Amendment of the Law

Debate between Vince Cable and Tom Greatrex

Thursday 20th March 2014 Commons Chamber

[Vince Cable]

That is right, and the industrial strategy we are following across government gives particular priority to the aerospace industry, and I know my hon. Friend’s part of the country has benefited considerably from the development of the aerospace supply chain.

[Tom Greatrex (Rutherglen and Hamilton West) (Lab/Co-op)]

The Secretary of State touched on the compensation scheme announced yesterday. For the sake of clarity, will he inform the House how much of the compensation scheme announced in November 2011 and which was due to come in in April 2013 has so far been paid to energy-intensive industries?

[Vince Cable]

The element that relates to the European emissions trading scheme has already been paid. The companies have already received the cheque. The sums are not large because the ETS scheme proved to be pretty ineffective, but none the less the compensation is being paid and it is now being extended to a wider range of costs. [Interruption.] The hon. Gentleman seems to be indignant, but I think he should talk to his local manufacturers who have expressed full satisfaction with what we are doing.

Oral Answers to Questions

Debate between Vince Cable and Tom Greatrex

Thursday 9th June 2011 Commons Chamber

[Vince Cable]

The hon. Gentleman’s constituency may well be a barometer of Government performance, but he has obviously overlooked the fact that in it, 19 businesses were offered loans, backed by the enterprise finance guarantee, totalling almost £2 million. That is help in a purely practical sense.

The hon. Gentleman makes a specific point on types of financing. Because of the difficulties of lending against property, the emergence of forms of lending against assets or future transactions is actually a positive diversification of finance.

[Tom Greatrex (Rutherglen and Hamilton West) (Lab/Co-op)]

9. What assessment he has made of the potential effect on economic growth of green investment; and if he will make a statement.

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

The green economy will make a major contribution in the longer term to economic growth, because of the stimulus it provides to demand in green activities. However, energy-intensive industries are also an important part of our economy.

[Tom Greatrex]

The Secretary of State referred in his answer to the contribution that traditional heavy industries such as the Clydebridge steelworks in my constituency, which manufactures significant components of offshore wind turbines, can make to green investment. However, given his comments, what reassurances can he give to the House that the introduction of measures such as the carbon floor price will not disadvantage energy-intensive industries, which could have a significant effect on green growth in the economy?

[Vince Cable]

The hon. Gentleman is absolutely right to draw attention to that problem. I have had extensive discussions with the steel industry, and also with the ceramics and chemicals industries, which can be affected by precisely that problem. My colleague the Secretary of State for Energy and Climate Change made it clear in his recent statement that we are looking at a package of measures, in consultation with industry, that will hopefully help it to deal with the higher costs of electricity.

Green Investment Bank

Debate between Vince Cable and Tom Greatrex

Tuesday 24th May 2011 Commons Chamber

[Vince Cable]

My right hon. Friend is absolutely right to sketch out the scale of what green industries are and can become. We estimate that some 800,000 people, perhaps more, are already employed directly in green economy-related activities, and I understand that that will expand substantially. I hope later this week, in a more wide-ranging comment, to add some more information for his purposes.

[Tom Greatrex (Rutherglen and Hamilton West) (Lab/Co-op)]

Is it still the Government’s intention that the fossil fuel levy money sitting in a bank account in Scotland will be rolled into the green investment bank?

[Vince Cable]

I did not follow fully where the hon. Gentleman was going, but, no, as I understand it that is not the intention. The £3 billion contribution from the Government is not tied to any specific source.