12:35 Jeremy Hunt (Conservative)

In today’s autumn statement for growth our choice is not big government, high spending and high tax, because we know that that leads to less growth, not more. Instead, we reduce debt, cut taxes and reward work. We deliver world-class education, we build domestic sustainable energy, and we back British business with 110 growth measures. Do not worry; I am not going to go through them all— [ Interruption. ] Well, I will if you like! In summary, they remove planning red tape, speed up access to the national grid, support entrepreneurs raising capital, get behind our fastest-growing industries, unlock foreign direct investment, boost productivity, reform welfare, level up opportunity to every corner of the country, and cut business taxes.

International investors say that the biggest thing we could do for our advanced manufacturing and green energy sectors is announce a longer-term strategy for their industries, so with the Secretaries of State for Business and Trade and for Energy Security and Net Zero, I am today publishing those plans. I confirm that we will make available £4.5 billion of support over the five years to 2030 to attract investment into strategic manufacturing sectors. That includes: £2 billion of support for zero-emission investments in the automotive sector, which has been warmly welcomed by Nissan and Toyota; £975 million for aerospace, building on decades of success from firms such as Airbus and Rolls-Royce; and £520 million for life sciences, building on the strength of world-class British pharma companies such as AstraZeneca and GSK. We will also provide £960 million for the new green industries growth accelerator, focused on offshore wind; electricity networks; nuclear; carbon capture, utilisation and storage; and hydrogen. Those targeted investments will ensure that the UK remains competitive in sectors where we are already leaders, and innovative in sectors where we are not. Taken together, that support will attract an estimated £2 billion of additional investment across our fastest-growing innovation sectors every year over the next decade.

[Source]

13:27 Rachel Reeves (Labour)

We asked the Chancellor to invest in net zero. He made some announcements, but when we work down all his green investment plans and what he calls “green energy” we will find most of the money going into nuclear, the white elephant of the energy sector. [ Interruption. ] As my hon. Friend the Member for Kilmarnock and Loudoun (Alan Brown) says, it is an absolute shambles. We asked the Chancellor to match the £500 million energy transition fund for the north-east of Scotland, but he has chosen to ignore those opportunities, highlighting again why we need the full powers of independence in Scotland.

In the Scottish National party, our values lead us to want to alleviate poverty and strive to get rid of it altogether. We seek measures—now and in the future—to help people, and we are acting now, freezing council tax, investing in childcare and saying no to tuition fees. We are using limited powers to mitigate this nasty Tory Government’s cruel policies, such as the rape clause and the bedroom tax. We are keeping our water, our rail services and our NHS in public hands. We are not, like the Tories and Labour, holding the door open for private companies to rush in. We have previously stepped in where Westminster has failed to boost broadband coverage, to increase our renewables, and to champion the just transition.

Because if we want to get to net zero, we are going to have to have more renewable energy and, unfortunately for the hon. Gentleman and for me, there are days when the sun does not shine and the wind does not blow.

[Source]