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This is the Department in charge of growth, investment and exports. In the latest figures, following the autumn statement, growth has been downgraded. Business investment is still forecast to be the lowest in the G7, and goods exports have declined, both to the EU and to non-EU countries. Given that there are so many amazing businesses and sectors in the UK, how do the Government account for their poor performance?
This is the Department in charge of growth, investment and exports. In the latest figures, following the autumn statement, growth has been downgraded. Business investment is still forecast to be the lowest in the G7, and goods exports have declined, both to the EU and to non-EU countries. Given that there are so many amazing businesses and sectors in the UK, how do the Government account for their poor performance?
I will not allow the hon. Gentleman to spin his way out of what is actually a very good news story for the Government. The fact is that the UK has overtaken France to become the world’s eighth-largest manufacturing nation. We are the world’s fifth-largest exporter. We are growing faster than Germany and France, and have received more investment than them combined. We are the top investment destination, certainly
for financial services. We are doing well. Perhaps this is the moment for me to tell him what businesses told me at the global investment summit: that they were unimpressed by the Labour shadow Ministers they had met; that their offer was unimaginative; and that they were repetitive, and had no vision for the future of business in the UK.
We follow the Secretary of State’s Twitter feed, and quite simply, we do not believe her.
I want to ask the Secretary of State about late payment. In the nine years that the Government have spent consulting on late payments, 450,000 businesses have gone under while waiting to be paid. Why do the Government’s new plans on late payment apply only to firms contracting with the Government? Why do they not rather follow our proposal to make sure that all public companies disclose their payment practices?
We follow the Secretary of State’s Twitter feed, and quite simply, we do not believe her.
I want to ask the Secretary of State about late payment. In the nine years that the Government have spent consulting on late payments, 450,000 businesses have gone under while waiting to be paid. Why do the Government’s new plans on late payment apply only to firms contracting with the Government? Why do they not rather follow our proposal to make sure that all public companies disclose their payment practices?
I have been working with the Federation of Small Businesses and others on late payments. The hon. Gentleman will have heard the measures announced in the autumn statement; this is an issue that the Government take very seriously. I disagree that we are implementing our plans in a partial way. We will resolve this issue, but I am afraid that I completely disagree with the Opposition: have done quite a lot on this, and many businesses have praised the measures that we announced in the autumn statement.
To ask the Secretary of State for Business and Trade, with reference to the answer of 19 April 2023 to Question 180116 on Audit: Reform, how many hours officials in her Department have worked on legislative proposals on reform of audit and corporate governance since the publication of the Restoring...
To ask the Secretary of State for Business and Trade, with reference to the answer of 19 April 2023 to Question 180116 on Audit: Reform, how many hours officials in her Department have worked on legislative proposals on reform of audit and corporate governance since the publication of the Restoring...
The Department does not keep records of work assignment at a project level, nor on an hourly basis. The table below sets out estimates of the number of officials in the Department who were working on legislative proposals for reform of audit and associated legislative reforms of corporate governance, in September of each year since the publication of the White Paper in 2021.
September 2021 | c. 21 |
September 2022 | 19 |
September 2023 | 15 |
To ask the Secretary of State for Business and Trade, how many civil servants in her Department are currently working on negotiations for (a) free trade agreements with (i) India, (ii) Canada, (iii) Mexico, (iv) Israel, (v) the Gulf Cooperation Council and (b) memoranda of understanding with US states.
To ask the Secretary of State for Business and Trade, how many civil servants in her Department are currently working on negotiations for (a) free trade agreements with (i) India, (ii) Canada, (iii) Mexico, (iv) Israel, (v) the Gulf Cooperation Council and (b) memoranda of understanding with US states.
The Department for Business and Trade operates a flexible resourcing model to maximise efficiency across negotiations. The Department is currently delivering seven trade negotiations, alongside work on the US. The number of staff working on these will change depending on the stage and scale of the deal. Staff work across multiple negotiations so it is not possible to quantify the number for each workstream.
