PARLIAMENTARY DEBATE
International Investment Summit - 17 October 2024 (Commons/Commons Chamber)

I beg to move,

That this House has considered the International Investment Summit.

I am delighted to open this debate on the Government’s inaugural international investment summit, which we hosted at the Guildhall in London on Monday. Leaders of the world’s biggest companies, from Alphabet and BlackRock to Goldman Sachs and Novo Nordisk, came from all corners of the globe to meet Government Ministers and to listen to what our new Government had to say. Our message at the summit was clear: the UK is open for business once again. We have turned the page on the stagnation and instability of the previous Government, and in just over 100 days, this Government have put growth front and centre of our agenda and reassured investors that we will create the very best conditions for them to invest and to grow their businesses, restoring the economic stability and confidence for which businesses have been crying out for too long.

The Prime Minister and the Chancellor made it clear that the UK has an enormous amount to offer, as did all the high-profile investors who spoke at the summit, including esteemed business figures such as Larry Fink, Eric Schwartz, Ruth Porat and more. We have made clear our commitment to growth and restored economic stability, and we have given businesses the confidence that they need for the long term. Businesses are safe in the knowledge that the UK at last has a Government whose central mission is to grow the economy and stimulate private investment, thereby ending the chaos and churn of the last 14 years.

As both the Prime Minister and the Chancellor have set out, increasing investment into the UK is the Government’s No. 1 priority to drive growth. Our mission-driven approach allows us to think in terms of years, not weeks, and to commit to the hard yards required to break down the silos that have too often prevented effective government and got in the way of real growth-driving change.

This is about ambitious policymaking for the long term, not sticking-plaster politics. As the Chancellor said earlier this week:

“If the challenge is growth, investment is the solution.”

I am delighted to say that, as a result of the stability dividend introduced by this Government, we announced a record-breaking £63 billion of shovel-ready investments across the country—more than at any previous summit, and more than double the total of last year’s summit—from global companies such as Eli Lilly, ServiceNow, Holtec and many others.

I welcome the Government’s success. Could the Minister tell us the proportion of that investment that came into play before the election?

The agreements were reached in the lead-up to the summit and at the summit itself. I am glad that the hon. Gentleman joins us in congratulating the new Government on securing £63 billion of shovel-ready investment. I lost count of the number of Prime Ministers, Chancellors and Home Secretaries we had under his Government. I was working in the private sector at the time, and I often heard from businesses that said they did not have the stability, or even the predictability, of Government policymaking.

Will the Minister give way?

I will not have a cross-Chamber discussion with the hon. Gentleman. I am sure he will make a contribution to the debate.

This Government are determined to increase the number of good, well-skilled jobs, to embrace the opportunities of technology and innovation, and to improve productivity across the country. At the international investment summit, we demonstrated that the UK has tremendous strengths. We have a dynamic, ambitious and globally connected economy that has long been at the forefront of global exploration, invention and innovation. We have a global language, a central time zone and a renowned legal system. We have a high-spending consumer market that benefits from an open economy. We have trade deals with over 70 countries, and we have world-class talent supported by our globally recognised higher education system, with four of the world’s top 10 universities.

One of my favourite moments of the summit was a panel chaired by our fantastic Secretary of State for Culture, Media and Sport on the creative industries and sport. I was delighted to have a photograph with Gareth Southgate, which I showed to my boys when I got home. In all seriousness, Gareth Southgate talked about how the Premier League was once just an idea and how it has been built and marketed into a world leader, creating great investment into our economy. I am sure the whole House will support that sentiment—

Hear, hear.

The shadow Secretary of State is demonstrating that from a sedentary position—it is the first time I have said that in a debate for some time.

When we took over from the last Government, we recognised that there were issues we needed to address to improve the UK’s competitiveness. That is why we have already announced a series of steps to improve our business environment, such as driving through planning reform to get Britain building, removing the ban on onshore wind farms and giving the green light to key solar and data centre projects. We are also undertaking a pensions investment review, which the Chancellor has asked me to lead, to harness the potential of our £2 trillion pension industry to unlock new capital for our innovative businesses, to drive growth and to improve outcomes for future pensioners.

We have launched Skills England to boost the nation’s skills and fill job vacancies by bringing together businesses, trade unions, mayors, universities, colleges and training providers. We are also resetting our relationship with our closest partners in the European Union.

I, too, congratulate the Government on an extraordinary achievement in securing £63 billion-worth of investment, which is a tremendous vote of confidence not only in this Government but in this country. My hon. Friend is right to say that a big part of this is the stability dividend, but she is also right to say that resetting our relationship with our closest neighbours in Europe must also be a big source of appeal. Did she hear that feedback at the investment summit?

