Tom Tugendhat

Backing Business to Create Economic Growth

It has been a pleasure to sit here for a number of hours and hear some views that are, frankly, special. Let me start with some of the factors that have been completely missed from not only this debate but the King’s Speech. I do not think the realisation in this place takes the reality of our situation very seriously. We are broke. We owe not only £2 trillion to the debt markets—which, I am afraid, despite orders to foreigners to hand over more money, we do not control—but £10 trillion to peopl

Backing Business to Create Economic Growth

I am delighted to hear that we will be working more closely with the European Union. As the hon. and learned Lady may know, my wife, being French, will be particularly pleased about that, but what will that mean for the agreement we have struck with the Pacific nations in the comprehensive and progressive agreement for trans-Pacific partnership, or the deal that we did with the Australians? Will the hon. and learned Lady be cancelling those deals as she focuses on the European Union, or will she

Backing Business to Create Economic Growth

Does my right hon. Friend not agree that we are seeing not only young people let down, but the deeply immoral act of people being kept on welfare? In five or 10 years’ time, people will have been on welfare for so long that they will not have any options. They will effectively have been left slaves of a state that has no concern for them. Nobody in this Chamber will have any power over how the welfare state will behave then, and those people will have no options. It will be the fault of this Hou

Backing Business to Create Economic Growth

I am grateful to my right hon. Friend—forgive me, I should not call him that; he will be embarrassed. I am grateful to the right hon. Member for his point about the steel industry. Understandably, he has chosen to support one particular aspect of the industry, the steelmaker, but at the expense of and to the cost of every other part of the industry—the steel consumers. How will he balance that and what provision will he make for those who will see steel prices rises because of his intervention?

Pension Schemes Bill

I am grateful to the Minister, because this is actually becoming a debate in the Chamber, which is so rare. The Minister is absolutely right, but the reason why I link the two is that the nature of defined-benefit removing assets from UK equity markets has led to much slower growth in the UK stock exchange. That means that the levels of return for UK equities are lower, so defined-contribution trustees do not invest so heavily in shares. We then have a knock-on effect: when pensions need to have

Pension Schemes Bill

I am grateful to the Minister for his words; it seems that we rather agree. I agree with him that the problem with the defined-benefits system is that it is addressing—let us be frank—an ageing demographic. There is, however, a challenge: because of those changes and the influence that has had on defined benefits, there has also been some influence—I would not overstate it—in the culture that has affected defined contributions, which are therefore overly bond asset-heavy, if you see what I mean,

Pension Schemes Bill

Not yet.

Pension Schemes Bill

One of the challenges with defined contribution schemes is that so many of them are parcelled out in much smaller volumes than one would like, and when one compares them with, for example, Canada or Australia, we see superfunds in certain countries and not in the UK. While the Minister is correct that this means slightly lower bias, it also means significantly less growth in the UK market, because there is less capital flowing. This is an argument for both young and old people. I know that the M

Pension Schemes Bill

I am grateful to be called to speak in this debate. Sadly, it reflects the interests of Members that so few of us are here for a debate about one of the most important elements affecting the future of our constituents, friends, neighbours and, in fact, ourselves. Pensions are rather more than just a savings scheme; they are the thread that binds generations. They are the remarkable invention of our ancestors, who found a way to make sure that the energy, innovation and force of the young could b

Strategic Defence Review: Funding

It is deeply unedifying to hear the Minister and others playing political games on a matter of national security. We can all look at the past; I can tell the Minister about the body armour that I had to give to somebody else for the invasion of Iraq because we did not have enough in 2003. I can point to the underfunding of helicopters; friends of mine were killed on operations in Afghanistan because of that underfunding. That was under Governments before his, but yes, they wore the same colour t

Middle East

May I quote the Prime Minister? He told us just a few moments ago that energy bills will “stay down until July”. He also correctly said that “we do not set the global price for oil and gas”. Is the Prime Minister making an enormous gamble on the energy price? How much money has he set aside in order to ensure that bills stay down even if prices rise? I am not sure if he is aware, but the last tanker to leave the strait of Hormuz and bring fuel to the UK docked only a few days ago. The last tanke

Water Supply and Housing Targets: West Kent

I understand that the Minister is talking about very short-term interventions, but this is about 13,000 homes over a period running up to 2042. I was not going to be partisan about it, but this has come about because of the removal of planning requirements from cities such as London and their imposition on areas such as west Kent. That is a Government decision, and they have a mandate to execute it. They and the Green party voted through the change of green belt into this imaginary grey belt—aga

Water Supply and Housing Targets: West Kent

I pay tribute to my hon. Friend for her comments, which I completely agree with. I am sure that they have generated enormous response to her current petition, which is at signhelenspetition.com, should you wish to sign it, Sir John. I understand that it will be increasingly popular at this time, and rightly so, given how badly areas of east Maidstone were affected during the water outages a few weeks ago. What I and my hon. Friend have said will be no doubt familiar to the Minister, who has been

Water Supply and Housing Targets: West Kent

It is no surprise to me that this issue applies across the whole of the United Kingdom. I very much welcome the hon. Gentleman’s intervention. One thing that the Government have not changed, but ought to change, is the position of water companies in planning. Somewhat strangely, water companies are statutory consultees on the local plan process, but not on planning applications. I invite the Minister in her response to explain whether she agrees that this is peculiar. There are four water supply

Water Supply and Housing Targets: West Kent

I beg to move, That this House has considered water supply and housing targets in west Kent. It is a pleasure to serve under your chairmanship, Sir John—not for the first time or, I certainly hope, the last. What is less pleasurable is having no water coming out of your taps. Sadly, that could be the reality for more than 13,000 new homes in Tonbridge and Malling if the Government get their way. Planning decisions in the community are, I think we would all agree, best left to local councillors.