19:01 Jeremy Lefroy (Stafford) (Con)

As one of the major challenges the world currently faces, alongside climate change and the environment, is the creation of jobs and livelihoods, particularly for young people, a development bank is needed more than ever. The World Bank estimates that at least 600 million jobs need to be created in the next 10 or so years globally; my estimate is that well over 1 billion new jobs are needed. It is estimated that the population of sub-Saharan Africa will double between now and 2060, to 2.4 billion. If we do not tackle the question of economic development and livelihood-creation around the world and support countries to ensure that their young people have opportunities there, the migration crisis of 2015 onwards will be chicken feed compared with what we will see in future. That is of huge relevance to those young people who are forced to take perilous journeys, and also of great concern to nations in Europe, such as the UK, and elsewhere which will be forced to countenance huge migration on a scale we have not yet seen even in the last few years. This is not a theoretical question of whether it would be nice to have such an institution; it is absolutely fundamental for the development of major public and private projects in the United Kingdom and internationally that we establish a UK development bank, and the sooner the better.

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