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Tag: Speeches

  • Sajid Javid – 2018 Update on the Grenfell Tragedy

    Below is the text of the statement made by Sajid Javid, the Secretary of State for Housing, Communities and Local Government, in the House of Commons on 22 March 2018.

    With permission, Mr Speaker, I will make a statement to update the House on support for those affected by the Grenfell tragedy and on the second report from the independent recovery taskforce. This report will be published in full on gov.uk and placed in the Library of the House.

    Nine months on, the shocking and terrible events of 14 June continue to cast a long shadow. I know that it cannot have been easy for the survivors and the bereaved to hear last week about the failure of a fire door from the tower, which was tested as part of the Metropolitan Police Service’s investigation. I am confident that the police and the public inquiry will, in time, provide answers. But, having met survivors and heard their stories, I know that that does not take away from the pain and loss being suffered now by those left behind. Their welfare remains our highest priority, and we see that through our continued work supporting the Royal Borough of Kensington and Chelsea and through the valuable work of my right hon. Friend the Member for Ruislip, Northwood and Pinner (Mr Hurd), the Minister responsible for the Grenfell victims. We are ensuring that the voices and concerns are heard right across Government. That work is supported by my Department and, more widely, by the NHS, by local government and by the voluntary sector.

    I give my thanks to everyone who has gone that extra mile to be there for a community that has gone through so much. I also thank the taskforce for its work in helping us to ensure that, after the slow and confused initial response to the disaster, the people of North Kensington are receiving better support from RBKC to help them to recover and to rebuild their lives.

    I was clear when I reflected on the taskforce’s first report in November that, while progress was being made, I expected to see swift, effective action to address all the issues that were highlighted, particularly the slow pace of delivery and the need for greater empathy and emotional intelligence—two things that are vital if RBKC is to regain the trust of the people that it serves.

    My Department has been working closely with RBKC throughout to provide the support and challenge necessary to drive this work. I am pleased to see, from the taskforce’s second report, that some important progress has been made. RBKC, alongside the Government, has put in significant resources and increased its efforts to provide those affected with greater clarity about the support that is available to them. We have also seen a stronger focus on implementing new ways of working to drive much needed cultural change across the council in collaboration with external stakeholders, and a greater candour about the improvements that still need to be made. But there is much more to do to ensure that residents can see and feel that things are getting better on the ground. Nowhere is this more important than the vital task of rehousing those who lost their homes—a task that I have always been clear must be sensitive to individual needs, but not use these needs as an excuse to justify any type of delay.

    Five months on from the fire, at the time of the taskforce’s first report, 122 households out of a total of 204 had accepted an offer of temporary or permanent ​accommodation. Only 73 households had moved in, and only 26 of those had moved into permanent homes. Today I can report that 188 households have accepted an offer of accommodation. Just over two thirds of these—128 households—have already moved into new accommodation, including 62 into permanent homes. This is welcome news but, as the taskforce’s second report highlights, progress has been far too slow.

    It was always going to be a challenge to respond to an unprecedented tragedy on this scale and to secure new accommodation in one of the country’s most expensive locations, but progress has not been made as quickly as it should have been. There are still 82 households in emergency accommodation, including 15 in serviced apartments, with 25 families and 39 children among them. This is totally unacceptable. The suffering that these families have already endured is unimaginable. Living for this long in hotels can only make the process of grieving and recovery even harder. As the taskforce has said, it is unlikely that all households will be permanently rehoused by the one-year anniversary of the fire. This is clearly not good enough. I hoped to have seen much more progress. It is very understandable that the people of North Kensington will feel disappointed and let down, even if there are encouraging signs that the pace of rehousing is speeding up.

    The council now has over 300 properties that are available to those who lost their homes, so each household can now choose a good quality property that meets their needs, with the option of staying in the area if that is what they wish. To ensure that these homes are taken up, I expect all households, regardless of their level of engagement, to be given whatever support they require to be rehoused as quickly as possible. The Government will continue to play their part, providing help with rehousing and other support for survivors, including financial support currently worth more than £72 million. The weeks ahead will be critical for ensuring that efforts to rehouse survivors go up a gear. I will be closely monitoring progress and will of course keep the House updated.

    As I said earlier, if the council is to regain trust it is paramount that the Grenfell community is not just being told that things are changing, but can see that its views and concerns are being heard and acted on. A good example of this, as highlighted by the report, is the transfer of responsibilities from the Kensington and Chelsea Tenant Management Organisation to RBKC on an interim basis. This happened after residents made it clear that the tenant management organisation could no longer have a role, not only on the Lancaster West estate but more widely in housing management throughout the borough.

    Residents have been engaged in the process of refurbishing the Lancaster West estate, with the Government matching the £15 million that the council is investing in this programme. Alongside this, the council will shortly be consulting residents on the long-term delivery of housing management needs across the borough. The voices and needs of the residents will also be at the heart of the process to determine the future of the Grenfell site and the public inquiry, which has just begun its second procedural hearing.

    There must be an even stronger focus on needs as we step up efforts not just to rehouse survivors, but to help them to rebuild their lives and, vitally, to rebuild trust. ​It is a process that will clearly take time and unstinting commitment on all sides. As the taskforce has noted, some progress has been made, but there is no room for complacency. I expect the council to take on board the taskforce’s recommendations and do more to listen to the community, improve links with the voluntary sector and act on feedback that it gets from those on the frontline.

    I thank the members of the taskforce once again for their valuable contribution, which will continue for as long as it is needed. As they have noted, despite the many challenges, there is

    “a level of community spirit and attachment not often seen in local communities in London”.

    It is a dynamic and diverse community spirit made stronger during the darkest of days—a spirit that is determined to secure a brighter future for the people of North Kensington. We share that determination and will continue to work with the bereaved, survivors and others. I commend this statement to the House.

  • Philip Hammond – 2018 Speech at FinTech Conference

    Below is the text of the speech made by Philip Hammond, the Chancellor of the Exchequer, at the FinTech Conference on 22 March 2018.

    Thank you, it’s great to be here for the second year running…

    …and to welcome so many brilliant fintech leaders, entrepreneurs and investors from around the world.

    When I look around this room I see the great strength of the British fintech community.

    A community that is full of countless stories of incredible vision, groundbreaking innovation, and tireless hard work.

    One such is the story of Ismail Ahmed.

    Ismail began his life in Somaliland, in northern Somalia.

    In 1991, civil war engulfed Ismail’s hometown. His family, like so many others, lost everything. They became refugees in Ethiopia.

    Ismail eventually made his way to the UK and became an economics student at the University of London.

    He worked hard putting himself through university – and even as he was working, he would send money home to his family.

    Every few weeks, he would trek across London to visit a money transfer agent, pay an exorbitant fee, and sent a very modest sum of money home.