Indeed, I did. Business wants the Government to take a pragmatic approach, not an ideological approach, to our relationships with our main trading partners, and that is exactly what our new Government are doing.

I am pleased to report that we are not resting on our laurels; far from it. On Sunday, the Business Secretary announced the launch of an industrial strategy advisory council, which will be chaired by Clare Barclay, the CEO of Microsoft UK. The Business Secretary also announced our modern industrial strategy Green Paper, setting out eight growth-driving sectors: advanced manufacturing; clean energy industries; creative industries; defence; digital and technology; financial services; life sciences; and professional and business services. This is not about picking winners; it is about building on the UK’s unique strengths and untapped potential to enable our already world-leading services and manufacturing industries to adapt, grow and seize the opportunities to lead in new and emerging industries.

At the summit, the Prime Minister set out the Government’s commitment to a pro-growth approach to competition and regulation, to create a dynamic business environment that will strengthen our foundations and help deliver our growth mission and industrial strategy. As investors made clear, they have a choice of where to invest. We must not rest on our laurels; we must make sure that we forge ahead with these policies, because we need investors to make a positive choice to invest in our country. As one private sector speaker said at the summit, we do not want investors just to invest; we want them to place a big bet on investing in the UK.

The Chancellor also confirmed two new innovative measures to ensure that our public finance institutions can better catalyse billions of pounds in private investment. We turbocharged the UK Infrastructure Bank to become the national wealth fund, which will have £27.8 billion to catalyse investment that would not have otherwise taken place. We have also launched the British Business Bank’s new pathfinder British growth partnership, a vehicle to crowd pension fund investment and other institutional investment into venture capital funds and innovative businesses.

We have committed to bringing forward a tax road map, long demanded by businesses across the economy, at the Budget. This will give businesses the certainty and predictability to plan for the future. As the Chancellor has already made clear, we will cap the rate of corporation tax at 25% for the duration of this Parliament. Gone are the days when a Government—the previous Government —would announce a decrease in corporation tax, then announce an increase and then, months later, reverse the decision again at the next fiscal statement. We want to ensure that businesses have predictability. We have also said that we will maintain our capital allowances offer, with full expensing and a £1 million annual investment allowance.

We will also reform and turbocharge the Office for Investment, which will sit under our new joint Treasury-Department for Business and Trade Investment Minister, Poppy Gustafsson, the founder and former CEO of Darktrace. This is a clear demonstration of the Government’s commitment to better serving the needs of investors and breaking down the silos between Departments, which have too often prevented transformative Government policy.

We are determined to drive the transformational investments that the country so desperately needs to fulfil its economic potential. Such measures, introduced within just 100 days, show that this Government are not just about warm words; we mean business, in every sense of the phrase.

This week’s summit was a major vote of confidence in the UK’s economic future and in this Government’s commitment to realising it. The investments and partnerships forged at the summit will have lasting impacts, driving growth, innovation and sustainability for years to come. It was not just a one-off event; it was a first milestone in our ongoing work to build a deep and meaningful partnership with business, drive economic growth and create good jobs for working people up and down this country at all levels of society. As we move forward, let us work together across the House to ensure that the benefits of these investments are felt by all our citizens across every region of our great nation.

Before I finish, I want to say that the particular highlight of the summit for me was the evening reception at St Paul’s, at which His Majesty the King was present and at which many of us were delighted to hear Elton John, who had some very warm words to say about our new Government. He said something like, “We’ve been in the doldrums for the last few years, but now we have a new Government under the leadership of a new Prime Minister and things are looking up.”

As the Chancellor made clear in her closing speech at the summit, since taking power this Government have put unlocking private investment at the heart of everything we do. Our investment summit demonstrated our commitment to growth and that the UK is once again open for business.

I call the shadow Secretary of State.

May I welcome the Minister back to this place and to her new position? I assure her that I am very happy to work with her to further the best interests of the United Kingdom.

I very much welcome what happened on Monday. Having 300 investors come to this country is very welcome; this country is clearly open for business. We are keen to help the Government to succeed, because it is in everybody’s interests. I speak not only as a constituency MP, but as a former businessperson.

I was also pleased to hear the Prime Minister talk about cutting red tape and regulation. We would all welcome that, although I have some questions. We know that there is a bottleneck in our economy, particularly in planning and infrastructure, so we will welcome any changes that the Government can successfully make to accelerate the projects that have been held up by problems.

