Tag: Andrea Leadsom

The comments made by Andrea Leadsom, the then Economic Secretary to the Treasury, on 25 July 2014.

I can confirm today that we have sold our holding of Tier 1 notes, issued by Virgin Money for £154.5 million. This represents good value for the taxpayer and the money will be used to reduce the national debt.

This is another step in the government’s long term economic plan to deliver a more secure and resilient economy. It is another step in repairing the banks, in reducing our national debt and in getting the taxpayer’s money back.

The comments made by Andrea Leadsom, the then Economic Secretary to the Treasury, on 24 June 2014.

This initiative has the potential to make a real difference to customers and competition. By helping customers get a much better understanding –for the first time – of how they are spending their money, and which is the best product for them. And I am delighted to confirm that the format has now been agreed, and the service will be available to customers by the end of the financial year.

Current account holders will be able to download a year’s worth of their transactions in a single file, which they will then be able to use in online comparison tools.

The speech made by Andrea Leadsom, the then Economic Secretary to the Treasury, on 24 June 2014.

Good afternoon, and thank you Anthony Browne for that kind introduction.

It’s a great pleasure to come and speak at the BBA (British Banker’s Association) today as Economic Secretary.

As some of you may know, I came into this post with a long history of interest in your sector.

I’ve spent the last four years on the Treasury Select Committee.

And the previous 25 – prior to becoming an MP – working in the financial sector.

Where my last role was Head of Corporate Governance and Senior Investment Officer at Invesco Perpetual.

In fact, I was in that position back in 2007 when we saw the near collapse of the global – and UK – financial system.

And despite seven years having past since.

So significant were those events.

And the resulting fallout, which is still echoing now.

That it’s still almost impossible to talk about our financial sector without talking about the financial crisis –

But today, I’m going to give it a go.

Because whilst we cannot – and must not – forget about the past.

And while we need to be aware that there is still more to be done to repair the damage left.

Today, I want to focus on the future.

And it’s a future that we should be excited about.

As a country, where our economic measures are taking hold and growth is returning.

But also as a global centre for financial services.

Where the UK is delivering exciting new technologies and products to benefit people and businesses.

The way that banks are talked about today is often based around the subject of social responsibility.

Their responsibility to support UK businesses.

To give people a fair deal.

Certainly to make up for the damage done by the financial crisis.

Which is – of course – absolutely right.

But as we all know, banks themselves are – like other industries – commercial, private sector businesses that need to make money.

And there’s nothing wrong with that.

In fact, making profit is key for economic growth.

And in securing a strong future for our children and grandchildren.

So you will always hear me speaking up for profitable businesses!

But as with all business, it’s essential to remember that most fundamental principle of commerce:

That the customer is king!

When that principle is forgotten, that’s when things go wrong.

As Adam Smith said so long ago in The Wealth of Nations;

Free enterprise makes us all wealthier.

But free enterprise requires ‘free entry’ and ‘free exit’ of market players.

And that’s why over the last few years we’ve focussed huge effort on enabling ‘free exit’.

By addressing too big to fail in the banking system.

But we are also putting a great focus on ‘free entry’ of new players.

And that means making it much easier to set up a bank.

And much easier to gain market share.

In short – much more competition!

So the reforms this government is making to financial services.

Are as much about competition as they are about safety, and stability.

While a safe financial sector is absolutely essential.

It isn’t enough –

We need real competition between banking service providers.

Where customers can be won and lost.

And where firms have to offer the best services and products to be successful.

Creating the right foundation for this – as you’ll know – has required some pretty fundamental changes by government.

We’ve created a new Payments Systems Regulator to look at longstanding competition issues –

You can’t be a bank without payments.

And you can’t compete with banks without payments.

So access to these systems needs to be fair.

We’ve given both of the new financial services regulators formal competition objectives to make sure competition is ingrained into regulation.

And there have already been some big pro-competition changes on this front.

Like the steps that have been taken by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to lower the regulatory barriers that prevent new banks getting started.

These do look to be having a big impact.

The FCA and PRA are currently talking to around 25 potential new banks.

And we have newer banks already offering more choice on the high street.

TSB has re-launched as a new bank
Tesco Bank have just entered the current account market
Virgin Money has said they will be offering current account products this year
Metro Bank seem to be opening new branches by the day
On top of that we’ve got alternative lenders, like Platform Black, and Funding Circle.

And payments providers like TransferWise.

All of which is great news for consumers.