    During this time, Ismail thought a lot about money transfer systems and how to make payments cheaper and more efficient.

    And in 2010, he founded a little company you may have heard of, called WorldRemit.

    From its base here in London, WorldRemit raised $220m from investors to make sending money abroad as easy as sending an instant message.

    Today, millions of people use WorldRemit to transfer money quickly and affordably in more than 140 countries – and Ismail is one of the world’s leading fintech entrepreneurs.

    The reason I’m sharing his story isn’t just because he deserves enormous respect or recognition, or because he makes many of us look like terrible underachievers.

    It’s because this is a story that exemplifies Britain’s FinTech experience – and a story that is being repeated over and over again across Britain’s fintech industry.

    So much so that today, Britain is the global capital of fintech.

    Fintech contributes nearly $7 billion to the UK economy each year;

    London is home to 17 of the top 50 international fintech firms;

    And last year investment in UK fintech more than doubled…

    …and UK firms attracted almost four times more funding than Germany…

    …and more than France, Ireland and Sweden combined.

    And I am pleased to welcome great examples of this success today:

    Citi have announced London as the destination for their next Innovation Lab.

    Next month NatWest will launch new fintech accelerators in London, Edinburgh, Bristol and Manchester.

    Level 39 will soon expand into a 100,000 square foot building in Canary Wharf – making it one of the largest FinTech hubs in the world.

    Augmentum have created a £100m fund for fintech investment, here in the UK.

    And just last week Estonia’s LHV Bank announced it was opening a UK branch to serve the finch industry – a great sign of confidence that cross-European collaboration and investment will continue and grow beyond Brexit.

    But none this progress can be taken for granted.

    The very nature of this industry means that it moves incredibly quickly and is fiercely competitive.

    So let me restate my commitment and determination to ensure Britain remains the best place in the world to set up and grow a Fintech business…

    …and to continuously build upon our unique strengths to offer the most attractive home for global fintech leaders.

    Of course, we’ve been working on these strengths for quite some time.

    In 1649, we were the first country to issue permanent banknotes…

    …you might say the Bank of England is the original fintech unicorn.

    We were the first to lay telegraph cables under the ocean…

    …and by connecting France in the 1850s, and then the United States, we built the essential infrastructure for a global financial system.

    We had the first ATM in the world, installed in 1967 – two full years before the United States caught up…

    …in fairness, I should say they were busy landing on the moon that year…

    …but, if you want to get on…

    …you have to be able to multi-task.

    And while the British inventor, Tim Berners-Lee is rightly credited with unlocking the digital revolution by inventing the World Wide Web…

    …it was a much earlier British pioneer who kickstarted the computer age.

    In 1823, Charles Babbage asked the then Chancellor of the Exchequer for £1,700 to build his ‘Difference Engine,’…

    …the first advanced mechanical computer – apparently sold it to the then Chancellor on the basis that it would cut down on the amount of paperwork officials did.

    Mr. Babbage, can I say I’d like that money back.

    And while we are at it, his collaborator Ada Lovelace, can probably claim to have pre-empted our Women in Finance initiative by nearly 200 years.

    And now, on top of these deep historical foundations…

    …we have built the best modern ecosystem in the world for innovation.

    We are home to the English language, the global language of business. Our legal system is the jurisdiction of choice for international commerce.

    Our world-class universities have pioneered many of the breakthrough discoveries powering today’s digital revolution – with more Nobel Prizes than any country outside the United States.

    And British cultural products and talent inspire huge global audiences – as witnessed by the 30 British Oscar nominations this year.

    All of that makes London a Fintech-friendly pluriculture.

    And when it comes to innovation, Britain is a workshop for the world – the innovation leader for Europe.

    We have the greatest tech hub in Europe, Tech City.

    We are home to more than a third of all Europe’s billion-dollar tech firms – with a record £8.26 billion invested in UK startups last year.

    London is home to more than 250,000 software developers – more than anywhere in Europe – and the UK is Europe’s top destination for tech talent.

    Every hour, a new tech business is founded in the UK.

    And my ambition is to see that become every half-hour.

    And my message to everyone in this room today is that…

    …when it comes to building the Fintech companies of the future…

    …you need never doubt that you are among friends in Britain.

    Our doors will always be open to the innovators and inventors.

    And we will keep working to support you – and ensure Britain remains the best place in the world for fintech.

    First, we are committed to building the most pro-growth and pro-innovation regulatory environment in the world for fintech.

    We’ve introduced new rules on open banking….

    …and I’m delighted to see products here today made possible by this initiative.

    We legislated to require big banks to share credit information on small and medium-sized businesses…

    …helping more entrepreneurs to get the funding they need to grow…

    …and helping alternative funders to grow their market presence.

    The FCA’s world-leading ‘regulatory sandbox,’ allows firms to test and refine their products with consumers in a safe environment.

    And I know it’s a great idea…

    …because multiple other countries around the world have already copied it.

    But there’s more to do.

    So today I’m proud to launch our new strategy for the fintech sector.

    As part of which, I’m pleased to announce that the FCA and Bank of England will take the first steps towards automating regulatory compliance…

    …reducing costs for financial services firms, and removing a key barrier for fintechs as they enter financial services markets.

    A new code of industry standards will make it easier and cheaper for fintechs to partner with established financial service providers…

    …both boosting the ability of banks to offer new services, and helping fintechs to find a ready market for their products.

    And we’re appointing new envoys to England, Wales and Northern Ireland to promote the adoption of fintech by regional banks and building societies, complementing the work of the existing Scottish envoys.

    Secondly, we’re driving our global collaboration in fintech.

    Before today we had signed four FinTech Bridges with Singapore, China, Korea, and Hong Kong…

    …committing governments and regulators to collaborate on supporting growth and investment in fintech across markets.

    And today, I am delighted to announce that the Australian Treasurer, Scott Morrison and I have just signed an agreement for a new FinTech Bridge between the UK and Australia.

    This is our most ambitious collaboration to date, bringing together regulators, policy-makers and private sector leaders to collaborate on growing our respective fintech markets in tandem.

    But our strategy is about more than sector specific interventions.

    It is about championing the UK’s position as a pro-business, pro-innovation environment…

    …about making it easier for knowledge intensive scale-up businesses to raise the funding they need…

    …in short, about creating the best possible ecosystem for Fintech to thrive.

    Last Autumn I announced the launch of an action plan to unlock over £20 billion of finance for high-growth innovative firms in the fintech sector and beyond.

    And today I can set out some next steps:

    From April, changes to the Enterprise Investment Scheme will take effect, significantly increasing investment in high-growth and knowledge-intensive firms.

    And earlier this month, we published consultations on further extensions to this scheme and to Entrepreneurs Relief.

    Alongside greater investment by individuals, greater institutional investment in venture funding is needed.