We also welcome the work—for which I understand the Minister is responsible in her other role as Minister for pensions—on the Mansion House compact and the Mansion House reforms, which could liberate £75 billion of capital into our productive economy. That is much needed: only 3% or 4% is invested today in equities, compared with 50% a couple of decades ago, so it is very important that we continue the reforms started by the last Government.

We were pleased to see all the positivity on Monday, despite the gloom and doom that we have heard from Government Members in recent weeks. It is good to hear investors saying that now is the right time to invest in the UK. We can see why. [Laughter.] No, it is not necessarily because there is a Labour Government. It is because inflation is running at below 2%, whereas it was running at 11% only two years ago. In this country we have only 4% unemployment, our economy is growing as fast as any other in the G7 and our deficit stands at 4.4%. That is what we handed over to the Minister’s Government. The deficit was higher than we would have liked, but in 2010, by comparison, it stood at more than 10%.

We constantly hear from Labour Members the refrain that they inherited the worst economic situation in history, but that is simply not the case. I am happy to take an intervention from the Minister, or any other Government Member, on that point. If they can name a single metric that is worse today than in 2010, I will be happy to hear it.

The Chair of the Business and Trade Committee is going to give us one.

The hon. Gentleman gives way with characteristic generosity. The truth is that the International Monetary Fund forecast growth for this year at about 0.5%, that families were about £1,200 worse off on average at the last election than in 2019, and that since 2010 the national debt has more than doubled, to £2.3 trillion. I suggest that those three metrics represent not a good inheritance, but a bad one.

There is no doubt that we have been through a difficult time, given the effect of covid and the cost of living crisis on a services economy, but the right hon. Gentleman will acknowledge that back in 2010 the deficit was more than 10%, whereas today it is only 4%. In real terms, adjusted for inflation, that is a difference of about £160 billion, the equivalent of the health budget. The inheritance left for the present Government is much better than the one we received in 2010.

The shadow Secretary of State is being generous to a point. I suggest kindly that in 2010 the outgoing Labour Government did not leave a £22 billion in-year hole in the public finances, as the Conservative Government bequeathed to us.

The Minister is a very sensible person with experience both in the private sector and in politics, so I am surprised that she mentions that figure. Of the £22 billion, £9 billion was a result of her Government’s actions in lifting public sector pay without any commensurate productivity improvements and in scrapping the Rwanda scheme. It is fake news to say that there is a £22 billion black hole, I am afraid, and the Minister absolutely knows it.

There is no doubt that there are tough spending decisions and tough choices to be made, but it is very disappointing that one of the Government’s tough choices has been to scrap the winter fuel allowance. Let us see what their other choices will be.

Does the shadow Secretary of State acknowledge that the cost of Government borrowing that this Government have inherited is roughly double what it was in 2010? That is, in part, a direct result of the disastrous Liz Truss mini-Budget.

That is simply not true—just read what the Bank of England said about that time. All the numbers went back to normal within a month of that fiscal event. The hon. Gentleman can choose his opinions, but he cannot choose his facts.

Let us look at some facts. Of course we welcome the £63 billion that has been announced, but as the Minister and her Government stand on a platform of honesty and transparency, let us put some honesty and transparency around the numbers. The Amazon £8 billion was announced on 20 March this year. The Blackstone investment of £10 billion in a data centre was announced on 23 April this year. Of the £63 billion announced, £36 billion was announced prior to the investment summit or initiated via things like auctions by the previous Government. Only 20% of what was announced was not already in the pipeline before the investment summit. The reality is that much of it was already baked in. There is bound to be an overlap when a new Government come in, but let us have some transparency and honesty around the numbers.

By spring this year, financial markets had already priced in the fact that they expected a large Labour victory, and that was what gave businesses and the markets so much confidence in the future stability of our economy. Will the shadow Secretary of State explain why?

I will come on to confidence in a second, if I may.

The reality is that the UK has always been a good place for foreign investors. For the past three years, it has been No. 3 in the world for foreign direct investment; the only countries ahead of us have been the US and China.

The Minister referred to the wonderful event at the Guildhall. We have wonderful places to host international events, and we support what they do to show the best of Britain to our international investors. I was pleased, but perhaps surprised, to see Elton John entertaining the audience; I was expecting Taylor Swift. Was that ever on the agenda? There is obviously a very strong relationship there. But when I thought about it, and when I heard about the reversal of position on the DP World investment, I thought, “Well, it’s obvious why they’ve done that: they’ve asked Elton and the Transport Secretary to join in a duet of ‘Sorry Seems to Be the Hardest Word’.” Interestingly, a No.10 press release on this mentioned a rogue operator—I was not sure whether that meant the Secretary of State or the company—so I am not sure where that all landed in the end, or whether that was just a rogue comment by the Secretary of State.