Because it means more choice and more competition both now and in the future.

There are also the ongoing industry inventions that are giving customers a better experience.

Like the new seven-day current account switching service.

Which the industry delivered in an ambitious two years.

And it’s a credit to all of you that it went live on time and to spec.

That switching service has made a huge difference to the ease with which customers can move their account.

Which is – of course – great news for competition.

Now it’s no secret that I’m a strong a supporter of account number portability.

I think such a system could bring significant additional benefits for bank customers.

Perhaps you don’t agree?

But the good news – for me anyway – is that the Financial Conduct Authority (FCA) are going to be looking at this issue in detail, starting in a few months time.

So we will hopefully get some real answers on some of the uncertainties that surround this subject.

Like how much it would cost.

And the benefits beyond just switching.

Then there is the new mobile banking payments service Paym –

Which lets people pay each other using their mobile phone number.

That’s a great convenience, and I hope all banks will offer the service.

Paying your share of the taxi ride home when your friend is the only one with cash will certainly be a lot less hassle.

Although I have to say.

As a user of Barclays excellent new app Pingit.

I did say to Anthony Jenkins the other day that.

Since he kindly introduced me to the app.

I will be sending him the bill.

Because my teenage son seems to text me at least once a day asking me to ping him money for something!

Soon too, the government will also be legislating for cheque imaging.

Which will see customers paying in their cheques using their smart phones.

Yet another thing that people will be able to do on their phones on top of reading emails, playing Flappy Bird, and chatting on WhatsApp!

That’s the benefit of my two younger children keeping me in touch with the latest trends!

The need for competition and innovation is, of course, vital for businesses as well.

And the government has been working hard to ensure that smaller businesses.

Are getting the finance they need to grow and create jobs.

The good news is that this is another area where there is a lot of innovation taking place in the UK.

With new forms of finance – and high-tech solutions– being developed all the time.

So the government is making sure we do what we can to support financial technology companies.

And our growing crowd-funding and peer-2-peer lending industries.

We’re legislating to ensure alternative lenders can access important credit data on smaller businesses.

Which will help level the playing field by making it easier for smaller businesses to get a loan from lenders other than their bank;

We’re also looking at proposals to help smaller businesses that get rejected for finance, be linked up with other lenders.

And it is great to the see work the industry has been doing with Professor Russel Griggs and his team.

To ensure the right processes and information are in place for businesses to appeal when they are rejected for borrowing.

The latest report on his work came out just recently.

And showed that it has already led to over £40 million in additional lending over the past three years.

The new Business Banking Insight Survey.

That allows businesses to see how lenders have been ranked on the products and services they provide.

Is also a welcome development.

And these measures build on big interventions that have been made to support business lending.

Such as the Funding for Lending Scheme.

And the creation of a new British Business Bank.

Now, I want to make one important announcement today.

At Budget this year, the six largest current account providers made a commitment.

To give their customers portable current account information in an industry standard format that can be plugged into comparison tools.

Right now, it’s far too hard for people to compare the deal they get with personal current accounts.

Because the way these products work are so dependent on the way we use them.

So this new commitment to create a system called Midata has the potential to put more control into the hands of customers.

By helping people get a much better understanding – for the first time – of how they are spending their money.

And which is the best product for them.

I‘m delighted to confirm today that the format has now been agreed.

And that the service will be available to customers by the end of the financial year.

Account holders will be able to download a year’s worth of transactions in a single file.

And comparison tool providers are already looking to create online tools that use the information.

This is an excellent innovation, and one that I hope will truly transform the current account market.

Read the news story, ‘Online current account comparison moves a step closer’

So it is right that we look to the future.

And it is right that we are optimistic.

The changes and the innovations that you are making as an industry –

Demonstrate – I believe – that banking services are moving in the right direction.

Towards a greater focus on the customer experience and on offering a more transparent and competitive service.

And I hope that as an industry, you will continue to commit to what is needed.

To create a better financial services sector for businesses and for people.

Let me assure you that this government will continue to do all it can in pursuit of that worthy ambition.

Thank you.

The comments made by Andrea Leadsom, the then Economic Secretary to the Treasury, on 30 May 2014.

I am delighted to announce that Christine Farnish has agreed to lead the independent review of the Money Advice Service. She brings with her a wealth of knowledge and understanding of consumer needs, along with experience in industry and a strong operational track record.

A key part of the government’s long term economic plan is ensuring consumers have access to high-quality financial education and advice.

