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I pay tribute to my hon. Friend for his work, as well as to Lord Moynihan, who has doggedly pursued this matter with the Government. My hon. Friend rightly points out that making additional regulations for the sake of it is not something that we as a Government would support,...
I pay tribute to my hon. Friend for his work, as well as to Lord Moynihan, who has doggedly pursued this matter with the Government. My hon. Friend rightly points out that making additional regulations for the sake of it is not something that we as a Government would support,...
Small businesses, particularly those in retail and hospitality, are directly affected by cost of living challenges coming from covid and the energy price spike from the Ukraine conflict. The Chancellor has, therefore, introduced a 75% business rate relief scheme in England, which is supporting businesses in England. Does my right hon. Friend the Secretary of State share my concern that that funding is not being used to the same degree in Wales, and that business rates in Wales are only being relieved at a rate of 40%, so businesses are paying more in tax?
Small businesses, particularly those in retail and hospitality, are directly affected by cost of living challenges coming from covid and the energy price spike from the Ukraine conflict. The Chancellor has, therefore, introduced a 75% business rate relief scheme in England, which is supporting businesses in England. Does my right hon. Friend the Secretary of State share my concern that that funding is not being used to the same degree in Wales, and that business rates in Wales are only being relieved at a rate of 40%, so businesses are paying more in tax?
My right hon. Friend is absolutely right. The UK Government made certain that the money for the business rate discount was passed on to the Welsh Labour Government, but instead of passing it on to the pubs, restaurants and small businesses that are so vital to communities in Wales, they have decided to spend it on other matters, such as the one they are voting on today. As a result, the average pub in Wales is paying thousands more in business rates than a pub just across the border in England. That is absolutely scandalous, and I urge the Welsh Labour Government to think about where their priorities are.
To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the impact of his Department's funding for Pub Is The Hub on local communities.
To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the impact of his Department's funding for Pub Is The Hub on local communities.
The Government recognises the important role of support organisations such as Pub is The Hub in helping local communities create and maintain vital community assets. Pub is The Hub has received funding from the department previously and their work demonstrates the wider role which pubs can play in running local services, nurturing community relationships, and helping communities to thrive socially and economically.
To ask the Secretary of State for Business and Trade, if she will make an assessment of the potential merits of calling on the Investment Association to amend its principles of remuneration to provide greater flexibility for the dilution of equity in favour of employees in fast growing businesses.
To ask the Secretary of State for Business and Trade, if she will make an assessment of the potential merits of calling on the Investment Association to amend its principles of remuneration to provide greater flexibility for the dilution of equity in favour of employees in fast growing businesses.
The Government welcomes the Investment Association’s commitment to review and update its Principles of Remuneration later this year, and its stated objectives to simplify the Principles and ensure that they help support a competitive UK listing environment alongside promoting the right outcomes for shareholders.
To ask the Secretary of State for Business and Trade, if she will make an assessment of the potential impact of restrictions on equity dilution on the capacity of fast growing companies to recruit.
To ask the Secretary of State for Business and Trade, if she will make an assessment of the potential impact of restrictions on equity dilution on the capacity of fast growing companies to recruit.
Share awards can provide an important recruitment incentive and help align employee interests with those of the company. UK company law permits the allotment of shares for employee share schemes without applying the pre-emption provisions that otherwise require newly issued shares to be offered to existing shareholders first to avoid equity dilution. The Financial Conduct Authority’s Listing Rules require shareholder approval of employee share schemes while allowing companies in unusual circumstances to allot shares to retain or recruit a director without such prior approval.
To ask the Chancellor of the Exchequer, when his Department plans to respond to the consultation entitled Stamp Taxes on Shares modernisation, published on 27 April 2023.
To ask the Chancellor of the Exchequer, when his Department plans to respond to the consultation entitled Stamp Taxes on Shares modernisation, published on 27 April 2023.
HM Revenue and Customs issued the consultation in question and is currently working on the summary of responses, which will be published in due course.
My right hon. Friend is well aware that the Chancellor has extended business rate relief at the rate of 75% here in England, but of course the Welsh Government are refusing to pass that money on to small businesses in Barry and Cowbridge in my constituency. Does he not think it completely unfair that a business in Bristol or Cornwall will pay a lot less in business rates than a business in Barry or Cowbridge?