    So alongside changes to tax relief, the British Business Bank will launch a new £500m programme in May that will invest in a series of funds to encourage co-investment by leading institutional investors in those businesses.

    Later this year, the British Business Bank will launch a new ‘British Patient Capital’ investment fund– which will co-invest with the private sector to unlock £7.5 billion of public and private investment.

    UK pension funds have relatively low allocations to patient capital and we are determined to fix that. The Pensions Regulator will clarify guidance on how trustees can invest in illiquid assets such as venture capital.

    And as part of our plan to get the best Brexit deal for jobs, business and prosperity…

    …we are discussing with the EU our future relationship with the European Investment Bank and European Investment Fund…

    …and we will keep the financing needs of high growth businesses under continuous review as we leave the EU, and if necessary, we will use the British Business Bank to provide an alternative to the EIF, which has done great work in supporting the industry.

    Britain is, and will remain, a great place to do business.

    It is the global capital for Finance, Fintech, and a major hub of Fourth Industrial Revolution technologies…

    …and my priority as Chancellor is to go on pushing us to do even better.

    We will go on creating the conditions and providing the resources that have allowed pioneers from Charles Babbage to Ismail Ahmed to succeed.

    Because Fintech offers the chance to connect the world…

    …to deliver financial services and innovations that can drive widespread growth and prosperity…

    …create millions of jobs, and build stronger, fairer, faster financial services that serve the common interests of all the peoples of this interconnected planet.

    My commitment to you is that Britain will continue to drive this agenda…

    …will continue to be the best place for fintech to thrive.

    Because, Fintech is the future of global finance…

    …and working together, we have a chance to reach that future faster.

    We look forward to continuing to welcome you, from wherever you come from around the world, to stay and build for many years to come – and we wait with baited breath, to see the astonishing innovations you are going to reveal next.

    Thank you.

  • Holly Lynch – 2018 Speech on UK Fisheries

    Below is the text of the speech made by Holly Lynch, the Labour MP for Halifax, in the House of Commons on 20 March 2018.

    I am grateful to the right hon. Member for Orkney and Shetland (Mr Carmichael) for securing this urgent question and to the Secretary of State for his response. However, I am afraid I still have several questions.

    The Secretary of State, alongside the Fisheries Minister, has asserted time and time again that the UK would take back absolute control of our waters from day one of leaving both the European Union and the 1964 London fisheries convention. However, following announcements made in the last 48 hours, we now know that the rest of the Government has been having very different conversations with the EU27. The announcement made by the Secretary of State for Exiting the European Union and the EU’s chief negotiator Michel Barnier, ahead of formal phase two negotiations, made it clear that the UK would continue to be part of the common fisheries policy for the duration of a 21-month post-Brexit transition period, extending up to 2020.​
    The announcement that Britain’s share of the total allowable catch will remain unchanged during the transition period contradicts all other previous Government statements in relation to post-Brexit fisheries, and it is understandable that many coastal MPs and fishing communities feel so angry and let down. The Government’s failure to meet their previously stated aims through negotiations is one that now requires greater explanation and examination on the Floor of the House. The Government must be absolutely clear about who is leading the negotiations on fishing and what their position is. Have the Government failed to secure their desired position, as advocated by the Secretary of State and the Fisheries Minister, or was that never the position of our negotiating team and the rest of the Cabinet? If that red line has moved, can the Secretary of State tell the House whether there has been an exchange, and if so, what was secured instead?

    Less than a month ago, in a Westminster Hall debate on the UK’s fisheries policy secured by the hon. Member for North Cornwall (Scott Mann), I asked the Fisheries Minister whether he had seen the draft proposals from the European Parliament’s Committee on Fisheries—the PECH Committee—and what the Government’s response was. He informed me that

    “at the end of the day, it does not really matter what the European Union asks for, but what we are prepared to grant it.”—[Official Report, 27 February 2018; Vol. 636, c. 314WH.]

    With that in mind, can the Secretary of State now be explicit in outlining what the Government are prepared to grant the EU in relation to fisheries? Can he also inform the House what the transition arrangement with the EU will mean for the London convention?

    The Secretary of State will have seen the comments from the less-than-satisfied representative fishing organisations and the bold statements—and actions—of his own Back Benchers. Any post-Brexit fisheries policy must be rebalanced to work for our coastal communities and have a sustainable approach at its very core. What we need now from the Government is a move away from the chaotic approach we have seen this week and, instead, honesty and clarity about their negotiating position and exactly what that means for the fishing industry.

  • Michael Gove – 2018 Statement on Fisheries

    Below is the text of the statement made by Michael Gove, the Secretary of State for Environment, Food and Rural Affairs, in the House of Commons on 20 March 2018.

    Thank you, Mr Speaker, for this opportunity to update the House. I begin by paying tribute to the hard work of the Ministers and especially the civil servants in our country’s negotiating team, who this weekend concluded an agreement on the nature and length of the implementation period, which will help us to prepare for life after Brexit. Taskforce 50, on behalf of the EU, and our own team of dedicated civil servants secured an agreed text, which will now go to the March Council of the European Union at the end of this week, and after that the Prime Minister will update the House on Monday.

    The House will be aware that there are important legal and technical questions relating to fisheries management, which means that it occupies a special position in these negotiations. Both the EU and our own negotiators were always clear that specific arrangements would have to be agreed for fisheries.

    Our proposal to the EU was that, during the implementation period, we would sit alongside other coastal states as a third country and equal partner in annual quota negotiations. We made that case after full consultation with the representatives of the fisheries industry. We pressed hard during negotiations to secure this outcome, and we are disappointed that the EU was not willing to move on this.

    However, thanks to the hard work of our negotiating team, the text was amended from the original proposal, and the Commission has agreed amendments to the text that provide additional reassurance. The revised text clarifies that the UK’s share of quotas will not change during the implementation period, and that the UK can attend international negotiations. Furthermore, the agreement includes an obligation on both sides to act in good faith throughout the implementation period. Any attempts by the EU to operate in a way that harmed the UK fishing industry would breach that obligation.

    These arrangements will of course only apply to negotiations in December 2019. We are at the table as a full member state for negotiations in December 2018 and, critically, in December 2020 we will be negotiating fishing opportunities as a third country and independent coastal state—deciding who can access our waters and on what terms for the first time in over 40 years.

    It is important that we use this transition period to ensure that we can negotiate as a third country and independent coastal state in 2020 to maximise the benefits for our coastal communities, ensure that we can control who accesses our waters and on what terms, and ensure that we manage our marine resources sustainably. We are already looking at a range of data to support ​consideration of future fishing opportunities, including the nature of catches and zonal attachment of stocks in the UK exclusive economic zone.