Below is the text of the personal statement made by Andrea Leadsom, the Conservative MP for South Northamptonshire, in the House of Commons on 4 March 2020.

I want to use this personal statement to place on record what an incredible job this is, and to encourage others, particularly women, who are thinking about public service that they really can make a positive difference.

Since 2010, we have lived through three general elections and three referendums, and I have worked for three different Prime Ministers and even had two tilts at the top job myself. During that time, we have learned a lot. First, there is the value of a punchy catchphrase, from “long-term economic plan”—remember that?—to “take back control” and “get Brexit done”, or as we like to say, “got Brexit done.” But it is the action behind those words that has given us the highest employment there has ever been, a superb Conservative majority, and a free and independent United Kingdom.

I have also learned the value of knowing exactly what you are voting for. For example, colleagues, if your Whip tells you, as a newbie MP, to go through the Aye Lobby and vote for something called the Fixed-term Parliaments Act, just say no. The House has learned a lot about “Erskine May”, from the precise meaning of “forthwith” to the specific purpose of Standing Order No. 24, and even how a Speaker should vote in the event of a tie. But the key lesson for me has been the importance of focusing on your beliefs and behaving with honour whatever the cost. When I arrived in this place, bright eyed and bushy tailed if not strictly youthful after 25 years in finance, my ambitions were for what I called my three Bs: Brussels, banks and babies.

Brussels, or Brexit, started out as an enthusiastic attempt to reform the EU from inside. I set up the Fresh Start project with my hon. Friend the Member for Daventry (Chris Heaton-Harris) and my right hon. Friend the Member for Camborne and Redruth (George Eustice), with support from 200 colleagues. We set out the case for EU reform, but it soon became clear that that was not on offer, and the rest is history.

That time coincided with my first ever rebellion against a three-line Whip, as one of 81 Conservatives to vote for a referendum on EU membership, leading to media speculation that I had told the Chancellor, George Osborne, to—if you will forgive me, Mr Speaker—“eff off”. Well, I can assure you that there is only one person to whom I might be tempted to provide such frank advice, and that would not include any former or current Chancellor, and certainly not any current Speaker. [Laughter.]

My second B, banks, was a personal mission after seeing the damage done by the financial crisis and Labour’s lack of oversight. As a new MP elected to the Treasury Committee, I could hold the banks to account over LIBOR rigging, stop their plans to scrap chequebooks and challenge our brand new rock star Bank of England Governor, as he was described at the time, over quantitative easing and the euro crisis.​

City Minister was my first job in David Cameron’s Government, working to introduce new pensions freedoms, setting out the ring-fence for banking groups, arranging for the Post Office to provide banking services on the high street, and recovering over £1 billion from the Icelandic Government after the bail-out of Icesave.

After David Cameron’s excellent win in 2015, I was moved to Energy. With my good friend Amber Rudd as Secretary of State, we rebalanced the needs of the fuel poor with speedy growth in renewables, we announced that coal would come off the grid entirely by 2025, and we kept the lights on through one of the tightest winter energy margins ever. And that was the year of Paris COP21. It is a real source of pride to have joined that global effort to tackle climate change. I wish my right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy huge success as COP president when the UK plays host later this year.

The result of the EU referendum in June 2016 is right up there with England winning the rugby world cup 16 years ago and with the look on John Bercow’s face when I told him to apologise for calling me a stupid woman, but it is a bit behind the happiness of my wedding day. Not surprisingly, the leadership election that followed is also forever etched in my memory. My own part in Brexit was always about doing what I thought was best for the UK. Whatever has been said about it, my decision to withdraw from the final two was to give the country the urgent certainty it needed. I am tempted to say something about a mother, but I am just not going there.

As the new Environment Secretary in 2016, it was amazing to set up the huge Brexit project in the Department to deliver for farmers and fishing communities the bright future they were promised, to develop the 25-year environment plan, to ban the sale of modern ivory, to create the first ever litter strategy and to introduce CCTV in slaughterhouses. Those are just a few of the highlights.

Throughout the time I spent in her Cabinet, I fully supported my right hon. Friend the Member for Maidenhead (Mrs May) in her determination that Brexit should mean Brexit. During my two years as Leader of the House of Commons after the 2017 election, the challenges of a hung Parliament were so evident right from day one. Delivering pizza was hard enough; delivering Brexit proved nigh on impossible. In spite of that, amazingly we achieved Royal Assent on almost 60 Bills and passed more than 600 pieces of secondary legislation to prepare for Brexit. But like the proverbial swan, while we were gliding on the surface, the business managers were paddling furiously underneath. I pay tribute to each of them and to my superb private office.

