Oral Answers to Questions

Debate between Vince Cable and Ian Swales

Thursday 20th November 2014 Commons Chamber

[Ian Swales (Redcar) (LD)]

The Investment Management Association told me last week that Asian investors were increasingly looking to mainland Europe because of the uncertainty over the UK’s membership of the European single market. What effect will this uncertainty have on the Secretary of State’s trade forecasts?

[Vince Cable]

My hon. Friend is right to stress the importance of inward investment to job growth in the UK. Indeed, many manufacturers and banks in the City of London have made it clear that the expectation of being able to export to the European single market is fundamental to their decision to locate here.

Royal Mail

Debate between Vince Cable and Ian Swales

Wednesday 10th July 2013 Commons Chamber

[Vince Cable]

I find it extraordinary that Labour Members are raising the issue of post office closures. I think that three major waves of closures took place under the previous Government. We have stopped that and we are investing very heavily in new infrastructure to enable post offices to compete.

[Ian Swales (Redcar) (LD)]

Public sector Royal Mail wants to close a delivery office at South Bank in my constituency and has recently stopped sorting mail in the Tees valley altogether for the 750,000 people who live there. Does my right hon. Friend agree that a private sector Royal Mail will be more likely to review such decisions for overall value for money and customer service?

[Vince Cable]

Yes, I am sure that it should do that, but I do not wish to comment on the details of the industrial dispute that has led to that difficulty.

Oral Answers to Questions

Debate between Vince Cable and Ian Swales

Thursday 7th February 2013 Commons Chamber

[Vince Cable]

A great deal has changed. There is now a great deal of support not only in government but across business for the industrial strategy. If the hon. Gentleman had been following the news he would have seen that some sectors, particularly the car industry and aerospace, have highly impressive growth and a long-term commitment to Britain. That is what we are trying to achieve.

[Ian Swales (Redcar) (LD)]

Will the Secretary of State look again at the sudden change in the combined heat and power regime announced in the 2012 Budget? The CHP provisions are expected to last until 2023 and the change has resulted in a severe financial penalty to energy investors, such as Sembcorp in my constituency.

[Vince Cable]

My hon. Friend’s question more directly relates to the responsibilities of my colleague the Secretary of State for Energy and Climate Change. On the broader point about energy policy, however, there is much greater clarity with the electricity market review. Particular sectors and their treatment under it, such as those involved in CHP, perhaps need to be reconsidered and I am sure that my hon. Friend will talk to my colleague about that.

Oral Answers to Questions

Debate between Vince Cable and Ian Swales

Thursday 6th September 2012 Commons Chamber

[Ian Swales (Redcar) (LD)]

17. What recent assessment he has made of the future of the UK bioethanol industry.

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

The Government’s bioenergy strategy makes it clear that sustainable first-generation biofuels such as bioethanol are cost-effective in reducing carbon emissions and are an important source of renewable energy. We have sent a clear signal to the industry that there is a market for biofuels in the UK by setting it a target of creating 10% of road transport fuel from renewable energy by 2020.

[Ian Swales]

I thank the Secretary of State for the work that he has done to help with the restarting of the Ensus plant in my constituency, which supports 2,000 jobs. Will he continue to work with his colleagues in the Department for Environment, Food and Rural Affairs, the Department for Transport and the Treasury to ensure that conditions remain right for that exciting, sustainable growth business?

[Vince Cable]

I would like to reciprocate by congratulating my hon. Friend on the work that he has done on campaigning for the Ensus plant, which was mothballed but has now been reopened, creating substantial employment. I believe that a significant number of other bioethanol plants are also in gestation, encouraged by the clarity of policy. One key element was the success that we had in persuading the European Union on the subject of unfair competition from overseas. That loophole has now been closed and there is a good business environment.

Directors’ Pay

Debate between Vince Cable and Ian Swales

Wednesday 20th June 2012 Commons Chamber

[Vince Cable]

I take the hon. Gentleman’s broader point that diversity among directors is critical to changing the culture of companies. At the moment, we are focusing on women on boards of companies, on which significant progress has already been made. That is part of the wider picture of having more diversity, and more employees, among directors.

