Oral Answers to Questions

Debate between Sarah Olney and Kwasi Kwarteng

Tuesday 11th October 2022 Commons Chamber

[Kwasi Kwarteng]

I think the hon. Gentleman makes a very good point and represents his constituency ably. In respect of small businesses, we have introduced a package —an energy price guarantee not only for households but for businesses—to the tune of £30 billion in the first six months. This is something that was absolutely necessary, and I am very proud of the fact that we acted very swiftly to protect businesses such as those in his constituency.

[Sarah Olney (Richmond Park) (LD)]

The Government’s failed mini-Budget sent interest rates soaring, which is already causing mortgage pain for millions, but rising borrowing costs are now threatening our high streets too. Small businesses in Richmond Park and across the UK are seeing their loan repayments spiral and their financing options dry up. We have already seen the highest number of company insolvencies since the financial crisis—more than 5,600 businesses closed in the second quarter of this year—and SME debt is now at a staggering £204 billion. Most of those businesses will not see a penny from the cut to corporation tax. What is the Chancellor—

The Growth Plan

Debate between Sarah Olney and Kwasi Kwarteng

Friday 23rd September 2022 Commons Chamber

[Kwasi Kwarteng]

As so often, my right hon. Friend is 100% right.

[Sarah Olney (Richmond Park) (LD)]

This Conservative Government are completely out of touch. Today, we have witnessed the biggest and most irresponsible increase in borrowing in recent times—borrowing that could have been offset by increasing the windfall tax on oil and gas companies. Instead, the bill will be paid by millions of householders through higher taxes for years to come. The Chancellor’s excuse for this reckless approach is that it will lead to growth, which will, supposedly, trickle down as higher prosperity for the rest of us. Will he explain to my constituents how handing £45 billion of their taxes to the UK’s most profitable companies and the wealthiest individuals will help them to get a GP appointment when they need one, give their children a better education and make their streets safer?

[Kwasi Kwarteng]

What the hon. Lady did not mention in her question was the fact that a growing economy creates growing tax revenues, which pay for public services. Her high-tax, high-spend approach leads to a cycle of stagnation. We want to break free of that.

10-point Plan: Six Months On

Debate between Sarah Olney and Kwasi Kwarteng

Tuesday 18th May 2021 Commons Chamber

[Kwasi Kwarteng]

My hon. Friend is absolutely right. When MPs talk to their constituents, we hear them talk about range anxiety, and it is critical that we have the right charging infrastructure to drive forward the EV roll-out. We have committed public funds to this, but I am very happy to discuss with her, as it is obviously critically important. I feel that we are in a good place, but I would be very interested to hear her ideas.

[Sarah Olney (Richmond Park) (LD)]

The 10-point plan announced 50,000 new jobs in energy efficiency, which may or may not have been in addition to the 80,000 new jobs that were due to be created by the green homes grant announced last summer in the Government’s plan for jobs. My repeated written questions to the Department to clarify whether those 50,000 jobs are in addition to the 80,000 have not yet elicited a clear answer, so could the Secretary of State tell me how many jobs in energy efficiency have been created so far, and what plans are in place to create more, now that the green homes grant has been scrapped with no plan to replace it?

[Kwasi Kwarteng]

The 50,000 jobs related to the green homes grant. The hon. Lady will know that there were three elements to the green homes grant. One related to the decarbonisation of public sector buildings. That was £1 billion deployed through Salix. That has gone extremely well. Of the remaining £2 billion, £500 million was to be disbursed by local authorities for council housing, social housing and people who are vulnerable. That programme is going very well. What has been rejigged has been the half that related to owner-occupied buildings. It was a short-term stimulus plan that was due to run out in March this year, and we are looking at a replacement scheme.

UK Steel Production: Greensill Capital

Debate between Sarah Olney and Kwasi Kwarteng

Thursday 25th March 2021 Commons Chamber

[Kwasi Kwarteng]

I commend my hon. Friend, who, only in his brief time as a Member of Parliament, has made a real impact on these discussions and in representing Redcar. I remember a Redcar that was represented by a Liberal Democrat precisely because of the closure of the SSI plant, and I am delighted to see that it is now represented by an excellent Conservative MP.

[Sarah Olney (Richmond Park) (LD) [V]]

The circumstances surrounding the collapse of Greensill Capital throw up a lot of questions about how decisions are being made regarding the use of public money to guarantee loans to struggling companies during the pandemic. It is important that Parliament has sight of those decisions to properly scrutinise them. On 12 November 2020, in response to a parliamentary question tabled by the shadow Minister for the Cabinet Office, the hon. Member for Leeds West (Rachel Reeves), a Department for Business, Energy and Industrial Strategy Minister said that the list of companies offered coronavirus business interruption loans would be published “in due course”. Does the Secretary of State agree that transparency is essential for effective scrutiny, and will he commit to publishing the list of companies that have received Government-backed loan support without delay?

[Kwasi Kwarteng]

I will certainly look into the hon. Lady’s request. This is something that has been brought to my attention and I will try to see if we can publish something soon.

Vauxhall at Ellesmere Port and Battery Manufacturing Strategy

Debate between Sarah Olney and Kwasi Kwarteng

Monday 1st March 2021 Commons Chamber

[Kwasi Kwarteng]

I am very pleased that my hon. Friend has raised that question. I had an excellent visit a few months ago, as he remembers, in his constituency in Culham. I spoke to many business people who are driving the net zero agenda, and, alongside him, I am very happy to support those efforts.

[Sarah Olney (Richmond Park) (LD) [V]]

Increasing demand for electric vehicles can help to create the green jobs that we need, as we transition away from carbon-emitting industries. Will the Secretary of State agree that cutting VAT to 5% on electric vehicles can help to stimulate that demand?

[Kwasi Kwarteng]

The hon. Lady is right. We are considering many ways to stimulate the demand to drive this critical agenda. It was a big step for the Prime Minister to announce that we would try to phase out the purchase of internal combustion engine cars by 2030. There was some opposition to that, but it was clearly the right move and we are looking at all sorts of other measures to promote the demand that she wants to see.