    There is a significant prize at the end of the implementation period, and it is important that all of us in every area accept that the implementation period is a necessary step towards securing that prize. For our coastal communities, it is an opportunity to revive economically. For our marine environment, it is an opportunity to be managed sustainably. It is critical that all of us, in the interests of the whole nation, keep our eyes on that prize.

  • Sajid Javid – 2018 Statement on Local Government Finance

    Below is the text of the statement made by Sajid Javid, the Secretary of State for Housing, Communities and Local Government, in the House of Commons on 20 March 2018.

    The current 50% business rates retention scheme for local government is yielding strong results. Local authorities estimate that in 2017-18 ​they will keep around £1.3 billion in business rates growth, which we expect will be at least maintained into 2018-19 and 2019-20. On top of the 50% business rates retention scheme which is in place for all local authorities, in 2017-18 the Government established pilots of 100% business rates retention in five areas of England and extended business rates retention to 67% in London. The pilot programme will be expanded further in 2018-19 to cover an additional 10 areas.

    My officials have worked through the necessary calculations to prepare for the extension of the piloting programme in 2018-19. In doing so, an historic error has been identified in the methodology used to calculate the sums due to pilots. An adjustment is therefore required to the methodology, which will reduce the amount due to these local authorities for participating in the pilot programme to the correct level. This adjustment does not affect the local government finance settlement nor the core spending power of the local authorities concerned. The relevant local authorities have been informed today.

    Background

    Under the business rates retention system, local authorities retain a percentage of the business rates they raise locally. Since 2014-15, locally-raised business rates have been lower than they would have been because Government have under-indexed the business rates multiplier in each of 2014-15, 2015-6 and 2018-19. To compensate local authorities for their loss of income, therefore, the Government have calculated the extent of the loss caused by under-indexation and paid that amount as a grant under section 31 of the Local Government Act 2003.

    The compensation to be paid to local authorities is paid on account during the course of a year, based on estimates made by authorities before the start of that year. It is then adjusted once outturn figures are available, following the end of the year.

    When on account compensation payments were calculated for the six 2017-18 pilot areas, the methodology used to adjust tariffs and top-ups contained an error. This resulted in 27 local authorities and the Greater London Authority being over-compensated by £36 million.

    These local authorities will have been operating on the understanding that this funding has already been secured and, at this this late stage in the year, a sudden reduction in their funding could potentially have an impact on the delivery of the objectives agreed as part of their devolution deals. Therefore, although the rules of “Managing Public Money” indicate that the Department should recover the overpayment, I have issued a direction requesting that the permanent secretary does not do so in this extraordinary circumstance. My correspondence with the permanent secretary will be published on the Department’s website.

    In respect of the payments due to 2018-19 business rates retention pilot authorities, my Department will use the corrected methodology to calculate the section 31 grant compensation due to authorities. Local authorities will shortly be notified of these amounts.

    Review

    In recognition of the importance of the business rates retention system to the sustainability of local government, I am also today announcing an independent review of the internal processes and procedures that underpin the ​Department’s oversight of business rates and related systems. This should include modelling and analytical work, how officials manage the interface with policy decision making, and resourcing and skills.

  • Chloe Smith – 2018 Speech at Democracy Week Launch Event

    Below is the text of the speech made by Chloe Smith, the Minister for the Constitution, on 21 March 2018.

    Welcome

    Thank you Minister Atkins for those inspiring words. As you have said so clearly, this year is a tremendous opportunity to reflect on how far our democracy has come and the people who made that happen.

    Lessons of the Equal Suffrage campaign

    Looking back I am struck by the energy and determination of the women and their allies who fought for equal suffrage. They pressed on with their campaign, often in the face of fierce opposition and ridicule, because theirs was a struggle for justice. Their commitment re-shaped our democracy.

    Democratic Progress

    Since 1918 we have seen our democracy transformed. By 1928 women had finally achieved equal suffrage and the franchise was broadened, with property owning restrictions stripped away.

    Fast forward a century and the General Election in 2017 saw the largest ever electoral register, standing at 46.9 million.

    The modernisation of our electoral system, including the introduction of individual electoral registration and the launch of the online digital service, has made it easier than ever to make an application to register to vote. 75% of applications are now made online, but for young people this is closer to 100%.

    Future Challenges

    As Minister for the Constitution I am aware of how much has been achieved but also of the distance still to travel. I want to open up, protect and improve our democracy.

    National Democracy Week

    So, in this Suffrage Centenary year, our inaugural National Democracy Week will kick off on Monday 2 July through to 8 July 2018, the 90th anniversary of the 1928 Equal Franchise Act which gave women the same voting rights as men.

    National Democracy Week is being delivered in collaboration with NDW Council members, Cabinet Office and our combined extended networks. National Democracy Week is an opportunity to use all of our experience, insight and passion to increase democratic participation. We believe that regardless of who we are or where we are from, we must work together to ensure that every member of society has an equal chance to participate in our democracy and to have their say.

    Together we will deliver a range of democratic engagement activities in the lead up to and during the week.

    Our aim will be to get results. To increase understanding of how to take part in decision making, and also to grow those who say they are more likely to participate. I want to do this across the whole UK.

    I would like to thank the National Democracy Week Council for their time and commitment so far. They have been working with Cabinet Office to produce our new branding, which you can see around the room today and features real people our Council works with every day.

    Parliamentarian Pack Launch

    Parliamentarians are at the forefront of our democracy, the embodiment of the principle of representation and a vital connection between people and parliament. In recognition of this unique role, I am delighted to launch this new toolkit to support the crucial work that you do to promote our democracy amongst young people.

    Many of you will have been inspired at an early age to explore how you make your voice heard on issues that are important to you. For many, their first awareness of politics and how decisions are made comes from contact with their local representative, in schools, youth clubs and other extracurricular activities.

    It is a prime opportunity for engagement which can have a lasting effect on our young citizens’ understanding of our electoral system and how it works for them. I ask you to join me in making use of this new resource throughout the year designed to make your interactions with young people effective and powerful.

    Awards – Nominations Open

    The National Democracy Week Council have also helped determine the categories for the National Democracy Week awards, which I am very excited to announce today.

    We know that individuals and organisations across the UK are working tirelessly to engage people in our democracy. Their work, particularly with under represented groups, has the potential to help people understand their democratic rights and make their voices heard. This service is not always recognised, but as part of this summer’s festival of democracy, I want to acknowledge the great contributions that so many have made.

    The categories, as determined by the National Democracy Week Council, are:

    Young Advocate of the Year Award

    Diversity Champion of the Year Award

    Changemaker of the Year Award and

    Collaboration of the Year Award

    So please, if you know of a young person who champions democracy, someone who is committed to ensuring diversity, if you have been blown away by the change that an individual, project or organisation has driven, or there is a partnership you feel breaks new ground, make sure you nominate them through our new National Democracy Week website www.gov.uk/nationaldemocracyweek. Nominations will close 5pm Sunday 27 May and we will hold an Award ceremony during National Democracy Week.

