The Growth Plan
Debate between Stephen Timms and Kwasi Kwarteng(2 years, 5 months ago)
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Kwasi Kwarteng
My hon. Friend is absolutely right; I pay tribute to his service as Science Minister when I was Secretary of State for BEIS. We worked closely together then and I hope that we can do so now, to make sure that the Treasury and other Departments are as focused on the science and technology agenda as my hon. Friend.
Sir Stephen Timms (East Ham) (Lab)
Will the Chancellor give the important assurance that his predecessor gave—that social security benefits will be fully uprated in the usual way, in line with this month’s inflation figure?
Income Tax (Charge)
Debate between Stephen Timms and Kwasi Kwarteng(3 years, 4 months ago)
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Kwasi Kwarteng
The hon. Lady makes a sensitive point. Nobody engaged in business wants to take on unsustainable levels of debt, but she will appreciate that the credit was offered in totally unusual circumstances; my right hon. Friend the Chancellor had to make decisions very quickly and we used the BBB to distribute that credit. No one is suggesting—not even anyone in the hon. Lady’s party—that the interventions and credit that was provided on good terms should not have been offered to many businesspeople. I am fully aware of the nature of the debt overhang and I am engaged with trying to think of ways of softening that, but the intervention was absolutely the right thing at the time. I must remind the House that many predictions of doom and catastrophe were mercifully avoided thanks to the timely and wise interventions of my right hon. Friend the Chancellor.
As well as supporting businesses, the Budget will protect the health, wealth and livelihoods of the British public. Under this Government, the proportion of people in low-paid work has fallen to its lowest level in 30 years. That is why I was so surprised to hear the hon. Member for Leeds West (Rachel Reeves) suggest that an increase in the national living wage was something to be regretted.
Stephen Timms (East Ham) (Lab)
Before the right hon. Gentleman leaves the business part of his speech, will he update the House on the latest provision of support for energy-intensive industries?
Kwasi Kwarteng
That is a very direct question and, as I have said, conversations are ongoing. I speak to the CEO of Ofgem on a daily basis and we are always looking at the situation in terms of gas and electricity prices and how we can mitigate those risks.
Oral Answers to Questions
Debate between Stephen Timms and Kwasi Kwarteng(4 years, 11 months ago)
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Kwasi Kwarteng
I am grateful to my right hon. Friend for his question. We are very mindful of community consent and engagement with the planning process through consultation periods. We are also ensuring that the planning regime is robust. On balance, it was felt that we needed to make a move on this pot 1 auction in order to reach the target.
Stephen Timms (East Ham) (Lab)
The Minister for Business, Energy and Clean Growth (Kwasi Kwarteng)
The right hon. Gentleman will know that we have announced, with the Department for International Trade, that we will no longer provide any new export finance or new export credit for thermal coalmining or coal-powered plants overseas.
Stephen Timms
I am grateful to the Minister for that confirmation. Following the Prime Minister’s announcement at the UK-Africa investment summit, will the Minister set out whether there is going to be a transition period prior to the welcome situation that he has described? Does he agree that UK Export Finance should be promoting the transition away from all fossil fuels in developing countries as soon as possible?
Kwasi Kwarteng
The right hon. Gentleman is absolutely right. Any form of financing should absolutely take into account our net zero commitment, and it is in the process of doing so. On the question of coal, I take the opportunity to reiterate the fact that the Prime Minister, only last month, announced the intention to consult on bringing forward the coal closure to 1 October 2024. Even last month, only about 3% of our power generation was coming from coal. So this is a very achievable target, and we are very hopeful that we can take coal entirely off the grid by October 2024.