Let me begin by drawing attention to my entry in the Register of Members’ Financial Interests, not because I believe there is a conflict, but because it illustrates the fact that I am one of those sadly rare individuals in the House who have spent the last 30 years owning and building a business. Hopefully, it also illustrates that I know whereof I speak. I sincerely wish, on behalf of my...
That is a very good way of putting it. The other way of putting it is to say that there is a huge attempt to gaslight the country and, I am afraid, Labour Members about what is actually being proposed. Let me give another example. We are told that the Government are trying to encourage business investment, yet the Blue Book contains a £1.5 billion reduction in incentives for business...
My hon. Friend is exactly right. It is worth remembering that if we had not gone through a period of austerity post the financial crash and the mess that we inherited, we would not have been able to rescue the economy during covid. We would not have had the headroom that allowed us to re-leverage the country in emergency circumstances. I wish that we now had the same foresight. Paragraph 3.13...
The hon. Lady raises a very good point, which I will come on to shortly. All of this points to the fact that, let us be honest, this is not actually a Budget about growth. I only left the Chamber for half an hour to have a cup of tea, and all the speeches that I have heard from those on the other side of the House—the “far left” side, or whatever it might be—have been about...
I will not give way, because I am running out of time. People rushed to fill the void, and we saw a bump in growth in the first half of the year, but since then it has been tailing off. We have to focus on the fact that frictional taxes do enormous damage. Finally, we are at the bottom of an ellipse in human achievement, particularly in this country. If we do not get capitalism right in the...
I get the example that the Minister talks about, but I think he misunderstands or perhaps misappreciates how the retail investor thinks. They do not necessarily think, “If I put £1,000 in now, in 20 years’ time it will be worth this.” They think, “If I put £1,000 in now, what is my return going to be next year? What is my running return going to be?” And it will be a percentage...
I agree with the hon. Gentleman’s views about mandation, as the Minister knows, but would he care to comment on its impact on the appetite for risk? We have learned from my right hon. Friend the Member for Salisbury (John Glen) that since the change in taxation, the general trend in pension funds has been for managers to de-risk and to go into passive funds. If they do so, no one can...
My right hon. Friend makes an interesting point about the change from defined benefit to defined contribution and the impact of the taxation changes that brought that about. Would he care to comment on whether he sees that as part of an unwitting repricing of the return on risk, which has impacted not only on pension funds, but more widely? He said that pension fund investment in the market...
To ask the Secretary of State for Health and Social Care, whether his Department plans to align medicines spending growth with NHS budget growth in real terms.
To ask the Secretary of State for Health and Social Care, whether he has made an assessment of the potential impact of the (a) voluntary scheme for branded medicines pricing, access and growth and (b) statutory scheme payment rates on attracting pharmaceutical companies to invest in (i) clinical trials, (ii) research and development and (iii) manufacturing.
To ask the Secretary of State for Energy Security and Net Zero, pursuant to the Answers of 12 March 2025 to Questions (a) 35320, (b) 35322 and (c) 35324, what assessment he has made of the potential merits of working with UK-based manufacturers of ammonia cracking technologies.
To ask the Secretary of State for Energy Security and Net Zero, pursuant to the Answer of 12 March 2025 to Question 35323 on Alternative Fuels: Ammonia, whether he has considered using imported ammonia to expand the domestic production of hydrogen (a) through Hydrogen Allocation Round 3 and (b) more broadly in the development of the hydrogen market in the period to 2030.
To ask the Secretary of State for Energy Security and Net Zero, pursuant to the Answers of 12 March 2025 Questions (a) 35320 and (b) 35322 on Alternative Fuels: Ammonia, whether he has considered domestic ammonia storage for on-demand ammonia cracking and deployment, in the context of (i) his Department’s assessment of the potential role of low carbon ammonia in a diversified energy mix and...
To ask the Secretary of State for Energy Security and Net Zero, pursuant to the Answers of 12 March 2025 to Questions (a) 35320, (b) 35322 and (c) 35324, what was the date of the most recent official meeting between ministers from his Department and ministers from (a) the Department for Transport and (b) the Department for Business and Trade to discuss policies for developing the UK ammonia...
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 12 March 2025 to Question 35325 on Ammonia: Exports, which countries his Department has identified as the strongest markets for exports of ammonia cracking technologies; and what steps his Department is taking to help introduce UK companies to potential customers in these markets.
To ask the Secretary of State for Business and Trade, what assessment he has made of the international export potential of UK manufacturers of ammonia cracking technology.