    Our democracy should be as inclusive as possible – let’s celebrate those who are rising to this challenge. Let us also each commit to do our bit to engage others, during National Democracy Week and beyond. I am delighted to introduce my colleague, Andrea Leadsom MP, Leader of the House of Commons, who will talk further about the Parliamentarian Pack and how it can help with that task.

  • Mark Sedwill – 2018 Statement on Salisbury Attack

    Below is the text of the statement made by Sir Mark Sedwill, the UK National Security Adviser, on 21 March 2018.

    On Monday EU foreign ministers expressed “unqualified solidarity” with the UK after the terrible attack in Salisbury and gave their support for our efforts to bring those responsible for justice, demanding urgent and full answers from the Russian government. EU ministers agreed the need to focus on the implications of this shocking incident.

    Tomorrow the Prime Minister and other EU leaders will discuss this at the European Council. I came to Brussels today as part of the preparations for those discussions.

    I had the opportunity to meet the High Representative and other senior EU officials and to brief representatives of all the Member States.

    I set out the reasons for our clear assessment of Russian responsibility, the measured but clear response we were taking, the wider pattern of malign behaviour into which Salisbury fits, and the importance of a renewed and wider international focus, including from the EU, on the challenge Russia represents to our shared interests and values.

    It was clear from my discussions not only the strong solidarity with my country but also the shared sense of gravity and determination to look carefully, calmly but purposefully at the implications, given the high stakes involved for our shared European security and the rules based international order.

  • Richard Harrington – 2018 Statement on the Competitiveness Council

    Below is the text of the statement made by Richard Harrington, the Parliamentary Under Secretary of State, Minister for Business and Industry, in the House of Commons on 20 March 2018.

    The Competitiveness Council (Internal Market and Industry) took place on 12 March in Brussels. I represented the UK.

    EU industrial policy

    Ministers had a wide-ranging discussion on the future of EU industrial policy and the need for European industry to adapt to changes in the global economy and the digital revolution. The UK noted that its recently published industrial strategy identified many of the same challenges and drivers of growth, and stressed our commitment to an open, liberal market economy based around fair competition and high standards. Commissioner Bieńkowska updated Ministers on the first meeting of the “Industry 2030” High Level Roundtable which took place in February. The roundtable would work towards a future vision for EU industry. Ministers also agreed the draft Council conclusions (doc. 2793/18).

    The UK also raised concerns at the recent announcement by the US Administration to introduce tariffs on steel and aluminium imports. The UK stressed that unilateral tariffs were not the right way to tackle global overcapacity. Other member states stressed the need for a solution that respected the role of the WTO which Commissioner Bieńkowska supported in her response.

    Digitalisation of the EU economy

    Ministers considered how to better focus national reform efforts and funding decisions, to seize the opportunities presented by digitalisation for European industry and citizens. There was wide agreement on the need to boost digital skills, to provide clear regulatory frameworks, and to see SMEs and the public sector as potential beneficiaries as well as large businesses. Member states considered that both private sector and EU funding should be easier to access and complement existing national investment in infrastructure.

    Single Market

    Ministers held a policy debate on the single market to mark the anniversary of the treaty of Maastricht. A number of member states, including the UK, called for better enforcement of single market rules and an analysis of barriers to the services market to realise the single market’s full potential.

    Commissioner Bieńkowska hoped that member states would reflect their aspirations for the single market in responding to Commission legislative proposals. The UK underlined our continuing interest in the success of the single market and support for ongoing efforts to reduce barriers, and reiterated the Prime Minister’s call for an ambitious UK-EU partnership.​

    Other items

    Commissioner Bienkowska set out the key elements of the Commission’s plastics strategy and highlighted the objectives of a review of the REACH regulation. On better regulation, the presidency presented work to highlight the role of scientific evidence in the EU’s regulatory decision making. Belgium presented a short note to highlight the risk of start-ups and scale-ups being captured by the rescue and restructuring guidelines in the state aid rules. Under the regular “Competitiveness Check-up” Commissioner Bieńkowska gave a presentation on the link between services reforms and productivity in manufacturing. Commissioner Jourova updated Ministers on the forthcoming package of consumer protection proposals which are due in April.

  • Jim McMahon – 2018 Speech on the Greater Manchester Metrolink

    Below is the text of the speech made by Jim McMahon, the Labour MP for Oldham West and Royton, in the House of Commons on 20 March 2018.

    Jim McMahon (Oldham West and Royton) (Lab/Co-op) Hold on to your seat, Mr Deputy Speaker, while I take you through the history of Greater Manchester’s tram network. [Interruption.] We could have two hours on this, but if it is any help, I promise not to take us anywhere near that—unless there is trouble on the line and we get delayed.

    Jeff Smith (Manchester, Withington) (Lab) If my hon. Friend is going to give us a history of Manchester’s tram network, which I look forward to, will he join me in paying tribute to the man described as “Mr Metrolink” by the Manchester Evening News—Councillor Andrew Fender, without whom we might not have a Metrolink system at all, and who stands down from Manchester City Council in May after 41 years of dedicated public service?

    Jim McMahon Councillor Fender has been a real transport inspiration for many people in Greater Manchester. He is actually a very quiet and reserved character; he is not somebody who grandstands—who seeks attention. He works in the background and diligently gets on and does the work that is very complicated, often very technical, and requires a lot of time and dedication. I have absolutely no doubt that without the time that he put in to transport in Greater Manchester—not just the tram system but the bus network, and cycling routes especially—it would not be as advanced as it is. I think that is a very fitting tribute. I thank my hon. Friend for that intervention.

    Greater Manchester’s tram network opened in 1992 and is now the UK’s biggest light rail network. It is essential to Greater Manchester’s economy. We know how important transport is. It is important to get people from A to B, but it is also essential to do so efficiently, to make sure that we reduce congestion, that people can get to work affordably, and that there are routes that take people where they need to go for their employment or for leisure. People vote with their feet. The light rail system in Greater Manchester carries 41 million passengers every year. It covers 60 miles over 93 stops. However, as always in Greater Manchester, we are not content to stand still. We want to go even further.

    At the moment a new line is being built to Trafford Park, and that will provide fantastic connectivity to one of Europe’s largest employment sites. People across Greater Manchester will be able to travel through the city centre and on to Trafford Park, and capitalise on the jobs that are being created there. That builds on the success of the airport line, which will take people to Manchester Airport, one of our enterprise zones—also essential for getting people to decent, well paid, secure jobs, particularly now, and in the future too.

    Jim Shannon (Strangford) (DUP) I am ever mindful that the Government have committed to reducing pollution levels massively in our cities. Does the hon. Gentleman agree that a working, modern, technology-friendly public transport system is essential for Manchester and other cities like it, and that the expansion of services into the ​south will attract more people into using the service, making it more effective, and therefore cost-effective, and benefit the environment as well?