With the Machine of Government, Trade Negotiation Group increased its responsibility to cover wider trade policy and FTA implementation. In September 2023, DBT had 724 staff in the newly named Trade Policy, Implementation and Negotiations Group.
To ask the Secretary of State for Business and Trade, how many civil servants worked on legislative proposals relating to audit reform in each of the last five years.
To ask the Secretary of State for Business and Trade, how many civil servants worked on legislative proposals relating to audit reform in each of the last five years.
The table below gives the number of officials in the Department working on legislative proposals relating to reform of audit and associated legislative reforms of corporate governance, in September of each of the last five years. Figures for 2019-21 are estimates based on information readily available.
September 2019 | c. 20 |
September 2020 | c. 15 |
September 2021 | c. 21 |
September 2022 | 19 |
September 2023 | 15 |
To ask the Secretary of State for Business and Trade, whether it is her Department's policy to support the renewal of the WTO e-commerce moratorium beyond 2024.
To ask the Secretary of State for Business and Trade, whether it is her Department's policy to support the renewal of the WTO e-commerce moratorium beyond 2024.
My Department supports the renewal of the WTO e-commerce moratorium. We are working with WTO Members and interested stakeholders to deliver this outcome at the 13th WTO Ministerial Conference. The moratorium underpins global digital trade and provides certainty that electronic transmissions will not be subject to customs duties. My Department is clear that we support a permanent prohibition of such duties, as outlined in our Digital Trade Objectives and the G7 Digital Trade Principles developed under the 2021 UK Presidency.
My Department is also committed to agreeing rules against customs duties on electronic transmissions in the UK’s bilateral trade agreements.
Twentieth opposition day debate (part one). Motion that this House recognises that the automotive industry is the jewel in the crown of British manufacturing and believes it can have a bright future creating good jobs for people across the UK; regrets that after 13 years of Conservative neglect the UK risks losing this world-class industry, putting thousands of jobs under threat; condemns the Government for its lack of an industrial strategy and the negative impact this has had on investment in the UK's automotive sector; calls on the Government to urgently resolve the rules of origin changes which are due to take effect in 2024, working with partners across Europe to negotiate a deal that works for manufacturers; and further calls on the Government to adopt an active industrial strategy to build the battery factory capacity needed to secure the automotive sector for decades to come. Agreed to on question.
Twentieth opposition day debate (part one). Motion that this House recognises that the automotive industry is the jewel in the crown of British manufacturing and believes it can have a bright future creating good jobs for people across the UK; regrets that after 13 years of Conservative neglect the UK...
It is now over 12 months since the audit reform Bill was promised in what was then the Queen’s Speech, and it is over two years since the Business Department’s final consultation on these matters closed. There is widespread agreement on the need for reform, which began following the devastating collapse of Carillion five years ago, yet the draft Bill has not even been published, despite Parliament regularly rising early due to the Government’s light agenda. Does the Secretary of State support reform, and does she accept the recommendations of the Kingman review, the Brydon review and the CMA market study? If she does, when will we finally see some action?
It is now over 12 months since the audit reform Bill was promised in what was then the Queen’s Speech, and it is over two years since the Business Department’s final consultation on these matters closed. There is widespread agreement on the need for reform, which began following the devastating collapse of Carillion five years ago, yet the draft Bill has not even been published, despite Parliament regularly rising early due to the Government’s light agenda. Does the Secretary of State support reform, and does she accept the recommendations of the Kingman review, the Brydon review and the CMA market study? If she does, when will we finally see some action?
We do support reform and are keen to take forward primary legislation when parliamentary time allows. In the meantime, there are measures that we can take through secondary legislation, which we are taking forward. We are also looking to take forward insolvency reform, which is something else that we committed to do.
To ask the Chancellor of the Exchequer, how many officials in his Department work on policies relating to mutual societies.
To ask the Chancellor of the Exchequer, how many officials in his Department work on policies relating to mutual societies.