When the harassment and bullying scandal hit Parliament in 2017, I was so proud to pull together the cross-party coalition that devised the independent complaints and grievance scheme, with the clear goals that everyone who works in or visits Parliament should be treated with dignity and respect, and that confidentiality should underpin everything.

As Leader of the House, I had one of the most beautiful offices in the Palace; its only limitation was the rat living in my waste paper basket. So when a legislative slot appeared for the restoration and renewal Bill, we grabbed it. Preserving this iconic Palace as the seat of our democracy for future generations will be a huge achievement for all those involved, and I wish them success.​

A long-awaited change that I was so glad to introduce was to give all Members of this House the same right as workers across the country to spend time with their newborn or adopted babies, which we did via a new proxy voting system.

Which brings me to the third of my three Bs: babies. As many in this House know, better support for the early years is essential to levelling up, to solving health inequalities and to promoting lifelong emotional well- being. In 2011, I launched the “1,001 critical days” campaign with support from every party in the House, many Members of the other place and almost every early years stakeholder. Frank Field, the late Dame Tessa Jowell and the hon. Members for Washington and Sunderland West (Mrs Hodgson), for Manchester Central (Lucy Powell) and for Brighton, Pavilion (Caroline Lucas) always worked on a cross-party basis, and I am grateful to them.

I set up PIP UK as a charity that would provide support across the country for families struggling with a new baby. I pay huge tribute to my hon. Friend the Member for East Worthing and Shoreham (Tim Loughton), who took over my early years campaigns and charity responsibilities when I joined the Government. He has done a brilliant job for so many years.

As Leader of the House, the former Prime Minister asked me to chair an inter-ministerial group looking at early years and how the Government could provide better support. The team spent a year researching existing provision, from health visiting to breastfeeding advice and from talking therapies to parenting groups, and Select Committees held detailed inquiries into the impact of early years experiences on later outcomes. There is no doubt that a focus on this area could be life-changing for millions.

So resigning as the Leader of the House last summer was a tough decision, driven by my concern that the withdrawal agreement Bill as then proposed, with the potential for a second referendum, would not have delivered our exit from the EU. As Leader of the House, I would have had to bring that Bill forward and I could not in all conscience do so. I was sorry to see the resignation of my right hon. Friend the Member for Maidenhead, the leadership of our country and party once again being challenged by the decision on the EU. No one could have worked harder than her and I feel sure that history will judge her kindly.​

In the new leadership election, a number of candidates, myself included—supported by my great friends the hon. Members for Daventry and for South Derbyshire (Mrs Wheeler)—sought to offer a way forward for the country, but after defeat in the first round, I gave my wholehearted support to the Prime Minister. I genuinely believe he is the right person to seize the opportunities that await us outside the EU, and it was an honour to serve as Business Secretary in his first Cabinet.

Brexit readiness was the urgent priority, but setting a new, clear direction for the Department for Business, Energy and Industrial Strategy was top of my agenda. With my ministerial team, we agreed our mission to build a stronger, greener United Kingdom and, to achieve that, our priorities—first, that the UK will lead the world in tackling global climate change; secondly, that we will solve the grand challenges facing our society; and thirdly, that we will quite simply make the UK the best place in the world to work and to grow a business. One key observation I would highlight from my six months in BEIS, and that is that our climate change ambitions are not just about doing the right thing: I believe there is also a huge early mover advantage. UK science and innovation could make the UK green tech sector as big in years to come as UK financial services are today, and I am confident that my right hon. Friend the Secretary of State will seize this opportunity.

The last general election showed that when people said in 2016 that they wanted to leave the EU, they really did mean it, and I applaud the Prime Minister for his single-minded focus on getting Brexit done. For my own part, I will now focus my attention in Parliament on that third B—babies—and I look forward to renewing my passion for giving every baby the best start in life. When the Prime Minister asked me to step aside, he also gave me his word that he would enable me to take forward the early years work, and I am delighted that the wheels are in motion. I heartily congratulate him and Carrie on their decision to do their own bit of early years research—[Interruption.] The Prime Minister did not write it.