    Jim McMahon That is a very important point about the benefits for the environment and the economy. At one point, I was slightly fearful that we were going to make a claim for an extension over to Northern Ireland, which would be a great day out, but I might struggle to—

    Mary Robinson (Cheadle) (Con) As the hon. Gentleman is talking about providing extensions, I would like to make a bid. At the moment, as he knows, East Didsbury is at the end of the line, as it comes out towards my constituency of Cheadle. We would love to see the line go all the way through to Stockport, as well as going to Manchester Airport, so that we would get true connectivity around the south of our area.

    Jim McMahon That is an important point. I will mention some potential routes later. There is a case to be made not only for the Didsbury line to be extended, but for a connection from Ashton through to Stockport and through to the airport, because as important as the connections in and out of Manchester city centre are, so too are the orbital links connecting the boroughs around Greater Manchester, beyond the city of Manchester. We should be ambitious; we need to create a transport vision that will guide us for decades. The people who laid the foundations for Manchester’s current Metrolink system came up with that idea—that nugget of how Greater Manchester could be different, and could be modern—many, many generations before it was built. It is important that we now take on that responsibility for the next generation, and plan that far ahead. I think Stockport ought to be the beneficiary of a tramline. I think we ought to be able to connect the whole of that eastern ring, too.

    The Oldham line, which is my particular interest, started construction in 2011 and opened in 2014. Work began in the year that I became council leader in Oldham and so we had the great success of work beginning on the line. It was previously a heavy rail line, which was then decommissioned, to be turned into a light rail system. Clearly, that caused a lot of disruption and not everybody was convinced that a tram coming through the town would pay dividends and ultimately be a benefit to it, given all the traffic chaos that naturally happens when we start laying tram tracks on the road network. Plenty of people said, “If you build a tram from Oldham to Manchester, surely people are just going to go to Manchester and that will be to the detriment of Oldham.” We said, “No, this is about that connectivity that makes us part of a great Greater Manchester. If Oldham sits in isolation, thinking it is an island, and does not capitalise on one of the best cities in the world, we are missing a trick.”

    It was important not just to capitalise on a great city, but to have a vision for Oldham that meant it could be the best Oldham it could be. Metrolink was very important as part of that vision and that future economy. Significantly, the phase 3 line saw an investment of £764 million. It also connected many key sites. Obviously, it connected through Oldham and on to Rochdale, but it also went through two previous housing market renewal sites. We ​know that where Metrolink stations are placed, there is a good effect on the housing market and demand in that locality. So Freehold, where the Metrolink stop is placed, was a key site for housing market renewal. We know the local authority is keen to see that being redeveloped, with the eyesore of the Hartford mill, which might be the subject of a future Adjournment debate, demolished to make way for decent, secure accommodation for people to live in and to create a thriving neighbourhood. Metrolink also connected the Derker community, where there was a lot of clearance as part of the housing market renewal project. Now it has fantastic family houses for people to live in, just a walk to the station, where they are connected to Rochdale, on to Manchester and further into the network—to connectivity that is vital for them.

    As I said, people vote with their feet. The old heavy rail system, with the clunker carriages we used to have on the old Oldham Mumps station, carried 1.1 million passengers a year, which was impressive, but nowhere near as impressive as the figure of 3.6 million people using the current Metrolink system on the same line. So we know this has a material effect on increasing passenger numbers, and the more people who go on the tram, the fewer the people who have to travel by car, because they have a genuine alternative, provided in a more environmentally friendly way.

    If the Government are serious about creating the northern powerhouse, it is crucial that we rebalance the UK’s economy. But we also need to understand that if all we do is benefit Manchester city centre and the south of Manchester, which have historically been the better performing parts of Greater Manchester, and we do not concentrate on north Manchester, which has historically underperformed compared with the south of Greater Manchester, we will miss an opportunity to make sure that every part of the northern powerhouse can benefit from future investment. Let me give some context on that, because this is not just about a northern Manchester bias and saying “Why does south Manchester get everything at our expense?” This is where the facts are. The gross value added return for Manchester south is £34.8 billion a year, which accounts for 68% of the total GVA for the whole of Greater Manchester. So we can see that an underperforming north Manchester—I am not saying south Manchester is necessarily overperforming—needs to do far better to rebalance and to contribute to that greater GVA. To do that, we need concerted and long-term investment planning—on transport, on housing and on schools. So this debate is about how we might achieve that.

    Those who have been on the Manchester Metrolink and gone on a real journey will perhaps bear with me while I take them on what could be a journey of the future, if the Government and Greater Manchester are willing to work together on this plan. I am going to concentrate on the potential of connecting Oldham with Middleton and then on to the Bury line at Heaton Park. Currently, when the tram comes down the Metrolink track and gets to Westwood station, it turns off to the left, towards Manchester. In the new journey we are taking today, however, the tram could continue straight down Middleton Road, towards the sunny climes of Middleton. People could benefit from a park and ride in Middleton town centre and go on further towards Heaton Park, and join with a Bury line that would connect them with Bury and that part of Greater Manchester.​

    Coming back, where the line currently carries on to Rochdale after Oldham Mumps, people could go on from Mumps, perhaps up Ashton Road or even along the disused railway line—which would be a cheaper option, although clearly not to the benefit of as many people—on to Ashton town centre, where the line currently terminates. There is nothing worse than a line that terminates; we could at least carry it on and make it nice and tidy. People could carry on straight to Ashton town centre and then, as the hon. Member for Cheadle (Mary Robinson) said, there would be the potential of a loop to Stockport and on to Manchester airport. Suddenly, we are beginning to create what the Manchester Evening News has dubbed the “circle line”. That is a way to use public transport to create proper interconnectivity across Greater Manchester, just like the M60 motorway currently provides for car users. That would be a fantastic boost for many people accessing jobs and for our local economy and tourist industry.

    All that would also give Oldham a critical part to play as an important transport hub. It would not just be the place that people pass through; it would mean that Oldham Mumps, which is currently a strategic regeneration site, would be a critical point of interconnectivity between Bury, Rochdale, Manchester and Tameside, and perhaps further on if we have further extensions. Oldham would become an important place for investment and regeneration, and I believe it would be an important catalyst for the rebalancing of the Greater Manchester economy.

    To achieve all that, we need to be honest. Currently, financial modelling is heavily predicated on the question, “What does this mean for GVA return?” If we invest £1, what will be the pound-for-pound return in the local economy? This is where the way in which we assess capital investment in this country needs a fundamental rethink. There ought to be a measure to take human capital into account.