The Treasury allocates resources based on the priorities of the department, and officials within the Financial Services Group of HM Treasury provide advice to ministers on issues related to the mutuals sector. Resourcing is kept under regular review to ensure priorities are delivered.
The government recognises the value that mutuals bring to the UK economy. That is why we are taking appropriate steps to ensure that the legislative framework in which mutuals operate under is both a modern and supportive business environment.
As part of the Financial Services and Markets Bill, the Government is amending existing legislation so that credit unions in Great Britain can offer a wider range of products and services. In due course the government will also bring forward legislation to amend the Building Societies Act 1986, which will give building societies further flexibility in raising funds and modernise corporate governance requirements.
In addition, the government is supporting Sir Mark Hendrick’s Private Member’s Bill which would allow co-operatives, mutual insurers, and friendly societies further flexibility in determining for themselves the best strategies for their business, relating to their surplus capital and restrictions on the use of these assets.
Furthermore, the government is in active discussions with the Law Commission on options to proceed with a review of both the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992 with a view to launching the reviews in the next financial year.
To ask the Secretary of State for Business and Trade, how much of the automotive transformation fund has been distributed to businesses.
To ask the Secretary of State for Business and Trade, how much of the automotive transformation fund has been distributed to businesses.
As of May 2023, the total value of offers made under the Automotive Transformation Fund (ATF) is £278.5 million. In addition, we are in active discussions with investors on a wide range of exciting new projects for the UK's electric vehicle supply chain.
It has now been 100 days since we first welcomed the right hon. Lady to her new post. In that time, we have seen steel production fall to record lows; the automotive sector has issued warning cry after warning cry that Government policy risks shipping jobs overseas; and the US has seen incredible sums invested under the Inflation Reduction Act and the EU has put forward its own significant response. Meanwhile, the UK remains trapped in the Conservatives’ low growth, high tax loop, with the lowest business investment in the G7. This morning, three of her predecessors, each from a different political party, have said that the Government need an explicit industrial strategy. Does the current Business Secretary agree with them?
It has now been 100 days since we first welcomed the right hon. Lady to her new post. In that time, we have seen steel production fall to record lows; the automotive sector has issued warning cry after warning cry that Government policy risks shipping jobs overseas; and the US has seen incredible sums invested under the Inflation Reduction Act and the EU has put forward its own significant response. Meanwhile, the UK remains trapped in the Conservatives’ low growth, high tax loop, with the lowest business investment in the G7. This morning, three of her predecessors, each from a different political party, have said that the Government need an explicit industrial strategy. Does the current Business Secretary agree with them?
I thank the shadow Minister for highlighting that we have had 100 days as the Department for Business and Trade, during which we have been able to launch the biggest free trade agreement that the UK has seen since we left the EU and since the trade and co-operation agreement. He also mentions a lot of systemic issues, which have been faced globally. He rightly talks about the US IRA and the EU green deal industrial plan, but it is good for me to mention that we are doing a lot in this space. For example, the issue that the automotive industries are talking about relates to rules of origin. This is something that the EU is also worried out, because the costs of the components have risen. This is not to do with Brexit; it is to do with supply chain issues following the pandemic and the war between Russia and Ukraine. I have had meetings with my EU trade counterpart; we are discussing these things and looking at how we can review them, especially as the TCA will be coming into review soon.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 22 February 2022 to Question 146960 on Small Businesses: Billing, when she plans to publish the findings of the Prompt payment and cash flow review.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 22 February 2022 to Question 146960 on Small Businesses: Billing, when she plans to publish the findings of the Prompt payment and cash flow review.
As set out in the published terms of reference (www.gov.uk/government/publica-tions/prompt-payment-and-cash-flow-review/payment-and-cash-flow-review-terms-of-refer-ence), we will publish a conclusions document in 2023 which will:
• summarise our findings in response to the engagement undertaken, and next steps;
• respond to the consultation on the Payment Practices and Performance Regulations 2017;
• set out the findings of the statutory review on the performance of the Small Business Commissioner.
