13:34 Daisy Cooper (Liberal Democrat)

We Liberal Democrats want Britain to be one of the most attractive places in the world for business to invest. We want to see responsible, sustainable businesses investing in tackling the climate emergency and creating jobs, growth and wealth, some of which should be invested into our health, education and public services. I welcome the Government deciding to hold an international investment summit within their first 100 days. It sends an excellent signal to the world that UK plc is open for business, and we Liberal Democrats welcome and support that move.

It is an enormous relief that some of the dark days of the last Government are—I hope—behind us. We had the tweeting diplomacy of two former Prime Ministers, which made us look like a small country on the international stage. We had the half-baked Brexit deal, which has wrapped up small businesses in red tape and reams of paperwork. We had the rolling back on net zero and the flip-flopping fiasco on HS2, which created uncertainty, scared off investors and put the jobs of the future at risk. We also had the sheer incompetence of a Government who had forgotten how to negotiate. In my former role as my party’s health spokesperson, talking to some of the pharmaceutical companies involved in the voluntary scheme for branded medicines, pricing and access negotiations, it became patently clear that many were putting their investment abroad and not in this country. That investment was lost on the Conservatives’ watch.

To make it even worse, we know that in many parts of the country, where high streets are not in a good state, there are small businesses that want to invest in good environmental things. They want to invest in solar panels, insulation, ventilation and bike sheds—things that would be good for business and create a sense of community, tackle the climate emergency and improve the public realm. Yet if they invest in those things, their business rates can go up. That is absolutely nuts, and I urge all colleagues to get behind my call to make the upcoming Budget the final one in which business rates are a permanent feature.

My third point is about the climate jobs of the future. I know the UK Infrastructure Bank has been rebranded the National Wealth Fund, and has attracted £7.3 billion in funds already. I would be grateful if the Minister could confirm whether the new wealth fund will have an explicit remit to support the UK’s transition to net zero carbon emissions. Finally, it is no secret that Brexit has wrapped up our small businesses in red tape, and that they are dealing with reams of paperwork. We have to remove as many trade barriers to our small businesses as possible. I urge the Government to bring something forward on that front as soon as possible.

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14:04 Sean Woodcock (Labour)

Southill Solar farm on the edge of the Wychwood forest near Charlbury provides community owned power to 1,200 homes. That is another reason I am so passionate about this Government’s exciting agenda on renewable energy.

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14:33 Kanishka Narayan (Labour)

There is continuity not just in education but in energy, with Barry being the world’s powerhouse and the largest coal exporting port in this country, and indeed the largest in the world in 1913, and with Aberthaw not just one of the most advanced power plants of its time, but now the host of my and my constituents’ future dreams of a centre of excellence in green energy.

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14:44 Alan Gemmell (Labour)

Similarly, we are looking at GB Energy and this Government to drive further green investment in Ayrshire. We want to see parts of that green energy supply chain come to Ayrshire. We have a positive story to tell about transforming our coalfields into clean power fields, and we are proud to host our fair share of wind farms, which play a significant role in ensuring the Government meet their commitments to doubling onshore wind energy by 2030. We have also seen investment in companies such as XLCC, a subsea cable manufacturer, which has secured £87 million from the UK Infrastructure Bank to invest in the development of new subsea cable factories in the Scottish town of Hunterston, which was once home to nuclear power in Ayrshire. That industry is now on the way out, because of the failed policies of the SNP, which include a nuclear-free Scotland relying on English nuclear. I note that, once again, SNP Members are not in the Chamber in an important debate for Scotland’s economy. When Torness in Scotland stops generating, and if no replacement capacity is built, the power generated in England when there is low wind output—as on Monday this week, for example—will be needed to maintain supply in Scotland, and it will be significantly based on nuclear energy.

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14:50 Tom Hayes (Labour)

I start by noting that we have on the Government Front Bench two Ministers who split their time between Departments. One is at the Treasury and the Department for Work and Pensions, and the other is at the Department for Energy Security and Net Zero and the Department for Business and Trade. That just goes to show that we have a joined-up, mission-led Government who are trying to move away from working in silos and to have a shared ambition, and that is to be commended.

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14:56 Gareth Davies (Conservative)

The most recent official figures show that the UK ranked second only to the United States for greenfield FDI overall, while leading the world in investment into our renewables sector. That is one of the reasons why we have achieved the fastest decarbonisation of any developed country in the world, and we should be proud of that. That is down not just to those who are elected but to officials who work day in, day out to support Governments: those in the Office for Investment, the Treasury, the Department for Business and Trade, and the Foreign, Commonwealth and Development Office, and our many trade commissioners, who help drive our efforts to attract significant pools of investment capital from across the world.

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15:04 Sarah Jones (Labour)

However, in just 100 days this Government have already laid down the blueprint for 10 years of growth through our biggest and most innovative sectors; secured £63 billion in new investments that underline our potential as a world leader in renewable energy, life sciences, technology and clean growth; and brought forward a raft of reforms to create a happier, more secure and more productive workforce.

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