    What is our starting point if we want everybody to have equal opportunity to access well-paid, secure jobs and decent leisure and sporting facilities? To do that, we need to accept that different communities in Greater Manchester will start at different points and that a rebalancing will need to take place. It is important to bear in mind that we can rebalance in two ways: we can bring the highest-performing area down to the level of the lowest-performing area, so that they are equal but have to share scraps of the table, and the economy will suffer; or we can use investment to raise areas that are not currently performing as well as they could be, so that everybody thrives across Greater Manchester.

    To achieve that second option, we need a different way of assessing GVA return, because the truth is that on any assessment today, building a mile of Metrolink track in, say, Trafford would have a higher GVA return than building a mile of Metrolink track in Oldham, just because the starting point is very different. I do not believe that that is the way to generate an investment plan that rebalances the economy in the way we need it to be rebalanced.

    This debate is about setting out a potential route, but I am not precious about exactly which road or route the new tram line ultimately goes along. I am, though, passionate about Oldham realising its full potential. I am passionate about people in Oldham being able to access high-performing, decent, secure, well-paid jobs throughout Greater Manchester. I am desperate for ​young people in Oldham to recognise that their horizon is not just at the end of their street, but is much further away, and for it to be available to them because it is affordable and accessible.

    Let me tell a personal story. I have been helping my son to navigate the complex world of apprenticeships and college courses. We were looking at some apprenticeships in Trafford Park, which is not far away at all—we can get there by car in half an hour. My son was looking at engineering courses. The problem is that our bus system does not connect young people with Trafford Park in a way that means they can work shifts on those jobs. For instance, if a young person living in Royton wants to get to Trafford Park for a 6 am shift start, they would have to set off at 11.30 pm the night before, because the buses do not start until quite late in the morning. Therefore, if a young person cannot get a driving licence and a car to make their own way there, and they are reliant on public transport, which for people in Royton is a bus at the moment, straight away they are excluded from working shifts in one of the largest engineering employment locations in Europe. That just cannot be right.

    I am not saying in this debate that if all we do is to build a bit of Metrolink track, Oldham will be fixed. My point is much broader: we need to get transport in Greater Manchester right for the people who live in Greater Manchester. Significant effort has been made by the mayor of Greater Manchester, Andy Burnham, and by his team on the Greater Manchester combined authority. Sterling work has been carried out by Andrew Fender and by all the very dedicated officers that work at Transport for Greater Manchester. The truth is that much of this comes down to resource and investment. Unfortunately, in Greater Manchester, we have lost many local bus routes that would connect young people in particular with the job opportunities of tomorrow, and we need to see investment in that area.

    We also need proper capital investment that at least puts Greater Manchester on a par with London. We want Greater Manchester to thrive and to play an active part in the northern powerhouse, but the northern powerhouse cannot be done on the cheap; it needs investment on a par with that of this great capital city. Manchester deserves absolutely every penny of that investment. If we see even a fraction of it, we will see very different outcomes for young people in Greater Manchester.

    I urge the Government to get behind this. I am not necessarily talking about the A to Z route that we are proposing—that will come out of a feasibility report and a technical assessment of what is possible and, of course, it has much to do with patronage and whatever physical barriers may be in place. There should be no barrier to our desire to make Greater Manchester absolutely great. That can happen only if the Government come to the table, offer real investment and work with Greater Manchester to make sure that transport in the future is far better than it is today.

  • Liam Fox – 2018 Speech in Hong Kong

    Below is the text of the speech made by Liam Fox, the Secretary of State for International Trade, in Hong Kong on 21 March 2018.

    Good morning to everyone.

    It’s a real pleasure to finally be here, at the start of the GREAT Festival of Innovation in Hong Kong.

    For myself and the members of my team who have travelled from the UK, it almost seems surreal that this fantastic showcase is finally upon us. And a huge thank you to all of our people here from the UK and Hong Kong who have made this happen.

    For me, this festival offers an opportunity to look far into the future, exploring the technological developments that will unite the UK and Asia, and shape the world economy for up to a century or more.

    Innovation is, of course, a key focus of ours. My department was created in order to shape an independent trade policy for the United Kingdom, our first for more than four decades.

    A 21st Century trade policy must embrace the realities of the modern trading environment, and that means protecting, promoting and celebrating innovation.

    But the location of this festival lends it an extra significance.

    Hong Kong has always been one of my personal favourite cities – a global commercial hub that possesses a unique blend of drive, energy and dynamism.

    Of course, this city has, for centuries, been Britain’s gateway to Asia.

    Of course, we are not here to dwell on the past. But the ties of history and language that are shared by the UK and Hong Kong have put opportunities ahead.

    Our shared history is the preface of to our shared future. Now, the IMF predicts that, in the next two decades, 90% of global growth will be generated beyond the borders of the European continent.

    Much of this will be driven by the Asian economies, where new markets are growing to meet their own innovation revolution.

    The next few years will offer a golden opportunity for the UK to work with our partners across Asia to drive innovation and shape the future of global trade.

    The UK has the experience and capability in key industries – from technology and finance to education and healthcare – that make us the natural partner for the region’s burgeoning economies.

    This festival is hugely symbolic. Why? Because it comes at a time when the UK is seeking to deepen our trading ties with partners across the world.

    This not only applies to those emerging economies that will be the drivers of global economic growth, but also to long-established partners and friends with highly developed and complementary economic structures.

    And of course, Hong Kong is foremost among these.

    We have chosen to hold the GREAT Festival here in Hong Kong because our trading relationship with this city is, I believe, a model for the UK’s future trading partnerships.

    Both the UK and Hong Kong believe that agility and adaptability are the keys to an effective trade policy in an ever-changing and evolving global environment.

    And this approach is at the heard of what the Prime Minister has described as a truly ‘Global Britain’. We won’t be less engaged, but more engaged as we leave the EU, deploying the determination that Britain has always had to promote our values and help shape the global environment in our fast-changing world.

    Governments must be able to act quickly and effectively to changes on the ground, ensuring that new industries do not mean new barriers to trade but effective and efficient policy tolls to deal with them.

    The Strategic Dialogue with Hong Kong was one of the first of our new measures to be launched following the creation of DIT.

    We are already holding meetings, at official and ministerial level, to identify and remove those non-tariff barriers which currently impede trade flows between our two economies. Because there is much we can do, and businesses already do, to liberalise our trading practices without undergoing the process of negotiating a full free trade agreement.

    What underpins this is the recognition that we share values, goals, and a mutual commitment to global free trade, and built on that commonality.

    Earlier this year, I travelled to Davos in Switzerland to attend the World Economic Forum.

    The event was, as ever, extremely productive, and an invaluable opportunity for businesses and policymakers to come together and shape the future of global trade.

    In that respect, it is a lot like particular showcase – the GREAT Festival of Innovation.

    But the WEF also emphasised, to me, how unnecessary some of the perceived complications around global trade liberalisation really are.