My right hon. Friend is well aware that the Chancellor has extended business rate relief at the rate of 75% here in England, but of course the Welsh Government are refusing to pass that money on to small businesses in Barry and Cowbridge in my constituency. Does he not think it completely unfair that a business in Bristol or Cornwall will pay a lot less in business rates than a business in Barry or Cowbridge?
My right hon. Friend is absolutely correct. It is extraordinary that the Welsh Labour Government, who are receiving this funding in order to support small businesses in Wales, are failing to pass it on. As a result, the average pub in Wales will pay more than £2,000 more in business rates than a pub in England. The Welsh Labour Government must do more to support small businesses in Wales.
To ask the Secretary of State for Energy Security and Net Zero, what assessment she has made of the adequacy of the additional support measures for industries covered by the UK Emissions Trading Scheme in ensuring the (a) environmental and (b) economic sustainability of Welsh industry.
To ask the Secretary of State for Energy Security and Net Zero, what assessment she has made of the adequacy of the additional support measures for industries covered by the UK Emissions Trading Scheme in ensuring the (a) environmental and (b) economic sustainability of Welsh industry.
The UK ETS Authority is committed to protect our industry, including those in Wales, from carbon leakage as our economy decarbonises which is why we give free allocations to businesses at risk of carbon leakage under the UK ETS.
We have guaranteed free allocations at current levels until 2026 and are now consulting on changes to better target free allocations at sectors most at risk of carbon leakage from 2026 whilst maintaining their decarbonisation incentive.
A Carbon Border Adjustment Mechanism will also be introduced by 2027 and will work cohesively with the UK ETS to mitigate the risk of carbon leakage.
To ask the Secretary of State for Energy Security and Net Zero, whether she has made an assessment of the potential implications for her Department’s policies of the recommendations in the report entitled Fixing the Carbon Leak published by the Commission for Carbon Competitiveness in July 2023.
To ask the Secretary of State for Energy Security and Net Zero, whether she has made an assessment of the potential implications for her Department’s policies of the recommendations in the report entitled Fixing the Carbon Leak published by the Commission for Carbon Competitiveness in July 2023.
The Government welcomed and noted the Commission’s report, which made recommendations on a UK carbon border adjustment mechanism (CBAM) and the UK Emissions Trading Scheme (UK ETS). In December 2023, the Government announced that it would implement a CBAM by 2027 and consult further on this in 2024.
In December 2023, the UK ETS Authority launched consultations on the approach to both free allocation and market policy, seeking views on how the Authority can best target support to industrial sectors at risk of carbon leakage and on market stability mechanisms, including the design of the cost containment mechanism.
To ask the Secretary of State for the Home Department, if he will make it his policy to ensure that the constraints placed on Departments by the Civil Service headcount cap will not have a negative impact on resourcing for the delivery of commitments made in the Economic Crime Plan.
To ask the Secretary of State for the Home Department, if he will make it his policy to ensure that the constraints placed on Departments by the Civil Service headcount cap will not have a negative impact on resourcing for the delivery of commitments made in the Economic Crime Plan.
Through the Spending Review and the new Economic Crime Levy we are providing additional funding to tackle Economic Crime of £400 million up to the end of 2024/25.
The headcount cap announced by the Chancellor applies to the overall size of the Civil Service, excluding the devolved administrations. Policing, including Regional Organised Crime Units (ROCUs) who are a major recipient of additional Economic Crime investment, are out of scope.
As part of the process, the Government will identify risks, and ensure this is implemented in a way which preserves frontline service delivery, business critical activity and key Government priorities.
This is not a recruitment freeze, but rather about stopping unchecked growth overall and moving towards a leaner and more efficient Civil Service workforce.
To ask the Secretary of State for Culture, Media and Sport, when she plans to advertise the role of S4C chair.
To ask the Secretary of State for Culture, Media and Sport, when she plans to advertise the role of S4C chair.
Preparations are being made to launch the process to appoint a new Chairman of S4C and the role will be advertised in due course. This will be a fair and open process, run in accordance with the Governance Code on Public Appointments.