I will of course continue to work hard for my fabulous South Northamptonshire constituency, and I look forward to spending some more quality time with my family. It has been an incredible 10 years, and it ain’t over yet. There is no greater honour than to serve community and country, and I will continue to do so with pride.

Below is the text of the statement made by Andrea Leadsom, the Secretary of State for Business, Energy and Industrial Strategy, in the House of Commons on 4 February 2020.

The Government are committed to supporting working families to balance work with their caring responsibilities. We have laid regulations in Parliament which, subject to parliamentary approval, will implement our commitment to give employed parents a statutory minimum right to time off work in the devastating circumstances where their child dies or they suffer a stillbirth.

Parental bereavement leave and pay are the first of a raft of new employment reforms which will make the UK the best place in the world to work and to start and grow a business. As announced in the Queen’s Speech, the Employment Bill will introduce further measures to benefit employees and their employers, including carer’s leave and neonatal leave and pay.

The Parental Bereavement Leave Regulations 2020; the Statutory Parental Bereavement Pay (General) Regulations 2020; and the Parental Bereavement (Leave and Pay) Act 2018 (Commencement) Regulations 2020 (collectively referred to as “the Parental Bereavement Leave and Pay Regulations”) were laid in Parliament on 23 January 2020. Taken together, they implement a statutory right to a minimum of two weeks’ leave for all employed parents whose child under the age of 18 dies or who suffer a stillbirth from 24 weeks of pregnancy.

Employment law is a devolved matter in the case of Northern Ireland so the new entitlement to parental bereavement leave and pay will only apply to parents in Great Britain (GB). There are around 7,500 child deaths a year in GB, including around 3,000 stillbirths. The Government estimate that this new entitlement will help to support over 10,000 GB parents a year.

The entitlement to parental bereavement leave will be a “day one” right which means that employed parents will be entitled to time off work to grieve irrespective of how long they have worked for their employer. Parents who have worked for their employer for six months or more at the time of their child’s death will also be able to claim statutory parental bereavement pay.

Employed parents will be able to take their leave and pay as either a single block of two weeks, or as two separate blocks of one week each.

The right to parental bereavement leave and pay makes GB one of a very small number of countries worldwide to recognise the impact that the death of a child has on parents and to offer such support to parents. We are the first to offer a full two weeks of leave and pay and this is the most generous offer on parental bereavement leave and pay in the world.

Both the leave and pay can be taken at any time in the first 56 weeks after the child’s death. The ability to take time off work over a long period recognises that grief is ​a very personal matter—whilst some parents may want to take time off work immediately, others may prefer to take time off work on the first anniversary of their child’s death or to enable them to attend the funeral or inquest.

The new entitlement will be known as Jack’s law in memory of Jack Herd whose mother Lucy has campaigned tirelessly on this important issue.

Subject to parliamentary approval, the new entitlement will apply to parents who lose a child on or after 6 April 2020.

Below is the text of the statement made by Andrea Leadsom, the Secretary of State for Business, Energy and Industrial Strategy, in the House of Commons on 15 January 2020.

May I start by congratulating you on the superb way you have taken over the speakership, Mr Speaker? The atmosphere in the Chamber demonstrates the dignity and respect that we all want to see, and I commend you and your Deputies for the leadership you are showing.

Speaking of leadership, I wish the hon. Member for Salford and Eccles (Rebecca Long Bailey) all the best in her party’s leadership contest. It takes courage to put oneself forward, and I commend her for her service.

Also on leadership, there is one woman—the first ever female Conservative leader—who definitely deserves 10 out of 10: Margaret Thatcher. Just over 30 years ago, she became the very first global leader to warn of the dangers of climate change at the United Nations, saying:

“It is mankind and his activities which are changing the environment of our planet in damaging and dangerous ways.”

She predicted that

“change in future is likely to be more fundamental and more widespread than anything we have known hitherto.”

How right she was.

Mr Speaker, you recently called the Australian wildfires

“a wake-up call for the world.”—[Official Report, 7 January 2020; Vol. 669, c. 235.]

I agree. From wildfires in Australia to flooding in Indonesia and record temperatures across the world, the impacts of climate change are in the here and now. People throughout the UK and around the world are calling for us to act, and we are doing just that. Just as the UK has led the past 30 years of climate action, we will lead the next 30 years, seizing the opportunities of the green industrial revolution.

Since Margaret Thatcher made that speech in November 1989, the UK can be proud of its record of action. Since 1990, we have cut our emissions by 42% while growing our economy by 73%.