To ask the Secretary of State for Business and Trade, with which trade unions her Department has had discussions on legislative proposals relating to employment since she became Secretary of State.
To ask the Secretary of State for Business and Trade, with which trade unions her Department has had discussions on legislative proposals relating to employment since she became Secretary of State.
The Government is supporting six Private Members Bills to increase workforce participation, protect vulnerable workers, and level the playing field, ensuring unscrupulous businesses do not have a competitive advantage. Relevant trade unions were consulted prior to and throughout the development of these reforms.
The Government regularly discusses legislative proposals with the trade unions and has recently engaged with unions on the Strikes (Minimum Service Levels) Bill, which is currently progressing through the House of Lords.
I recently met with Trades Union Congress, and the Secretary of State is also scheduled to meet with the General Secretary of the Trades Union Congress in April to discuss shared interests.
To ask the Secretary of State for Business and Trade, when her Department plans to publish the list of ministerial responsibilities.
To ask the Secretary of State for Business and Trade, when her Department plans to publish the list of ministerial responsibilities.
Ministerial responsibilities will be published in due course.
To ask the Secretary of State for Business and Trade, how many officials in her Department are working on legislative proposals on audit reform.
To ask the Secretary of State for Business and Trade, how many officials in her Department are working on legislative proposals on audit reform.
There are fifteen officials in the Department for Business and Trade working on legislative proposals on reform of audit and corporate governance.
To ask the Secretary of State for Business and Trade, whether she has met Royal Mail since becoming Secretary of State for Business and Trade.
To ask the Secretary of State for Business and Trade, whether she has met Royal Mail since becoming Secretary of State for Business and Trade.
As Minister responsible for postal services policy, I have met Royal Mail to discuss a range of issues relating to its role as the universal postal service provider.
To ask the Secretary of State for Business and Trade, whether her Department has appointed a Ministerial Disability Champion.
To ask the Secretary of State for Business and Trade, whether her Department has appointed a Ministerial Disability Champion.
The Department for Business and Trade has appointed Minister Hollinrake as Ministerial Disability Champion.
To ask the Secretary of State for Business and Trade, if she will make an assessment of the compatibility of the Retained EU Law (Revocation and Reform) Bill with the Windsor Framework.
To ask the Secretary of State for Business and Trade, if she will make an assessment of the compatibility of the Retained EU Law (Revocation and Reform) Bill with the Windsor Framework.
The Windsor Framework protects the economic rights of the people of Northern Ireland and provides us with the basis to move forward together as one united country. The Retained EU Law Bill does not impact the Framework.
Furthermore, the Government has always been clear that we are committed to taking the necessary steps to uphold the UK’s international obligations after the sunset date, including those obligations in the Withdrawal Agreement and now in the Windsor Framework.
The automotive industry is a jewel in the crown of British manufacturing, but to keep that jewel we need to be building batteries for electric vehicles in the UK. So far
we have one gigafactory up and running, while Germany already has 10 times our capacity. Alarm bells are ringing across the sector, and we recently had disappointing news with Ford announcing job cuts in Essex. The Faraday Institution estimates that the UK needs 10 battery factories by 2040 to retain our car industry. Does the Secretary of State agree with that assessment? If she does, how and when will she publish a clear plan for how the Government intend to hit that target?
The automotive industry is a jewel in the crown of British manufacturing, but to keep that jewel we need to be building batteries for electric vehicles in the UK. So far
we have one gigafactory up and running, while Germany already has 10 times our capacity. Alarm bells are ringing across the sector, and we recently had disappointing news with Ford announcing job cuts in Essex. The Faraday Institution estimates that the UK needs 10 battery factories by 2040 to retain our car industry. Does the Secretary of State agree with that assessment? If she does, how and when will she publish a clear plan for how the Government intend to hit that target?