None the less, we welcome the investment and we will absolutely support any successes that the Government can achieve, but, as the Opposition, it is right that we challenge where challenge is due. We have many concerns about some of the things to which the Minister refers. She is absolutely right to say that stability is the key. It breeds confidence in investors, which breeds investment. That is why we are particularly concerned about the changes to business taxation. Some were floated months ago and have been left hanging in the air. We know that this is now affecting investment, particularly around capital gains tax and around business relief—it used to be called business property relief—which is very close to my heart.

Business relief gives private businesses and businesses listed on AIM the ability to pass on their assets to the next generation without inheritance tax. There are a number of questions around whether that relief will be continued. It is hugely important that the Government do continue it, because it affects some of this country’s fantastic family businesses, which generate around £200 billion of tax receipts every single year and employ nearly 14 million people. That business relief is there for a reason. It is not a tax loophole; it is an incentive for family and intergenerational businesses to pass on their assets from one generation to the next. Similarly, that happens with agricultural property relief.

We are also concerned about the Government’s unwillingness to confirm that there will be no rise in national insurance for employers. Members on both sides of the House have described that as a jobs tax, and that is exactly what it is. All the uncertainty around business taxation will mean a suspension of investment and a reduction in the amount of hiring, particularly when it is seen in conjunction with the potential workplace changes that the Government are making, which we will debate in the House on Monday and about which we have great concerns. In particular, those relating to union powers could take this country back to the 1970s. I know that many Members in this place will not remember the 1970s, but I do and it was not a good place to be.

In the Prime Minister’s statement, he talked about cutting red tape. If, as currently drafted, the 28 new regulations—particularly those for small and medium-sized enterprises—are added to the Employment Rights Bill, it would seriously damage growth, investment and SMEs. But the Minister does not need to take my word for that. Let me read out some of the comments about the changes that the Government are thinking of making that will damage investment. The Federation of Small Businesses said that its members are viewing the measures coming down the line with “trepidation”. Tina McKenzie described them as

“clumsy, chaotic and poorly planned.”

She said:

“There are already 65,000 fewer payroll jobs since Labour took power, and the new Government is sending out troubling signals to businesses and investors.”

Those are her words, not mine.

The Institute of Directors said that confidence is fizzling out. Its index in relation to investor appetite has gone from plus 30% in June 2024 to minus 7% in October 2024. That is in just four months. The CBI said that 62% of employers say that the UK will be a less attractive place in which to invest. Ernst & Young said that

“60% of asset management (private equity) clients have asked them to start work on moving abroad.”

Does the hon. Member agree that he is now guilty of talking down the entrepreneurial spirit and the ability of UK companies to cope with an exciting new Government?

I am very keen not to do that. That is my point. It is gloom and doom from the Opposition —sorry, I mean the Government; I have to stop doing that—and it is brought on by these significant changes. These are not my comments, but the comments of sensible business representative organisations, which are representing their members. We should listen to the voices of business in this context. Even Richard Walker of Iceland Food, one of the Government’s supporters, says that the changes must happen slowly to avoid a “disastrous impact”.

I realise that we have a lot to get used to these days. I have to get used to calling those on the Labour Benches “the Government”, and I also have to get used to being a backseat driver. It is even more frustrating being a backseat driver when the learner driver in the driving seat does not know the difference between the brake and the accelerator.

Importantly, stability is one of the key levers that the Government have at their disposal. Winston Churchill once said that some people see “private enterprise as a predatory tiger to be shot. Some see it as a cow that they can milk. Few people see it for what it really is—the strong horse that pulls the whole cart”. It is hugely important that we get behind private enterprise in this country. It is hugely important that we get that stability in tax policy, workplace policy and the employment relationship. It is hugely important that we continue to level up this country. I note that levelling-up seems to have disappeared as a departmental aim, but that is still hugely important to all parts of this country, not least to the part of the country that I represent. It is also hugely important that we control energy costs. We know that that is a key concern to many businesses around the UK. Another key concern is that we cut the red tape for our larger companies.

The area that I focused most on as a business Minister was SMEs, which are the backbone of our economy. The No. 1 area that they struggle with is access to finance. I would really like to see some different measures in that area.