Caroline Lucas (Brighton, Pavilion) (Green)

Will the Secretary of State give way on that point?

Andrea Leadsom

In a moment.

Since 2000, we have decarbonised more quickly than any other G20 country. Since 2010, we have quadrupled our electricity generation from renewables, including through the installation of 99% of the UK’s solar capacity.

​Caroline Lucas rose—

Alan Brown (Kilmarnock and Loudoun) (SNP) rose—

Andrea Leadsom

In 2017, low-carbon fuels produced more electricity than fossil fuels for the first time, and in that year we also saw the first coal-free day for a century, followed in 2019 by the first coal-free week and coal-free fortnight. Building on the world’s first climate change Act, last year we became the world’s first major economy to legislate to end our contribution to climate change altogether by 2050.

Alan Brown

We obviously welcome some of the things that the Secretary of State has outlined, but on the net zero target that she just outlined, Lord Deben, the chair of the Committee on Climate Change, said in his covering letter to an update report that

“policy ambition and implementation now fall well short of what is required”

to achieve the target of net zero by 2050. Is the Secretary of State going to address that in her speech?

Andrea Leadsom

I will indeed address it, and I can also tell the hon. Gentleman that the Government have taken the advice of the Committee on Climate Change in setting our legally binding commitments to net zero by 2050. Throughout the year, we will set out precisely how we think we can achieve that.

Caroline Lucas

The Secretary of State will know that the Government are off track when it comes to the fourth and fifth carbon budgets, but I wish to take her up on the constant repetition from the Government. She says that greenhouse gas emissions have fallen by 42% since 1990, but she knows that if we calculated consumption-based emissions and factored that in, our emissions have actually fallen by only 10%. Does she agree that we need a common understanding of what is facing us? If she keeps using numbers in a slightly misleading way, we are not going to get to where we need to be by getting our emissions down.

Andrea Leadsom

On the one hand, the hon. Lady is absolutely right: the carbon emissions figures for the United Kingdom do not take into account our consumption emissions or, indeed, our contribution to the reduction of carbon emissions around the world—both are important points. On the other hand, I would take issue with her from a philosophical point of view, because in order to measure progress, we need to have measurements, so it is incredibly important to talk about our UK territorial emissions at the same time. I look forward to working with the hon. Lady constructively, as she and I have done previously on a number of occasions, to make the UK’s ambition to lead the world in tackling climate change a reality in the run-up to COP26.

Janet Daby (Lewisham East) (Lab)

Will the Secretary of State give way?

Andrea Leadsom

I will make some progress and give way again in a moment.

As the cooling towers have come down, wind turbines are going up in their thousands, with offshore wind capacity increasing by more than 500% under Conservative ​Prime Ministers. We can all be proud that no other country in the world has more offshore wind than the UK, with a third of global capacity off our coastline. This is creating thousands of future-proof, planet-saving, profit-making jobs, as well as skills investment all around the United Kingdom.

Many of my new, true blue hon. Friends have green-collar jobs in their constituencies. The constituency of Sedgefield makes underwater-cable protection systems that are exported all over the world. Great Grimsby leads the world in offshore wind operations and maintenance, while in Blyth Valley, where I was proud to pay a visit to support our excellent new colleague my hon. Friend the Member for Blyth Valley (Ian Levy) during the general election campaign, our offshore renewable energy catapult recently tested the world’s longest offshore wind turbine blade. At over 100 metres, it would, if we stood it next to Parliament, be taller than Big Ben.

Anna McMorrin (Cardiff North) (Lab)

The Secretary of State talks about offshore wind, but does she agree that this Government have effectively banned onshore wind, which is the most tried and tested of all forms of renewable energy technology? Will she commit to bringing that technology back across all parts of the UK?

Andrea Leadsom

What I can say to the hon. Lady is that onshore wind produces electricity for 10 million homes in the United Kingdom. We are promoting offshore wind as the most effective way to increase our power generation from renewable technology. It is a huge success story for the United Kingdom and something of which we can be proud. She will be aware that the Conservatives are committed to producing 40 GW from offshore wind by 2030.

Janet Daby

The Government’s policies are not sufficiently ambitious to meet their own climate change targets. Does she agree that according to the Government’s official advisers, the Committee on Climate Change, the UK is even off its own climate change target of an 80% reduction in emissions by 2050?