    A Free Trade Agreement is, of course, a fine achievement for both parties, and should often be pursued as the ultimate goal.

    But it is simply too broad to be the first or only approach to bilateral trade liberalisation. Often, barriers can be lifted more quickly with an incremental approach which identifies existing common ground – the ‘low-hanging fruit’, if you like, of trade relations.

    There is no greater defender or advocate for the rules-based global trading system than the United Kingdom and multilateral agreements remain the gold-standard of trade liberalisation. Hong Kong is a strong and valued ally in this cause.

    Yet it is also true that the system possesses an inherent inflexibility. Too often, formalised policy frameworks have been left standing by progress and innovation, and by the technological developments that have accelerated globalisation.

    Let’s just think of the one great change we have witnessed – the development of the digital global economy. It’s hard to imagine now when it didn’t exist.

    In the UK alone, the digital economy supports around 1.4 million jobs, and the sector is growing 32% faster than the wider economy.

    In 2015, global e-commerce sales surpassed $25 trillion.

    Yet there exists no formal international framework governing these vast trade and capital flows.

    Of course, you do not need to hear this from me. Many of Asia’s most distinguished and innovative digital companies are here with us at this festival – one of the reasons we chose Hong Kong in the first place.

    Many of you might assert that your industry is doing just fine, having reached all its achievements without any multinational governance whatsoever.

    But any such measures would be designed not to stifle innovation, but to enhance it.

    But these disrupters are the Darwinians drivers of our economy. We all know the benefits that technology can bring to consumers and citizens.

    And, I want to see a wider discussion around how technology can help governments to facilitate trade and lead effective policy development.

    Later this morning, we will have a panel discussion on ‘The Future of Free Trade’.

    Much of the talk around the future of trade is focussed on the ‘trade disruptors’. These new technologies and industries are at the forefront of the shake up the global economy and are reshaping the way we approach international commerce.

    Those of us who are fortunate enough to be able to help shape trade legislation must ask ourselves how we can harness the power of innovation to enhance global opportunity and build a more prosperous future for us all.

    So technology may be a disruptor, but it is also a facilitator.

    One small example is my own department’s trade platform online – great.gov.uk.

    Government is using digital innovation to directly put exporters in the UK in contact with potential customers overseas.

    Similarly, by the same route, companies in Asia and around the world can access a searchable directory of British exporters, allowing them to quickly source their ideal product.

    It is a small but important step towards government embracing technology as a way to facilitate more traditional trade.

    But if we really want to harness innovation to open global trade, we must look at the transformative effect technology has had in lifting the burden of bureaucracy from certain industries.

    Now take personal finance, just as an example. Twenty years ago or more, if you wanted to take out a loan, you had to walk into a bank for a face-to face discussion with the manager.

    For those of you, remember what it was like, armed with your employment and income details, it was up to you to persuade the bank that you were able to repay the money borrowed.

    Today, you can take out a loan at the touch of button, or a tap of a smartphone screen you can achieve the effect.

    This is not because finance has somehow become less complex. Arguably, people’s personal finances and credit scores are more convoluted than ever.

    Rather it is because technology has removed the bureaucratic burden from the customer, and even from the bank manager, and delegated it to an algorithm.

    Even in medicine – my own profession in which I began my working career – patients can be assessed, and prescriptions issued through an automated online service.

    The fundamental contribution that technology has made to human existence has been to make complicated things simple. It probably says something about our nature that the history of innovation is a long string of labour-saving devices for us.

    And if technology can make paying your tax or booking a holiday more efficient and accessible, then why can’t it do the same for exporting?

    A bilateral or multilateral free trade agreement is, fundamentally, an attempt to make the system less complicated. It is an admirable an important goal and one which we must pursue with vigour at all time.

    But as well as making the world less complicated, we should also recognise that technology can be used to ease to improve the conditions of the people within the economic system.

    We cannot forget that innovation also has the potential to unlock vast swathes of the global economy, especially in the developing world.

    For years now, millions of Africans have been using mobile phone banking, in lieu of a reliable system of high-street institutions – an early innovation often overlooked outside the continent.

    E-commerce has also helped to neutralise at least to some extreme the barriers of geography and infrastructure that have sometimes stifled new ventures in undeveloped nations.

    And by allowing economic activity to take place within the home, it continues to emancipate women in particular across the globe into the world of work – entrepreneurism at the click of a mouse.

    But, as well as addressing the wider questions of technology and international trade, the GREAT Festival of Innovation also has a narrower and more immediate focus: the vast opportunities that exist between Asia and the United Kingdom.

    Our country has a richly-deserved reputation for excellence in innovation and technology.

    The UK boasts some 58,000 technology firms. In the last year, more venture capital in tech came to London than in Germany, France, Spain and Ireland combined.

    In many areas, the research and development capabilities of the UK have put us at the cutting-edge, creating the technologies of the future.

    In Bristol close to where I live and represent in parliment, a company called Graphcore is developing the next generation of computer processors.

    In Exeter, the Centre for Graphene Science are developing self-powering wearable tech that will allow electronic devices to be woven directly into clothing – not that far away from the images the young people were telling us about.

    And in Cardiff, the Compound Semiconductor Catapult is leading the way to find a high-capacity replacement for silicon chips.

    These companies are being aided in their endeavours by a government that is committed to technology and innovation.

    Our business-friendly regulatory environment and the lowest corporate tax rate in the G20 have helped to propel us to 1st place in Forbes’ Best Countries for Business survey.

    Our Industrial Strategy is ensuring that the investment, resources and infrastructure are in place to help innovators to thrive in every corner of the United Kingdom.

    And our ambition to build a truly global Britain is allowing UK companies to trade more freely than ever with our partners across Asia.

    Let me give you just one local example – the UK company OC Robotics are working here with Dragages Hong Kong to provide remote access technology for the construction of the undersea road tunnels between the mainland and Hong Kong International Airport.

    This is what is at the heart of the GREAT Festival of Innovation.

    The UK may have a lot to offer, but so does Asia especially Hong Kong. The festival is not about selling our products to Asian markets though we don’t mind if we do, but about building relationships and collaboration.

    The partnerships between UK and Asian firms that will be established at this festival and the networks that we build will shape the future not only of the UK, Hong Kong, and Asia, but of the world.

    The festival will showcase the very best of British and Asian innovation in how we will learn, how we live, how we work and how we play in the future, across multiple sectors.

    We are here not only to celebrate what we have, but to build a network that will drive innovation, develop new technology, and determine the future of global trade.

    We are at a truly exciting moment in history. We want to hear your opinions on global commerce, and learn from your expertise to unlock the opportunities of free and open commerce.

    If we innovate together, we can achieve so much.

    So, let’s discover the future. Let’s create tomorrow.

    Thank you.