Oral Answers to Questions
Debate between Torsten Bell and Lincoln Jopp(3 days ago)
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Lincoln Jopp (Spelthorne) (Con)
The Parliamentary Secretary to the Treasury (Torsten Bell)
Increasing investment in the UK, both public and private, is the Government’s absolute priority. It is the route to restarting badly needed productivity and wage growth. As the hon. Member will know, at the international investment summit, companies committed to a record-breaking £63 billion-worth of investment, which is set to help to create around 30,000 jobs.
Lincoln Jopp
I thank the Minister for that answer. I particularly thank him for saying that investment is the Government’s top priority, because the Government announced on 17 October that they had secured this £63 billion. We have heard from the Chancellor that she is going to act decisively, so I just want to check her track record on that. The Government have had six months and £63 billion. How much money has gone out of the door for those oven-ready projects across the country?
Torsten Bell
The hon. Member will be excited to know that the Business Secretary will be announcing in the coming weeks that shovels are already in the ground, or will be going into the ground, for some projects. I am a very good colleague to Ministers, so I am not going to pre-empt that announcement today.
Oral Answers to Questions
Debate between Torsten Bell and Lincoln Jopp(2 months, 1 week ago)
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Lincoln Jopp (Spelthorne) (Con)
The Parliamentary Secretary to the Treasury (Torsten Bell)
The Government are looking across the piece at how the important work of our regulators supports economic growth, and the Pensions Regulator, which oversees the third largest pension system in the world, is no exception to that.
Lincoln Jopp
The then pensions Minister, Guy Opperman, said that green-lighting defined benefit pension superfunds was his greatest achievement of lockdown. The unelected Governor of the Bank of England then unhelpfully intervened and said that superfunds would be a risk to financial stability, and as a result the Pensions Regulator has authorised only one pension superfund to come into existence. Can the Minister be a little more specific and tell us what exactly he is going to get the Pensions Regulator to do differently in order to support the growth mission?
Torsten Bell
That is an important question. The Pensions Regulator does recognise its important role in supporting growth; indeed, it has statutory duties not just to protect savers but to minimise the impact on the growth of employers. Superfunds have an important role to play in ensuring that we have larger pension funds that are able to invest in a wider range of assets. As the hon. Gentleman says, on an interim basis the Pensions Regulator has authorised one such fund, but we will take measures in the pension schemes Bill to make further progress in this regard.