Tulip Siddiq
Main Page: Tulip Siddiq (Labour - Hampstead and Highgate)Department Debates - View all Tulip Siddiq's debates with the HM Treasury
(3 weeks, 2 days ago)
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Sonia Kumar (Dudley) (Lab)
The Economic Secretary to the Treasury (Tulip Siddiq)
Increasing economic productivity is a key mission in the Labour Government’s growth agenda. After 14 years of weak productivity, depressed living standards and unfunded spending commitments, we are adamant about bringing our country into an upward trajectory, using the national wealth fund and the significant planning reforms that we are bringing together to ensure a decade of national renewal for our country.
Kevin Bonavia
Across the UK, the hospitality sector generates £93 billion per year. In my constituency, there are many examples of local entrepreneurs, including on the old town’s High Street and in our neighbourhood centres, who provide an excellent service for residents and visitors alike. What can my hon. Friend do to help our hospitality services grow in Stevenage and across the UK?
Tulip Siddiq
I am fully aware of the assets of my hon. Friend’s constituency, including the neighbourhood centres that he mentions, and the surrounding villages, which host amazing music festivals. I recognise the contribution of the hospitality sector in Stevenage to the UK economy, and I know he is a great champion of the borough business club. I am confident that our Government’s growth mission will ensure that hospitality businesses in Stevenage continue to grow. The Government look forward to working with organisations such as UKHospitality to facilitate that.
Sonia Kumar
“Invest 2035: the UK’s modern industrial strategy” identifies advanced manufacturing as a growth-driving sector. Manufacturing in Dudley accounts for 40.4% of jobs; that is double the national average. What steps are the Government taking to support and revitalise the manufacturing sector in Dudley, given its historical significance to the local economy, and its potential contribution to the UK’s overall industrial strategy?
Tulip Siddiq
As my hon. Friend rightly says, we identified advanced manufacturing as a growth-driving sector in the recently published industrial strategy Green Paper. I know how important manufacturing centres such as the Very Light Rail National Innovation Centre are to Dudley and the UK economy. We are committed to supporting advanced manufacturing through the industrial strategy, which, alongside sector plans, will be developed in partnership with businesses and stakeholders ahead of publication in spring 2025. I hope that she will contribute to that. Jobs will be at the heart of our industrial strategy, backed by employment rights that are fit for a modern economy.
James Wild (North West Norfolk) (Con)
Investing in transport infrastructure will boost productivity, so is the Chancellor listening to Members from across the east of England and across the House, and will she back the Ely junction rail upgrade, which delivers benefits of £5 for every £1 invested?
Tulip Siddiq
As the hon. Member will know, the Chancellor listens carefully to everything that is said in the Chamber, and I am sure that she has noted what he has said.
Jim Allister (North Antrim) (TUV)
We in Northern Ireland were told that, as a result of having dual access to the EU market and the United Kingdom market, we would see an increase in inward investment and economic productivity. Recently, Invest NI has had to admit that there has been no uptick in investment, because access to the EU market is counteracted by barriers from the GB market—that is clear. Do the Government now recognise that that was a mis-sold proposition?
Tulip Siddiq
I think we were mis-sold a lot of things by the previous Government, if that is what the hon. Member is talking about. I remind him that we had the investment summit recently, where we secured £63 billion of private investment, creating more than 38,000 jobs. That is more than double what the previous Government secured in 2023.
Mr Will Forster (Woking) (LD)
Katrina Murray (Cumbernauld and Kirkintilloch) (Lab)
“Buy now, pay later” is attractive to young people who are trying to survive on zero-hours contracts with irregular hours. What assurances can the Chancellor give me that the coming regulations will protect this group from problematic debt?
The Economic Secretary to the Treasury (Tulip Siddiq)
The proposed regulations will drive high standards of conduct among “buy now, pay later” firms, ensuring that consumers receive clear information and have access to strong protections. Our proposals will also allow the Financial Conduct Authority to require “buy now, pay later” firms to carry out affordability checks, ensuring that firms lend only to borrowers who can afford to repay.
Sir Ashley Fox (Bridgwater) (Con)
During the last election campaign, Labour candidates across Somerset said that a Labour Government would cut energy bills by £300. Will the Chancellor set out the timescale for fulfilling that promise?