18:55 Sir Hugo Swire (East Devon) (Con)

I would like us to engage with the neglected markets of Latin America. I would like British companies to take advantage of China’s one belt system. My hon. Friend the Member for Wealden (Ms Ghani) referred to scholarships, and we should boost the Chevening, Marshall and Commonwealth scholarship programmes, possibly bringing them together as one scholarship programme. We can continue to lead on climate change and on protecting vulnerable states—

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19:46 Colin Clark (Gordon) (Con)

Transferable tax history for the oil and gas industry could be a game-changer. Those who depend on oil and gas for their livelihoods will be celebrating. They are not the fat cats portrayed by the Labour party, and they are all too often overtaxed by the Scottish Government. Decommissioning is tax deductible, so the measure is transformative. The relief is from November 2018. I have spent my entire working life immersed in corporate finance, so I know that getting this right is very important. The Treasury must be commended for not acting too quickly. The industry has turned around its record on safety and the environment, and it is important that we recognise our continued dependency on the oil and gas industry because it is playing its part in decarbonising the UK and the rest of the world. Oil will also continue to dominate transport.

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20:48 Sarah Jones (Labour)

To sum up, the challenges we face, from artificial intelligence to an ageing population, from climate change to Brexit, are serious, but unless we get the foundations in place to improve our productivity, we will not stand a chance.

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21:40 Barry Gardiner (Labour)

Disaster relief is not the answer to climate change, which is one of the central challenges facing the international community. With the UN climate conference having just finished in Bonn, the opportunity provided by the Budget should have been used to make key policy announcements on policies that would mitigate climate change. Instead, we find that there will be no new low-carbon electricity levies until 2025, and there is nothing for renewables or investment in domestic energy efficiency, or for the necessary transformation of our grid structures to bring on new localised production, microgeneration and supply. Instead, there is a clean growth plan—six years late—that will not even meet the target set in the fourth carbon budget, never mind the fifth carbon budget.

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