On that point about finance, I was pleased to see that JP Morgan, which has its headquarters in my constituency, joined other big banks in the world to back the push to invest in the UK ahead of the summit. Does the hon. Member agree with JP Morgan and those banks that we should be optimistic about the future of the British economy following the election?

I would not necessarily say “following the election”, but, generally, we should be very positive about our economy. I set out earlier some of the economic conditions that would make it conducive to invest in the UK, and we should be proud of that situation. I welcome the Minister’s comments about the change of priorities of the British Business Bank, specifically in relation to the pathfinder initiative. That piece of work was started by my hon. Friend the Member for Grantham and Bourne (Gareth Davies) when he was in the Treasury. Again, that will help to ease the flow of finance into our SMEs.

As I look, with a mixture of sadness and joy, at the now redundant Conservative party manifesto, I can see that there were some really positive ideas in there about easing finance for SMEs. In particular, I am referring to things such as regional mutual banks, which is a policy that the Labour Government should adopt, and the open finance and smart data revolution for our economy, which could transform the opportunities of SME finance, making it much easier for SMEs to shop around. However, the key thing that I would reiterate to the Minister and her team is that they need to make sure that we have stability in terms of not just work, but business taxation, capital gains tax, and business relief. I say no to a jobs tax, but, yes to stability and business taxes. I say no to taking us back to the 1970s, by giving unions more power, no to doom and gloom, and yes to a positive and optimistic view of the UK’s future in the world.

I call Jade Botterill to make her maiden speech.

Thank you, Madam Deputy Speaker, for the opportunity to deliver my maiden speech in this important debate on international investment, the benefits of which will be felt right across all regions of our country.

I want to begin by paying tribute to my predecessor, Mark Eastwood. He was a dedicated servant to his previous constituency of Dewsbury. On behalf of myself and our community, I say thank you.

Being the Member for the area in which I grew up is truly the honour of my life. I will forever be grateful to the people across Ossett and Denby Dale who put their faith in me to represent the area that I proudly call home. I pay tribute to the Labour members across the constituency, especially stalwart member Robert Gosling, without whom I would not be standing here today.

I would also like to take the opportunity to thank my parents for their support, as well as my brother, who has always been there for me during some of the most challenging times. I am delighted that they have travelled from Wakefield to be in the Public Gallery today. Their own commitment to our community in their long careers of public service—working hard and talking straight—are principles that I hope to emulate here. My mum is so committed to the north that this is her first ever trip to London—proof, were it ever needed, that us northerners only come south if somebody makes us.

I know many Members have already spoken about the beauty of their patches, but with respect, I must make the case for Ossett and Denby Dale. Driving from Ossett towards the Wakefield rural villages and into Denby Dale, the sky widens and the moors roll out before you. On that drive, when I see the Emley Moor mast appear from the horizon, built taller than the Eiffel tower, I know I am home. It is beautiful, it is Yorkshire and it is the place that made me who I am today.

It is not just those moors and views that move me; it is also the people who call them home. We are people of talent, community and, as good Yorkshire folk say, hard graft. In fact, that beautiful landscape is the fruit of exactly that graft, of that talent. You see it in the pits dug across the countryside that served to fuel and heat our nation. You see it in the fields—ploughed, planted and grazed by countless generations to feed not just Yorkshire but the rest of the country. You see it in the town markets, which have bustled with small traders, craftsmen and local farmers for generations. That landscape is not just the cradle of talent, but a product of it.

Each town, each village has its own community, its own culture—all quietly, proudly distinct. As well as hard work, these towns and villages are famous for their culture, their creativity and their heritage—home to brass bands, Morris dancers, maypoles and even a Doctor Who, but most importantly of all, the world’s greatest rugby league team, Wakefield Trinity. Labour may be a party of the Union, but in West Yorkshire, when it comes to rugby, we watch the proper stuff and as you will know, Madam Deputy Speaker, that is league.

We are also home to Yorkshire Sculpture Park, with its Barbara Hepworths and Henry Moores, and the National Coal Mining Museum, which roots us in our proud history. I am enthusiastic—sometimes maybe a little too enthusiastic—that my constituency contains so many wonderful pubs and brewers. We have the ever expanding Ossett Brewery and our famous yearly festival, Ossett Beercart.

Just as we work hard and play hard, we also pie hard. Indeed, for over 200 years, the people of Denby Dale have marked special occasions in the only way I think appropriate: by baking enormous pies to feed thousands —some even as long as 40 feet, with nine tonnes of filling and 200 pints of bitter. That history and that culture must be championed. It is Yorkshire culture; it is our culture.

