I am pleased to announce that since I last addressed the House we have committed £37 billion, along with our friends in the Treasury, to support the most vulnerable households with the cost of living. We have managed to attract substantial new investments across the piece in new technologies, and we continue to focus on energy, to ensure that it is sustainable, affordable and, above all, secure in the coming months.
Semiconductors are an unbelievably important strategic asset to this country, and I commend the Secretary of State for calling in the acquisition of Newport Wafer Fab, which is our largest producer of semiconductors and an important innovator of compound semiconductors. That is exactly what the National Security and Investment Act 2021 was designed to do. Will he update the House on his next steps?
My hon. Friend will know that the NSI Act, which came into scope at the beginning of this year, gives me as Secretary of State powers to call in transactions that I feel are detrimental to national security. After long consideration and weighing up all the evidence, Newport Wafer Fab was, I think rightly, deemed to be such a transaction.
If a chair or chief executive of a FTSE 100 company presided over a culture of rule breaking, broke the law themselves and then said that they would do it again, would that person have the Business Secretary’s support, or would he demand better standards than that in public life?
I think that we deserve and are all well placed and right to demand the highest standards in any profession across any position and in any institution.
I agree, but if the Business Secretary believes that integrity and honesty are important in all walks of life, he should have voted against the Prime Minister last night.
I welcome the Government’s U-turn on a windfall tax, but yet again they say one thing and do another. There is uncertainty about who the tax will apply to, and there is worry that the chaotic nature of the announcement could perversely incentivise investment in fossil fuels over renewables. Uncertainty and botched announcements are a feature of the Government, which is one reason why business investment has been so poor under the Conservatives. When will the Business Secretary offer certainty to businesses on who exactly the Government intend to apply the tax to?
The hon. Member will know that issues relating to taxation are a matter for my right hon. Friend the Chancellor of the Exchequer. As far as the hon. Member’s windfall tax is concerned, I have always been opposed to such taxes on principle, and I continue to be opposed. I hope that this energy profits levy does not discourage investment; actually, it has features that do attract greater investment.
T2. I am sure that Ministers will join me in congratulating a Royal Mail depot in my constituency that has moved its fleet to electric vehicles. However, that does place a lot of demand on the system, so will Ministers ensure that, when formulating policy, industrial estates, for example, have sufficient electricity to enable even more of them to change to electric vehicles?
I know of my hon. Friend’s ongoing interest in all matters in relation to energy, and he makes an important point about big energy users such as the Royal Mail planning and ensuring that they are efficient and robust for the future. I will ensure that his point on industrial estates is reflected back to our Department, to the Department for Levelling Up, Housing and Communities and to other relevant Departments.
T3. I have heard from constituents in West Derby how the use of fire and rehire tactics by employers such as British Gas and British Airways put them in unbearable situations during the pandemic. Shamefully, in the middle of a cost of living crisis, we see many rogue employers across all sectors utilising those immoral practices on a daily basis to drive people into poverty. As my hon. Friend the Member for West Lancashire (Rosie Cooper) made clear, we need employment legislation now and the outright outlawing of the despicable practice of fire and rehire. Can the Minister justify why workers should accept anything less from the Government?
Later this year, the hon. Gentleman will see an effective code that will penalise the most egregious cases of fire and rehire and hit those companies in the pocket. That is an effective way of banning those egregious situations without disallowing the flexibility that some employers need in times of trouble.
Ben Everitt (Milton Keynes North) (Con)
T6. Mr Speaker, you will know as well as I do that Milton Keynes has a rich history of science and innovation that goes well beyond me banging on about robots in this place. I was pleased to see the historic settlement for the UK Research and Innovation fund last month. Does my hon. Friend agree that places such as Milton Keynes with such a history of innovation should get a fair share of that funding?
Milton Keynes has been slowly becoming a globally recognised innovation hub on the Oxford-Cambridge arc, particularly on autonomous vehicles and with the connected places catapult. May I take this opportunity to congratulate my hon. Friend and Milton Keynes on achieving city status as part of the jubilee celebrations? I assure him that our funding allocation mechanism is designed to support emerging clusters such as Milton Keynes.
T4. What is the Department doing, working with the Department of Health and Social Care, to improve the recovery of cancer trials and clinical research more broadly? Will the Minister meet me and Cancer Research UK to discuss how the rate of recovery can catch up with comparable countries post pandemic?
I would be delighted to meet the hon. Lady. We have allocated £8 billion over the next three years for life science and medical research across the Medical Research Council, the National Institute for Health and Care Research, and all relevant agencies. We will launch a cancer mission shortly and I would be delighted to talk to her about it.
T7. I declare an interest as the chairman of the all-party parliamentary markets group. The “Love Your Local Market” campaign, supported by many Members across the House, has just come to an end. Does my hon. Friend agree that local markets and traders are a vital part of the local business community and make a huge economic contribution to the health of our high streets and the regeneration of our city and town centres?
I congratulate my hon. Friend on his work and interest. We absolutely recognise the contribution that markets make to the vibrancy and diversity of our high streets up and down the country, and indeed of our town centres. We believe that local markets should stay at the heart of community life, and we want them to flourish all over the country.
T5. Insect protein is likely to play a significant part in meeting the needs of the agri-food industry and it can certainly address some of the sector’s climate impacts, but it needs the right support. Brexit and supply chain issues have caused major chaos for the industry. Will the Minister meet me to discuss how to support the industry and, more importantly, how to protect the really highly skilled jobs it supports?