Liam Byrne

Topical Questions

The Committee is meeting steel makers later today and will supply the Government with its advice from that, but I want to raise the automotive sector. We are not going to double automotive production in the way the Secretary of State wants unless we fundamentally reform the zero emission vehicle mandate. Auto makers are subsidising sales by £5 billion a year. They are transferring money to state-subsidised players, such as BYD, and battery costs have not fallen. Will the Secretary of State bring

Costs for Motorists

Thank you for facilitating the urgent question, Mr Speaker. I welcome the announcements on fuel duty, but I did not hear the Chief Secretary say anything about remedies for the new costs on drivers of electric vehicles. Those new costs, imposed at the last Budget, are suppressing demand for electric vehicles to such an extent that UK automakers are having to subsidise demand by £5 billion a year. That is imperilling their future and imperilling the target of doubling automotive production by 203

Steel Industry (Nationalisation) Bill

The hon. Gentleman makes an excellent point that I am about to come on to. My point, I suppose, is that there is a case for this Bill. I think it is actually quite important, and the powers that it confers are also important, but if we are to get value for money from it, there have to be five other components, which I will come on to now. The second area is lower energy costs. The British industrial competitiveness scheme is welcome, but it does not come online until 2027. Steelmakers, like much

Steel Industry (Nationalisation) Bill

I will be very quick, because I know that colleagues are keen to get in. I am going to speak against the amendment and in support of the Bill for the simple reason that a speech such as the one we have just heard from the shadow Minister may have just about cut the mustard five or six years ago, but it certainly does not work today in a world of weaponised interdependence. It does not work in a world where President Trump is back in the White House or where President Xi is prosecuting the sixth

Pension Schemes Bill

I can advance only my own analysis of what will be needed. Indeed, it is part of a wider Business and Trade Committee inquiry, which will produce a report in a couple of weeks, on how we transform the investment environment. The reality is that there is a shared ambition on both sides of the House to ensure that we fix this long-standing paradox. My judgment is that the measures the Minister is proposing are essential if we are to deliver on that by the early 2030s. It is just not good enough to

Pension Schemes Bill

I am grateful for that intervention, because the hon. Lady made my second point for me. It is just not good enough to will the ends and not the means. The reality is that, after all the heroic work of the former Conservative Chancellor, built on ably by the current Chancellor of the Exchequer to advance the Mansion House accord and the Sterling 20, the repatriation of long-term savings into our country is going at a snail’s pace. If we want to deliver it by a timetable on which we are both agree

Pension Schemes Bill

I rise to say a couple of things in support of the Minister, who not only has done a heroic job in laying out the intellectual architecture for the legislation before he got to the House, but is so expertly steering it through the House. I wish him all the very best this afternoon in finishing the job. I want to make three points. First, the measures that the Minister has set out are essential if we are to pursue the long-term interests of pension savers in this country. It is in their fundament

Pension Schemes Bill

I congratulate my hon. Friend on stewarding the Bill with such expertise, and I very much hope that the cultural change that he is hoping for sticks and that we do not just get an unwinding of the repatriation of UK investment. A necessary corollary of what he is proposing is a fiduciary duty and a fiduciary code that give pension fund trustees real clarity in investing in a wide range of investments that are good for the long-term health of the savings they are stewarding. It was unfortunate th

Topical Questions

The Select Committee recently flagged that small businesses in our country now face pandemic-level pressures. In April, standing charges for energy are set to rise by 60%, with no price cap protection. Now, soaring oil and gas prices threaten to be the final straw for thousands of SMEs. Will the Secretary of State make an urgent assessment of the risk of soaring energy prices, and give a clear account of how we will keep the SMEs that keep this country running in business?