We have a strategy in place to support the automotive industry, with £1.3 billion of innovative projects, including the Faraday factory challenge —[Interruption.] I have a response to the question. The hon. Gentleman will be pleased to know that we have investment in place, so let me continue. With a budget of £544 million, the Driving the Electric Revolution scheme includes nearly £80 million of Government investment through the Innovate UK programme. I suggest that the Opposition Front Benchers flick through my “Critical Minerals Refresh” document, because there is a fantastic page on UK battery supply chains—not just the automotive transformation fund but the Envision AESC announcement, which is worth £1 billion for the north-east electric vehicle hub. Perhaps they will read it before the next Question Time, so that they have a tricker question for us to deal with.
To ask the Secretary of State for Business and Trade, whether she has made an estimate of the number of subpostmasters who received compensation following the settlement of the civil court case on the Post Office's Horizon IT system who have sought tax advice on that compensation; and if she...
To ask the Secretary of State for Business and Trade, whether she has made an estimate of the number of subpostmasters who received compensation following the settlement of the civil court case on the Post Office's Horizon IT system who have sought tax advice on that compensation; and if she...
The Government is working with Post Office to ensure all victims of the Horizon IT scandal are returned to the financial position they should have been in had the wrongs not occurred.
Both Post Office and the Government want to see fair compensation for all victims and are looking at the tax issues raised so that if any unfairness is identified in individual cases, this can be addressed.
To ask the Secretary of State for Business and Trade, whether she has made an assessment with her Cabinet colleagues of whether the interest portion of compensation given to subpostmasters impacted by the failure of the Post Office Horizon system is liable to tax.
To ask the Secretary of State for Business and Trade, whether she has made an assessment with her Cabinet colleagues of whether the interest portion of compensation given to subpostmasters impacted by the failure of the Post Office Horizon system is liable to tax.
The Government is working with Post Office to ensure all victims of the Horizon IT scandal are returned to the financial position they should have been in had the wrongs not occurred.
Both Post Office and the Government want to see fair compensation for all victims and are looking at the tax issues raised so that if any unfairness is identified in individual cases, this can be addressed.
To ask the Secretary of State for Business and Trade, whether compensation received by subpostmasters following the failure of the Post Office Horizon IT system will be treated as loss of earnings for tax purposes.
To ask the Secretary of State for Business and Trade, whether compensation received by subpostmasters following the failure of the Post Office Horizon IT system will be treated as loss of earnings for tax purposes.
The Government is working with Post Office to ensure all victims of the Horizon IT scandal are returned to the financial position they should have been in had the wrongs not occurred.
Both Post Office and the Government want to see fair compensation for all victims and are looking at the tax issues raised so that if any unfairness is identified in individual cases, this can be addressed.
To ask the Secretary of State for Transport, when his Department plans to publish the results of the consultation on Policy design features for the car and van zero emission vehicle mandate.
To ask the Secretary of State for Transport, when his Department plans to publish the results of the consultation on Policy design features for the car and van zero emission vehicle mandate.
Responses to the technical consultation are being analysed and the Government will publish its response, and a full regulatory proposal and cost benefit analysis, in due course.
To ask the Secretary of State for Science, Innovation and Technology, when her Department will publish the findings of the 2022 Nurse review.
To ask the Secretary of State for Science, Innovation and Technology, when her Department will publish the findings of the 2022 Nurse review.
The Independent Review of the Research, Development, and Innovation Organisational Landscape was published on 6 March 2023:
To ask the Chancellor of the Exchequer, with reference to subpostmasters who have received compensation following the failure of the Post Office Horizon IT system, if he will make an estimate of the total amount of tax he expects to be due on that compensation.
To ask the Chancellor of the Exchequer, with reference to subpostmasters who have received compensation following the failure of the Post Office Horizon IT system, if he will make an estimate of the total amount of tax he expects to be due on that compensation.
The Government wants to see all victims affected by the Post Office Horizon IT scandal compensated fairly and swiftly. We will continue to work across Government and with the Post Office to ensure the postmasters get the full compensation they deserve and that payments and associated taxes are fair and proportionate.
To ask the Secretary of State for Business and Trade, what recent assessment she has made of the adequacy of staffing levels at local weights and measures authorities.