But I refuse to talk about my community only in the past tense—about opportunities we used to have and industries we used to lead. Indeed, I want my successors in this place to be celebrating the creativity and achievements of children being born in my constituency today. Sadly, however, the Social Mobility Commission recently reported that many young people in Ossett and Denby Dale, and other post-industrial communities across our nation, face an uphill battle. Growing up in a rural town, I know that feeling all too well: that the place you are from is overlooked—forgotten, even; that opportunities are few and far between; and that the only path to success in life is leaving your family, your friends, your home. After briefly living in London in my twenties for work, I remember feeling like the token northerner with the funny accent. I found myself having to speak eloquently so folk down here could actually understand me. The only problem with that was that when I got back home, my friends and family would ask me why I was speaking so posh. It actually made me feel quite lost.

Young people in Ossett and Denby Dale, and in towns and villages across our country, should not feel like they have to get out to get ahead—and yet so many of them do. To talk solely about what was once possible in our community is to betray those young people. Instead, our politics must be built on their dreams and on their potential: decent, secure jobs with reliable public transport to get them there; good affordable housing where they can build their families and their future; high-quality education and skills training; access to creativity and culture; aspiration, hope. When they see the sky widen and the moors roll out before them, with Emley Moor mast standing tall on the horizon, young people should see somewhere that is ready to be remade once more by their talent, by their graft, by them.

England is a nation of towns and villages like mine—of community, of culture, of graft. For England to succeed, towns and villages must succeed, and it will be my mission in this place to see that happen.

I welcome the Minister to her place. I also thank her for her support when she was not in this place and I was further back on these Benches, and we worked together on some of the issues under focus today.

We Liberal Democrats want Britain to be one of the most attractive places in the world for business to invest. We want to see responsible, sustainable businesses investing in tackling the climate emergency and creating jobs, growth and wealth, some of which should be invested into our health, education and public services. I welcome the Government deciding to hold an international investment summit within their first 100 days. It sends an excellent signal to the world that UK plc is open for business, and we Liberal Democrats welcome and support that move.

We welcome, too, the announcements about the revival of the industrial strategy and a new strategy for the British Business Bank. We look forward to scrutinising those plans as a constructive Opposition. However, we also know that this Government have to rebuild not only the economy, but our country’s reputation.

It is an enormous relief that some of the dark days of the last Government are—I hope—behind us. We had the tweeting diplomacy of two former Prime Ministers, which made us look like a small country on the international stage. We had the half-baked Brexit deal, which has wrapped up small businesses in red tape and reams of paperwork. We had the rolling back on net zero and the flip-flopping fiasco on HS2, which created uncertainty, scared off investors and put the jobs of the future at risk. We also had the sheer incompetence of a Government who had forgotten how to negotiate. In my former role as my party’s health spokesperson, talking to some of the pharmaceutical companies involved in the voluntary scheme for branded medicines, pricing and access negotiations, it became patently clear that many were putting their investment abroad and not in this country. That investment was lost on the Conservatives’ watch.

Even though I welcome many of the things that the Labour Government have proposed and are bringing forward, there are some notable gaps, and it is on those gaps that I wish to focus. We know today’s debate is about international investment, but I urge the Government to think about local investment in this country too. Small businesses are the engine of growth and the backbone of our economy. They are the heartbeat of our communities, but they are really struggling to invest. There is one major reason for that: the broken business rates system. It is absolutely absurd that small bricks and mortar businesses on our high streets up and down the country see their business rates going up while Amazon warehouses see their business rates going down. It is a disgrace. I urge the Labour Government, in the strongest possible terms, to make the Budget this autumn the final one in which business rates are a permanent feature. They should be scrapped and replaced with a commercial landowner levy. I urge the Labour Government to act on that as soon as possible.

To make it even worse, we know that in many parts of the country, where high streets are not in a good state, there are small businesses that want to invest in good environmental things. They want to invest in solar panels, insulation, ventilation and bike sheds—things that would be good for business and create a sense of community, tackle the climate emergency and improve the public realm. Yet if they invest in those things, their business rates can go up. That is absolutely nuts, and I urge all colleagues to get behind my call to make the upcoming Budget the final one in which business rates are a permanent feature.

The other point I will talk about is skills. The Government have talked a lot about investing in infrastructure, housing and big things that we can build, but skills are so important. In my constituency, we have a phenomenal organisation called GEM Cable Solutions, a leading defence and aerospace company that makes bespoke cables and fibre optics using precision manufacturing. That means individual people making handmade cables that are flying things into space—it is extraordinary. But can the company get the highly qualified engineers that it needs in this country? No, it often cannot, because we are competing on the international stage for some of the finest engineering talent. At the same time, under the last Government, the company could not get that talent from abroad either, so I urge the new Government to bring forward a skills strategy as soon as possible, consult with other parties, and ensure that our small businesses can get those skills.