Andrea Leadsom

As I said in answer to the hon. Member for Kilmarnock and Loudoun (Alan Brown), we work very closely with the Committee on Climate Change. Our target of net zero by 2050 has been set on the basis of its recommendations so that we can grow our economy, sustain our future and contribute to tackling global climate change in a way that is sustainable for the UK, with the creation of green growth, so I am confident in that regard. We will bring forward more measures throughout the year to help us to meet that target of net zero.

Philip Dunne (Ludlow) (Con)

My right hon. Friend is being very generous in giving way. She mentioned the cooling towers coming down. Was she aware that the four cooling towers of Ironbridge power station came down during the course of the general election, and that one of the companies interested in that industrial brownfield land is one of the leading companies involved in driverless vehicles? If the company is successful, I hope that she will come and open the factory.

Andrea Leadsom

My right hon. Friend might be setting up a bit of contest, because I think that my right hon. Friend the Secretary of State for Transport, who is ​sitting next to me on the Front Bench, will be fighting me for that honour. None the less, my right hon. Friend the Member for Ludlow (Philip Dunne) makes a really good point about how, particularly in some of our areas of heavy industry, the fossil fuels of yesterday are giving way to the green future that we all want. He gives us a fantastic example of the work that is going on.

We have made great progress, but there is still much more to do. Our challenge now is to ramp up and scale up successes such as offshore wind, providing new sources of pride and prosperity across our United Kingdom.

In the first industrial revolution, our pioneers from Scotland to Cornwall forged their own path, and in so doing they became the envy of the world. James Watt’s Prussian rivals travelled hundreds of miles to sneak a glimpse of his steam engines in Birmingham. Richard Trevithick travelled as far as Peru to personally oversee his engines. Today, like them, we must be the first movers, not the last to act. From creating supply chains for electric vehicles to decarbonising our industrial clusters and designing low-carbon buildings, the opportunities of net zero are immense. In 2020, the first year of a new decade of decarbonisation, we must seize those opportunities.

Jim Shannon (Strangford) (DUP)

The Secretary of State has outlined a number of important stats. Local councils such as mine—Ards and North Down—are specifically involved in achieving climate change standards and environmental targets. Will she consider implementing a reward system for councils that are specifically involved in education and setting targets for them to achieve? If we do that, we may encourage councils to do even more.

Andrea Leadsom

The hon. Gentleman makes a very good suggestion. It is clear that central Government will not be the only actor in spending taxpayers’ money and driving every bit of innovation; they will be hand in glove with local civic leaders and, really importantly, the private sector. Government must set the direction and provide incentives, and then let others take the mission forward.

Steve Double (St Austell and Newquay) (Con)

My right hon. Friend rightly highlights Cornwall’s history in new technologies. Is she aware that large deposits of lithium have been identified in Cornwall? That has the potential to put Cornwall at the forefront of technology once again and to revive our precious mineral extraction industry. Will she ensure that her Department gives that fledgling industry all the support it needs to thrive?

Andrea Leadsom

My hon. Friend is a great champion for his constituency and for Cornwall more widely. In many ways, Cornwall is playing a major role in our moves toward net zero, and we in my Department will always be happy to talk to him about that.

Mr Tanmanjeet Singh Dhesi (Slough) (Lab)

Will the right hon. Lady give way?

Dr Rupa Huq (Ealing Central and Acton) (Lab)

Will the Secretary of State give way?

​Andrea Leadsom

I will make more progress before giving way again.

Crucial to this debate is the UK’s global leadership. The UK contributes only about 1% of global emissions, and that figure is falling. We cannot solve the challenge of global climate change just by doing the right thing at home, so we are using our strength to help to transform the world, from doubling our international climate finance contribution to nearly £12 billion to using our £1 billion Ayrton fund to support the world’s most vulnerable—for example, by designing clean stoves for the billions who rely on firewood. In 10 months’ time, COP26 in the fantastic UK city of Glasgow will be a seminal moment for climate action, as well as a massive opportunity for British business—a giant global shop window for the UK’s clean tech prowess, with countries across the world heading home with their pockets crammed full of British ideas, technology and expertise.

Mr Dhesi

The Secretary of State mentioned electric vehicles and charging points, and Slough Borough Council, in my constituency, is leading the way in Berkshire. Although we gratefully receive platitudes regarding the good work of local authorities, what measures will the Government put in place to support excellent councils financially, in addition to those mere platitudes?