To ask the Secretary of State for Business and Trade, what recent assessment she has made of the adequacy of staffing levels at local weights and measures authorities.
Section 70 of the Weights and Measures Act 1985 requires Local Weights and Measures Authorities in Great Britain to report on their Weights and Measures enforcement work over a twelve-month period.
The most recent report for 2021-22 was published on GOV.UK on 31 October 2022 and includes information on staffing levels and numbers of inspections.
Local authorities make resourcing decisions relating to the delivery of their statutory duties and local priorities.
To ask the Secretary of State for Business and Trade, what recent assessment she has made of the adequacy of the number of weighing and measuring equipment inspections conducted by local weights and measures authorities in the latest period for which data is available.
To ask the Secretary of State for Business and Trade, what recent assessment she has made of the adequacy of the number of weighing and measuring equipment inspections conducted by local weights and measures authorities in the latest period for which data is available.
Section 70 of the Weights and Measures Act 1985 requires Local Weights and Measures Authorities in Great Britain to report on their Weights and Measures enforcement work over a twelve-month period.
The most recent report for 2021-22 was published on GOV.UK on 31 October 2022 and includes information on staffing levels and numbers of inspections.
Local authorities make resourcing decisions relating to the delivery of their statutory duties and local priorities.
To ask the Secretary of State for Business and Trade, what her planned timetable is for the publication of the findings of the payment and cash flow review.
To ask the Secretary of State for Business and Trade, what her planned timetable is for the publication of the findings of the payment and cash flow review.
As set out in the published terms of reference (www.gov.uk/government/publications/prompt-payment-and-cash-flow-review/payment-and-cash-flow-review-terms-of-reference), we anticipate delivery of a conclusions document in 2023 which would:
- summarise our findings in response to the engagement undertaken, and next steps;
- respond to the consultation on the Payment Practices and Performance Regulations 2017;
- set out the findings of the statutory review on the performance of the Small Business Commissioner.
To ask the Secretary of State for Business and Trade, whether her Department plans to publish an industrial strategy.
To ask the Secretary of State for Business and Trade, whether her Department plans to publish an industrial strategy.
Growth is one of the Prime Minister’s top five priorities. The Government has a plan to grow the economy, capitalising on both the UK’s world-leading position in the sectors of the future and the regulatory and trade opportunities of leaving the European Union. This Department plays a vital role in this cross-Government effort, and we are committed to working in partnership with the private sector.
For example, Sir Patrick Vallance, the Government Chief Scientific Adviser, is leading a review of regulation in five high-potential sectors – digital technology, green industries, life sciences, advanced manufacturing, and creative industries – to identify barriers to innovation and catalyse growth.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 9 January 2023 to Question 113305 on Help to Grow Schemes: Costs, how much funding her Department provided for (a) setting up, (b) administration and (c) redemption of vouchers for Help to Grow: Digital between...
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 9 January 2023 to Question 113305 on Help to Grow Schemes: Costs, how much funding her Department provided for (a) setting up, (b) administration and (c) redemption of vouchers for Help to Grow: Digital between...
Data on the Help to Grow: Digital scheme will be released in Spring 2023 after the scheme has fully closed.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 9 January 2023 to Question 113307 on Help to Grow Schemes, what the total business uptake was for Help to Grow: Digital when the scheme closed.
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 9 January 2023 to Question 113307 on Help to Grow Schemes, what the total business uptake was for Help to Grow: Digital when the scheme closed.
Data on the Help to Grow: Digital scheme will be released in Spring 2023 after the scheme has fully closed.
To ask the Secretary of State for Business and Trade, which projects have received funding from the Clean Steel Fund.
To ask the Secretary of State for Business and Trade, which projects have received funding from the Clean Steel Fund.
The Government recognises the important role the steel sector plays in the UK economy and we continue to work with the sector to understand and support its decarbonisation investment plans. To this end, we have already established various funding schemes such as the Industrial Energy Transformation Fund and the Industrial Decarbonisation and Hydrogen Revenue Support. Further proposals, including the approach to the Clean Steel Fund, will be unveiled as soon as possible.