My third point is about the climate jobs of the future. I know the UK Infrastructure Bank has been rebranded the National Wealth Fund, and has attracted £7.3 billion in funds already. I would be grateful if the Minister could confirm whether the new wealth fund will have an explicit remit to support the UK’s transition to net zero carbon emissions. Finally, it is no secret that Brexit has wrapped up our small businesses in red tape, and that they are dealing with reams of paperwork. We have to remove as many trade barriers to our small businesses as possible. I urge the Government to bring something forward on that front as soon as possible.

I call Sarah Russell to make her maiden speech.

Thank you, Madam Deputy Speaker, for allowing me to make my maiden speech. When I drive around my Congleton constituency, I thank my lucky stars that I have the privilege of both living in and representing somewhere so very beautiful. It is made up of gorgeous rolling countryside, farmland, hedgerows and oak trees. The farmers work all hours to produce the food that we need. It has views of the giant radio telescope at Jodrell Bank and the natural beauty spot Bosley Cloud. It is Arcadia within commuting distance of Manchester, Crewe and Stoke, and I cannot tell the House how much I truly love it.

The constituency is a growing place, with around 5,000 extra houses in the last few years. The population is divided between the Cheshire market towns of Alsager, Sandbach and Congleton, alongside the larger village of Holmes Chapel, and many beautiful smaller villages, such as Rode Heath, Church Lawton and Goostrey. There can be few more idyllic spots in the country than sitting outside the Swettenham Arms next to the Lovell arboretum, overlooking St Peter’s, the archetypal village church.

Though each town and village has its own unique character and history, the joys and challenges experienced by the families who live there are often remarkably similar. They include families whose children have special educational needs and disabilities, who often face extensive challenges getting the diagnoses and support that they need. Those families need our help, and I will do everything that I can to assist them. I have been pleased to hear the Prime Minister referring repeatedly in this Chamber to those difficulties, and I am confident that he will help us too.

Families will also benefit from Labour’s review of shared parental leave. Some 54,000 women a year lose their job when they are pregnant or on maternity leave. Women actually out-earn men in their 20s. The gender pay gap is in many respects actually a motherhood penalty. Men taking longer periods of paternity leave is a way that we could normalise parental leave and potentially reduce those problems. I thank the Government for starting the consultation on this matter imminently. I pay tribute to campaign groups such as Pregnant Then Screwed, Rights of Women, the Dad Shift, Parenting Out Loud, and the TUC and trade unions, which are all doing incredible things in this field.

Many homeowners in my constituency have been affected by leasehold and fleecehold problems, and will welcome our planned reforms on these issues, to which I intend to contribute. They include older people, often the backbone of our communities, who provide childcare for grandchildren, and often volunteer as well. Sometimes, however, they do so in avoidable pain while on NHS waiting lists that are too long. Those are just a few of the issues that I intend to apply myself to as MP for Congleton.

Let me take the House back to Congleton’s history. Congleton is known as Beartown, owing to a local story that in the 1600s the town saved up to buy a new Bible. Shortly before the summer fête, the village bear died, so the townsfolk agreed that rather than buy their Bible they would postpone the purchase and get a new bear with the money instead. Congleton is very entrepreneurial across the whole constituency, and many of our small businesses feature references to the bear. It is also in our local iconography everywhere. We have the Beartown Tap and Beartown beer. The bear features pretty much everywhere, as does our fantastic statue of Elizabeth Wolstenholme-Elmy, which was lobbied and fundraised for by local feminists. Elizabeth, who based herself in Congleton from 1874 until her death in 1918, played a significant role in the women’s suffrage movement, founding the Women’s Social and Political Union and campaigning for women’s education and voting rights. I hope that I shall think of her often in this place.

Another of our most famous local figures, although quite different, is Harry Styles, whose hometown of Holmes Chapel is now a point of pilgrimage for his fans. I am sure that everyone is sorry to hear today of the death of his former bandmate Liam Payne—we all extend our condolences to his friends and family. Local people have set up a walking trail associated with Harry Styles. If anyone fancies it, I would strongly recommend following it, with a stop in any of our local independent businesses on Holmes Chapel high street. I would probably include a drink at the George and Dragon or the Bottle Bank, or both. I know that both publicans do a lot of voluntary work within our community.

