Oral Answers to Questions

Debate between Vince Cable and Clive Betts

Thursday 8th November 2012 Commons Chamber

[Vince Cable]

We have indeed got state-aid approval for the green investment bank. There are no plans for it to invest in the nuclear supply chain, but we have not ruled that sector out. As it happens, a working party is being assembled to develop a strategy for the nuclear supply chain, which my colleague the Minister of State, Department for Business, Innovation and Skills, the right hon. Member for Sevenoaks (Michael Fallon), will be co-chairing, and we expect to give it substantial support.

[Mr Clive Betts (Sheffield South East) (Lab)]

T6. Polestar, a major printing works in my constituency, has created hundreds of well-paid jobs through its investment in recent years. However, its bid to the regional growth fund to create hundreds more jobs has been turned down. Will the Minister look at how such firms can get good quality feedback, so that hopefully they can submit successful bids in future and create those jobs?

Oral Answers to Questions

Debate between Vince Cable and Clive Betts

Thursday 31st March 2011 Commons Chamber

[Vince Cable]

Technology innovation centres are proving extremely welcome in the research community because they represent a bridge between academic research and business application. The first of those—the advanced manufacturing TIC—has been launched, and I went to Rotherham at its outset. Others are being prepared, and I am sure that the one in my hon. Friend’s constituency will be carefully considered by the TSB.

[Mr Clive Betts (Sheffield South East) (Lab)]

T2. On enterprise zones, do the Government agree that it is important that subsidies are not simply given to jobs and development that would have happened anyway? It is fairly easy to see how the Government could stop, and take measures to prevent, a firm from simply transferring to an enterprise zone with public money, but if a firm decides to expand into an enterprise zone, or if a new firm is created in one, how can the Government ensure that money is not simply given to a development and jobs that would have existed without the subsidy?

Local Growth White Paper

Debate between Vince Cable and Clive Betts

Thursday 28th October 2010 Commons Chamber

[Vince Cable]

The hon. Gentleman highlights briefly and eloquently why the RDA structure just did not work. As I recall, it was designed during the war to allow for the division of aerodromes; it had absolutely nothing to do with simple economic geography. The structure that he describes is a vast improvement.

[Mr Clive Betts (Sheffield South East) (Lab)]

I have real concerns about the Secretary of State’s over-simplistic comments on housing and planning. It might surprise him to hear, however, that by page 8 of his statement I found something with which I might be able to agree. He said that local business rate retention will be considered, but will he confirm that that involves the consideration not merely of local authorities being able to keep marginal increases in business rates, but of the complete localisation of business rates, so that once again local authorities are able to control the majority of their resources? If he is prepared to confirm that, and subject to how it is done, he might find some cross-party support on that particular issue.

[Vince Cable]

I am glad that I have, because that is indeed exactly what we are considering, albeit with appropriate protections for business.

Oral Answers to Questions

Debate between Vince Cable and Clive Betts

Thursday 8th July 2010 Commons Chamber

[Mr Clive Betts (Sheffield South East) (Lab)]

3. What factors he took into account in deciding to withdraw the £80 million loan facility to Sheffield Forgemasters.

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

The decision not to pursue the loan was taken on grounds of affordability.

[Mr Betts]

Will the Secretary of State withdraw the entirely false accusations that were levelled at Graham Honeyman, the chief executive of Sheffield Forgemasters, that he was not prepared to sell any shares in the company? The reality is that the loan facility went alongside a private finance package involving equity release. What Graham Honeyman and the workers, 65% of whom own shares in Forgemasters, did not want to do was sell the company off to an absentee owner, given that they had rescued it from an absentee owner and near-bankruptcy in 2005. Will the Secretary of State withdraw the accusations against Graham Honeyman and recognise that he has resurrected that company and that it would do even better in future if it had the loan alongside a package involving equity release?

[Vince Cable]

The Government’s decision has absolutely nothing to do with the issues that the hon. Gentleman has raised. We regard Mr Honeyman and his team as having produced an excellent project. We have no criticism of him or the company. Officials in the Department are now working to try to help to achieve a private sector solution.