To ask the Secretary of State for Business and Trade, when her Department will publish the draft Audit Reform Bill.
To ask the Secretary of State for Business and Trade, when her Department will publish the draft Audit Reform Bill.
The Government has not set a date for publication of a draft Audit Reform Bill. The Government is committed to legislating when Parliamentary time allows.
To ask the Secretary of State for Business and Trade, how many business deaths there were in each local authority in England in 2022.
To ask the Secretary of State for Business and Trade, how many business deaths there were in each local authority in England in 2022.
Table 2.1d in Business Demography, UK shows the number of business closures by district, county, and unitary authority in England, and can be found here: www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/datasets/businessdemographyreferencetable.
Urgent question on the UK's gigafactory capacity given the announcement of Britishvolt entering into administration.
Urgent question on the UK's gigafactory capacity given the announcement of Britishvolt entering into administration.
Last Monday the Government presented the next stage of their energy support scheme, but it got a decidedly mixed response. The Federation of Small Businesses calculated that it is worth just 2p per kilowatt hour of
electricity to the average small business, which it says is not enough to be material to a business’s decision to close or not, despite that element of the scheme costing £2 billion of taxpayers’ money. The worst of all worlds would be a scheme that costs a large amount of money, while failing to improve the situation facing businesses in any significant way. Will the Secretary of State respond to that criticism and explain the Government’s thinking behind the design of that stage of the scheme?
Last Monday the Government presented the next stage of their energy support scheme, but it got a decidedly mixed response. The Federation of Small Businesses calculated that it is worth just 2p per kilowatt hour of
electricity to the average small business, which it says is not enough to be material to a business’s decision to close or not, despite that element of the scheme costing £2 billion of taxpayers’ money. The worst of all worlds would be a scheme that costs a large amount of money, while failing to improve the situation facing businesses in any significant way. Will the Secretary of State respond to that criticism and explain the Government’s thinking behind the design of that stage of the scheme?
The hon. Gentleman will know that UK gas wholesale prices—the forward price—peaked at £600 in August. I looked this morning before coming to the Dispatch Box, and it is currently at 136p per therm, which is a massive reduction. We are very much of the view that we must continue to provide support to business, on top of the £18 billion, which is why the Chancellor has announced up to another £5.5 billion. We also recognise that prices are lower now than they were before the invasion of Ukraine, so we will track the issue carefully and continue to provide that support to business.
As we heard from colleagues, energy prices are inextricably linked to our country’s competitiveness. Last week, Make UK published a survey of manufacturing businesses. That report was damning, with businesses saying that under the Conservatives they pay a premium for doing business in the UK. They can see that the political instability caused by this Government has driven investment away from Britain, and after three Prime Ministers, four Chancellors and three Business Secretaries last year, it is hard to disagree. Does the Secretary of State accept that the low investment the Conservatives have presided over is at the heart of our economic problems? What is he planning to do this year finally to change that?
As we heard from colleagues, energy prices are inextricably linked to our country’s competitiveness. Last week, Make UK published a survey of manufacturing businesses. That report was damning, with businesses saying that under the Conservatives they pay a premium for doing business in the UK. They can see that the political instability caused by this Government has driven investment away from Britain, and after three Prime Ministers, four Chancellors and three Business Secretaries last year, it is hard to disagree. Does the Secretary of State accept that the low investment the Conservatives have presided over is at the heart of our economic problems? What is he planning to do this year finally to change that?
No, I do not accept the hon. Gentleman’s analysis. He must recognise that in countries such as Germany, for example, where he is right to say that energy costs for business are lower, that cost is reflected in typically higher costs for domestic bills, and he would need to say whether he supports that. In addition, £18 billion is a huge amount of support. Taxpayers are having to pay that money, and it is a question of getting the right balance between the taxpayer and industry. I have already explained the ongoing support we will put in, in addition to the energy-intensive industry consultation that has already gone out, and we will say more about that shortly.