To ask the Secretary of State for Culture, Media and Sport, what progress she has made in appointing an interim chair of S4C.
To ask the Secretary of State for Culture, Media and Sport, what progress she has made in appointing an interim chair of S4C.
An interim appointment will be announced in due course, following consultation with the S4C board and the Welsh Government. He or she will fulfil the role from 1 April, when Mr Williams steps down, until a new permanent Chairman is appointed. This is consistent with the S4C Board’s standing orders.
Q13
.
Alun Cairns (Vale of Glamorgan) (Con):
For 27 years, constituents across the Vale of Glamorgan and the whole of Wales sadly have had to wait longer to see a doctor, longer for an ambulance, longer at A&E, and longer for an operation than patients in England. There are 24,785 patients in Wales waiting longer than two years for an operation. The number in England is 227. Does my right hon. Friend agree that Aneurin Bevan will be turning in his grave over the fact that we cannot trust Labour with the NHS?
Q13
.
Alun Cairns (Vale of Glamorgan) (Con):
For 27 years, constituents across the Vale of Glamorgan and the whole of Wales sadly have had to wait longer to see a doctor, longer for an ambulance, longer at A&E, and longer for an operation than patients in England. There are 24,785 patients in Wales waiting longer than two years for an operation. The number in England is 227. Does my right hon. Friend agree that Aneurin Bevan will be turning in his grave over the fact that we cannot trust Labour with the NHS?
My right hon. Friend is absolutely right. Here in England we have a plan when it comes to education, where we are marching up the league tables, and we have virtually eliminated the longest waiting times, but in Labour-run Wales, as he said, education rates are falling and waiting lists over 18 months are more than 10 times higher than in England. It is crystal clear that we should stick to our plan for a brighter future and not go back to square one with Labour.
If he will list his official engagements for Wednesday 7 February.
If he will list his official engagements for Wednesday 7 February.
Motion that this House has considered the future of UK capital markets. Agreed to on question.
Motion that this House has considered the future of UK capital markets. Agreed to on question.
I beg to move,
That this House has considered the future of UK capital markets.
It is a great privilege to serve under your chairmanship, Ms Nokes. It is also a pleasure to propose this debate on the future of UK capital markets. I have raised this debate following engagement from stakeholders...
I beg to move,
That this House has considered the future of UK capital markets.
It is a great privilege to serve under your chairmanship, Ms Nokes. It is also a pleasure to propose this debate on the future of UK capital markets. I have raised this debate following engagement from stakeholders...
The hon. Member makes an extremely important point, and I will come on to it as I progress. He is right about the importance of standards. London’s reputation on standards is essential not only to London, but to every part of the United Kingdom and well beyond.
I was highlighting the...
The hon. Member makes an extremely important point, and I will come on to it as I progress. He is right about the importance of standards. London’s reputation on standards is essential not only to London, but to every part of the United Kingdom and well beyond.
I was highlighting the...
There is no question but that this is an extremely worrying time for families in Port Talbot and for the community at large. I know the community extremely well, and my father was a welder at the basic oxygen steelmaking plant in the steelworks for more than 30 years. Port...
There is no question but that this is an extremely worrying time for families in Port Talbot and for the community at large. I know the community extremely well, and my father was a welder at the basic oxygen steelmaking plant in the steelworks for more than 30 years. Port...
My right hon. Friend makes an extremely important point, and I strongly agree with him. That is the proactivity that the Government have sought to pursue. I should correct the record, by the way: it was in November 2019 that I went to Mumbai to meet Tata.
However, the reality is...
My right hon. Friend makes an extremely important point, and I strongly agree with him. That is the proactivity that the Government have sought to pursue. I should correct the record, by the way: it was in November 2019 that I went to Mumbai to meet Tata.
However, the reality is...
I did not have an opportunity to develop this in my speech, but would the hon. Lady and the Labour party support a development corporation to diversify the economy so that it is not so dependent on one industry and one company?
I did not have an opportunity to develop this in my speech, but would the hon. Lady and the Labour party support a development corporation to diversify the economy so that it is not so dependent on one industry and one company?