Andrea Leadsom

There are far too many initiatives for me to talk about now at the Dispatch Box, but one example is the £1 billion that was recently announced for electric charging infrastructure. If the hon. Gentleman writes to me, I shall send him a full submission on the subject.

Jamie Stone (Caithness, Sutherland and Easter Ross) (LD)

What the Secretary of State says about electric vehicles is absolutely right and I applaud it. My vast constituency comprises 5,752 sq km and has 18 charging points, so that is a move in the right direction. My point, however, is that electric cars are expensive—more than most people can afford. Does the right hon. Lady agree that a tax break—perhaps through the PAYE system —should be considered as a way to encourage people to buy electric cars?

Andrea Leadsom

My right hon. Friend the Transport Secretary is sitting right next to me, and he and I work closely on all sorts of incentives for people to move away from fossil fuels and toward decarbonisation. Of course, as the hon. Gentleman knows, transport is a key target area and we will talk more about it later.

Several hon. Members rose—

Andrea Leadsom

I will make more progress before I give way again.

From fighting climate change across the world to backing British ideas, we need a thriving economy to pay for it all. That is why I have set out my Department’s clear mission to build a stronger, greener United Kingdom. That mission is underpinned by three priorities: to lead the world in tackling climate change; to solve the grand challenges facing our society; and, quite simply, to make the UK the best place in the world to work and to grow a business. Today, as well as prioritising the pathway to net zero, we are solving the grand challenges facing ​our society, backing a new generation of problem solvers in science and business. From space technology to life sciences, the UK is developing satellites that measure climate change and creating ways to help people to enjoy five extra healthy years of life by 2035. From artificial intelligence to robotics, and from advanced manufacturing to green tech, the UK will seize the opportunities offered by this new industrial revolution. That will be underpinned by our commitment to increase our research and development spending to 2.4% of GDP by 2027.

Clive Efford (Eltham) (Lab)

Again, we are hearing the right noises from the Government, but the action is not being followed through. The commitment to net zero trips off the tongue, but can we achieve it if we continue to fail to meet our environmental targets?

Andrea Leadsom

I urge the hon. Gentleman to consider what I have just said in explaining the achievements, the ambition and what we are actually doing in practice. Perhaps he just needs to listen to what I am saying.

To seize the opportunities that lie ahead, we must make the UK the best place in the world to work and to grow a business. This Government will back business to the hilt, promoting inward investment and new export markets while also stamping out the poor practices that can sometimes give businesses a bad name. Our plan is to reduce burdens on business by reviewing and reducing business rates, and by resolving the scourge of late payments. As we leave the European Union, we will protect business confidence in supply chains, securing the best possible trading arrangements with our European partners. From diversity to sustainability and beyond, we will hold businesses to the same high standards, putting in place reforms to keep the UK a world leader in audit, corporate governance and transparency.

Dr Huq

I wanted to congratulate the Secretary of State on one thing that caught my eye in both the Queen’s Speech and last year’s Environment Bill: the biodiversity net gain mandated for planning authorities when making their decisions. That has not yet taken effect. Ealing Council has a meeting of its planning committee tonight. Will she encourage me by making a new year’s resolution of ensuring that such committees adopt the measure now so that the bulldozers do not sacrifice our nature? The future of our planet is at stake.

Andrea Leadsom

The hon. Lady will hear that there is a lot of support for her initiative across the Chamber. She is right that we do not want Government to be telling people what to do; we want people to draw their own conclusions and to seek to protect and preserve our incredibly valuable biodiversity, our green spaces and our precious habitats for future generations.

At the same time as making the UK the best place in the world to work and to grow a business, we want our employment Bill, to which we committed in the Queen’s Speech, to make sure that work is fairly rewarded. We want to protect workers’ rights and ensure fair pay, to create a world where flexible working is just called “working”, and to do more to support the crucial work that people do as carers and parents, helping people to balance work with the other things that matter in their lives.​

Margaret Thatcher ended her UN speech in 1989 by saying:

“We are the trustees of this planet, charged today with preserving life itself—preserving life with all its mystery and all its wonder.”

I hope that that is something on which we can all agree, whatever our party or politics. Thirty years ago, politicians could barely have imagined the technologies that would be available today. Today, we can only dream of the world of 2050. Together—as a House, as a country and as an international community—we must act. Our action can make a global difference. Instead of self-doubt, we need self-belief in our ability to build the low-carbon, high-tech United Kingdom that we all want, a stronger, greener future for people across our shores, and a sustainable future for our planet.