Richard Graham Excerpts

Wednesday 3rd June 2015 Commons Chamber

[The Prime Minister]

I agree with the hon. Gentleman that it is very important that the Government talk intensively to the leaders of the steel industry, Tata in particular, about what we can do to try to make sure that we safeguard the growth and the jobs that there have been in the steel industry over previous years. We have started those discussions—we have had discussions, for instance, about the steps we are taking for high energy-intensive industries and the help that we can give—but at the heart of a successful steel industry is always going to be a successful economy and a successful construction industry, which is why we should stick to the long-term economic plan.

[Richard Graham (Gloucester) (Con)]

Q9. Today, Tidal Lagoon Power, headquartered in Gloucester, announces that China Harbour Engineering is the preferred bidder for a £300 million investment in the world’s first ever tidal lagoon, in Swansea bay. There will be high UK content in the supply chain and there is a commitment to pursue tidal projects together in Asia. This confirms our ability both to attract Chinese investment and to create new export opportunities. Does my right hon. Friend share my hope that the Energy Secretary will soon agree the development consent order needed and also agree soon on the pricing of power from this exciting example of British innovation and engineering?

[The Prime Minister]

My hon. Friend is right to raise this specific case, and also the general case of wanting to attract Chinese investment to Britain. We have seen something like a 73% increase, between 2010 and 2013, and that is partly because this Government have pursued Chinese investment and attracted it to Britain. On the specific case of the Swansea tidal lagoon, it is obviously subject to a planning decision, but I think tidal power has significant potential. I have seen some of the plans for myself and I hope this is something we can make progress on; and obviously, attracting investment to this country to help make it happen is a win-win for both countries.