[Ian Swales (Redcar) (LD)]

A large proportion of the population has a direct or indirect stake in the stock market. Does the Secretary of State believe that there is a link between the relatively poor performance of the stock market over the past 10 years and the increasing share of corporate wealth taken out by directors and senior managers?

[Vince Cable]

It is precisely the divergence between those two things that we are endeavouring to correct. My hon. Friend’s point is certainly true of the banking system, where very large salaries and bonuses have come at the expense of dividends. These reforms should help to correct that.

Oral Answers to Questions

Debate between Vince Cable and Ian Swales

Thursday 27th October 2011 Commons Chamber

[Vince Cable]

The hon. Gentleman is right to say that business conditions are difficult, but over the last two years manufacturing has increased significantly faster than the rest of the economy, as have exports. That is the direction that we need to pursue. Given that manufacturing is predominately an export-based industry, he will understand that the difficulties facing our major export markets in the European Union are creating problems for manufacturers and manufacturing confidence, but we will hit our way through them.

[Ian Swales (Redcar) (LD)]

I thank the Secretary of State for visiting SABIC Petrochemicals in my constituency to hear about the cost issues for energy-intensive manufacturing industries. When can those industries expect an announcement about a mitigation package?

[Vince Cable]

I think they expect an announcement very soon. The visit was extremely constructive, and my colleague and others have rightly emphasised to us that energy-intensive industries are a key part of manufacturing recovery. It would be totally counter-productive economically and environmentally if they were driven overseas. We are determined that that should not happen, and a package of measures will be announced soon.

Oral Answers to Questions

Debate between Vince Cable and Ian Swales

Thursday 9th June 2011 Commons Chamber

[Vince Cable]

I have had consultations with the industry, although of course the primary responsibility rests with my colleagues in the Department of Energy and Climate Change. There is a particular problem with the large-scale solar power suppliers because of the subsidy element and the ability of Government to continue to support it, but certainly small-scale solar providers are helped under the feed-in tariff arrangements and we are looking at the wider implications for the industry.

[Ian Swales (Redcar) (LD)]

Does the Secretary of State share my concern that the large-scale bioethanol plant in my constituency has been taken offline for a number of months, and will he do everything that he can to support the anti-dumping action being taken by the bioethanol industry? Will he also ensure that the Department for Transport does not repeat the mistakes of the previous Government in dragging its feet on implementing renewable fuel obligations?

Oral Answers to Questions

Debate between Vince Cable and Ian Swales

Thursday 18th November 2010 Commons Chamber

[Vince Cable]

No, it is not four years away. The intention is that investments will be made in 2012, and that asset sales will be used for that purpose. We are in the process of establishing the bank, and the hon. Lady knows that a substantial number of renewable projects are being supported under the spending review.

[Ian Swales (Redcar) (LD)]

6. What discussions he has had with the Secretary of State for the Home Department on the future of intra-company transfers following the introduction of the proposed immigration cap.

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

Ministers, officials and I are in regular contact with the Home Secretary and other Ministers and officials in the Home Office to discuss the implementation of the commitment to limit non-EU economic migration. That includes discussions on intra-company transfers.

[Ian Swales]

That answer will be of interest to companies from Canada, the USA, Korea, India, Israel and Saudi Arabia that are already in the Tees valley. Will the Secretary of State ensure that the Thai company SSI is able to bring in the executives that it needs to make a success of its forthcoming purchase of the Redcar steelworks?

[Vince Cable]

The answer is yes. I pay tribute to the role that my hon. Friend has played in ensuring that SSI was able to come to the UK and transform the prospects of the Redcar plant. I can give him that assurance. Indeed, The Prime Minister said at Prime Minister’s questions that in terms of the overall cap on migration,

“things such as inter-company transfers should not be included in what we are looking at.”—[Official Report, 3 November 2010; Vol. 517, c. 920.]