Steel Industry

Debate between Sajid Javid and David Mowat

Thursday 26th May 2016 Commons Chamber

[Sajid Javid]

I always listen carefully to what the Chairman of the Work and Pensions Committee has to say, particularly on this type of issue, and I would be happy to meet him to discuss this further. He makes a very important point: this should not be seen as a general look at pensions rules. We are lucky, as a country, to have a very robust pension system; when things do go wrong, there is a lifeboat that works. However, as I said earlier, this is very much about this scheme, although I would be happy to discuss this further with him.

[David Mowat (Warrington South) (Con)]

The Secretary of State’s consultation represents an important potential point-of-principle change. Will he tell the House whether the change to indexation alone will put the fund into surplus? If the fund is still in deficit after this change, is there not a possibility that a future PPF referral will mean a double whammy for the workforce?

[Sajid Javid]

The pension trustees believe that their proposal will move the scheme into surplus and make it stable. However, it is worth emphasising that the Pensions Regulator will be very much involved. If this actually did go ahead, the Pensions Regulator would rightly have to be satisfied with it, and there would also have to be a number of other safeguards.

Steel Industry

Debate between Sajid Javid and David Mowat

Tuesday 20th October 2015 Commons Chamber

[Sajid Javid]

The hon. Gentleman is quite right to mention Caparo Industries and the news that came out in the past 24 hours about its administration. That could clearly have a significant impact on communities in West Bromwich, Wolverhampton and elsewhere. As for having a longer term focus, the metals strategy—I believe that the hon. Gentleman was at the launch yesterday—is just one of our responses. We are ensuring that we listen to industry, work with the relevant sector councils and get full support not only for the large companies but for companies all the way down the supply chain as regards steel and other British manufactured products.

[David Mowat (Warrington South) (Con)]

This morning, according to the Department of Energy and Climate Change website, the price of electricity for large industrial users in the UK was 9p per kWh. In France and Germany, that price is 4p per kWh. That differential is such that the blast furnaces in France and Germany are not under the same pressure as those in this country. Does the Secretary of State agree that we must breach that gap and will he further agree that Labour needs to consider the fact that at every vote on differential energy prices in the last Parliament it was on the wrong side of the argument?

[Sajid Javid]

My hon. Friend highlights that there have been some long-running challenges not just for the steel industry but for industries that are large users of electricity. The challenge has happened under successive Governments, but he is absolutely right to raise the question of competitiveness. He will know that £50 million of compensation has already been paid directly to such industries as a result of some of the action we have taken, and once we get EU approval, which I hope will be very soon, we can pay for a lot more compensation and help.

Financial Services (Banking Reform) Bill

Debate between Sajid Javid and David Mowat

Wednesday 11th December 2013 Commons Chamber

[Sajid Javid]

I have listened to my hon. Friend carefully, and others have made that point previously, but I do not share those concerns. I think that the regulator will move on that swiftly. The changes that have so far been made to payments, such as the switching service, are already making a real difference.

Ultimately, if the payments system regulator determines that the current ownership structures need to be broken up to achieve adequate competition, it will have the power to require disposals of interests in operators of the regulated systems. It will also have the power to enforce Competition Act 1998 prohibitions against anti-competitive agreements and abuse of dominance and to make market investigation references to the Competition and Markets Authority.

The amendments create a competition-focused regulator in this key market.

[David Mowat (Warrington South) (Con)]

I very much welcome the role that the payments regulator will have. For the avoidance of doubt, though, can the Minister confirm that part of its scope will be credit interchange fees and that it will have a role in potentially regulating their level over time?

Oral Answers to Questions

Debate between Sajid Javid and David Mowat

Tuesday 5th November 2013 Commons Chamber

[David Mowat (Warrington South) (Con)]

13. What representations he has received on Yorkshire bank and lending to small and medium-sized businesses.

[The Financial Secretary to the Treasury (Sajid Javid)]

All meetings between external organisations and Treasury Ministers are published on the Government’s website. However, it is not the Treasury’s practice to provide details of all representations Ministers receive. Lending to small and medium-sized businesses is an important issue, and I can assure my hon. Friend that it receives the Government’s highest attention.

[David Mowat]

I thank the Financial Secretary for that answer. He might be aware that two years ago the owners of Yorkshire bank announced their intention to downsize in the UK and invest more money in Asia. Since then they have aggressively reduced the size of their UK loan book, despite assurances made to small businesses. That has affected many businesses across the country, including Arley Homes in my constituency, which has been forced into administration, with the loss of many jobs. Is there more we can do to make them behave responsibly?

[Sajid Javid]

I know that my hon. Friend raised this issue with my predecessor on behalf of his constituents, and he was absolutely right to do so. The way in which a bank structures its business is a commercial decision, as I am sure he appreciates, so I am unable to comment on it. However, if a bank decides to restructure its business in a certain way, I would expect it to pay due regard to the interests of all its customers and to treat them fairly.