People volunteering is common in my constituency, as I know it is in the constituencies of many other Members. Whether they are coaching football at Vale Juniors or any of the other community sports clubs—there are too many for me to list—planting trees and conserving and maintaining our woodland and footpaths, as the Sandbach Woodland and Wildlife Group does, and as a similar group does in Congleton; helping young people through uniformed groups such as scouts, guides and the various air cadets, some of which I have visited; running schemes to support men’s mental health, such as the Goostrey Community Shed, Holmes Chapel Men in Sheds, or the new Sandbach men walking and talking group; or even running a community energy power plant in Congleton Hydro, we have the most amazing set of citizens. I am so grateful for the fantastic contribution that they make to help others, support those who need it, and truly make my constituency the fantastic place that it is.

On the topic of contribution, I pay tribute to my predecessor, Fiona Bruce. Congleton has had three MPs in its history, all of them women: Ann Winterton, Fiona Bruce and now me. I know that many Christians in the constituency and beyond appreciated Fiona Bruce’s advocacy on behalf of the religious community, both in the UK and internationally, in her role as envoy for religious freedom. We have many active local church groups in our community, and they contribute a great deal of very varied support. Churches and secular volunteers and organisations, including food banks, food pantries and the Old Saw Mill, are all quietly providing much-needed food support within the community. They do this for a far larger number of adults and children than the apparent affluence of the area would superficially lead one to expect.

As a discrimination lawyer, and someone who went into politics because of the value that I place on equality and inclusion, I will continue to advocate for the rights and freedoms of all my constituents, and celebrate the diversity within our community. I recently attended the One World festival in Alsager, which was first established by Margaret Keeling 30 years ago. It celebrates the diversity of nationalities living within the Alsager community, with food, activities and lots of performances from local schoolchildren. It really is a delight—thank you, Margaret.

Another of the many achievements of the fantastic volunteers in my constituency is that we have regular Pride events. Congleton held its first Pride about five years ago. I pay tribute to Richard Walton, Ronan Clayton and all those who were involved in setting it up. It is now ably chaired by Malcolm Pope, who is taking it from strength to strength. The excellent curator Anna Maluk put on a Pride exhibition in Congleton Museum, hosting photos from those early events and featuring art from the local LGBTQIA+ community. Since then, more Pride events have grown in Sandbach, Alsager and, for the first time this summer, Holmes Chapel. At one of these events, it was suggested to me that these are really just a family fun day—a village fête, if you will. It is true that the events are fun, fabulous and family-friendly, but beyond the live music and bright clothing there remains a serious message. The hard-working volunteers who make these Pride events happen do so in the face of repeated homophobic hate crimes.

Similarly, there is still a backdrop of fear attendant in many women’s daily lives. Women in my constituency have written or spoken to me about their experiences of sexual violence. I say to the young women who have talked to me—you know who you are—that I will fight for you, and all young people, in this place every day. That will include ensuring that, when embracing new technology and innovation, as we have done this week at the international investment summit, we find ways of protecting people from new threats—whether that be people looking at tractors on their smartphones in this workplace, or artificial intelligence baking in discriminatory decision making. Unfortunately, new technologies also bring the potential for harassment, discrimination and abuse, and we must not be caught off guard—we must get on the front foot on that.

My constituency has a long history of developing new technologies. The constituency boundary bisects the site of Jodrell Bank, the amazing radio telescope. Sandbach was the proud home of ERF and Foden trucks. The first Foden traction engine was built in Sandbach in 1881, and that was followed by the production of heavy goods vehicles for 150 years. The history and heritage of Foden still runs through the blood of the town, with the annual transport festival and its incredible parade of vintage trucks, wagons, classic cars and even the odd plane on the common. My constituency is also home to one of the world’s leading brass bands, Foden’s Band, which was born out of the works in 1902 and has twice won, and twice been runner-up, in the national brass band championships of Great Britain. I will work across this House to stand up for the incredible, entrepreneurial and community-minded people and businesses of the beautiful place that is the Congleton constituency.

Lastly, I want to say some thank yous. I thank the volunteers who helped me to get here and continue to support me, to whom I am very grateful. That includes those from the Labour party, and I make special mention of the Fabian Women’s Network mentoring scheme. I thank my adored family, who are in the Public Gallery today. When I am in Westminster, I miss you so much. I hope I do all of you proud.

I pay tribute to those who have made their maiden speeches today. I think we all felt the passion and emotion in the beautiful speech by the hon. Member for Congleton (Mrs Russell). She has given me an idea: when I am out in Keston this weekend, I might recommend to the residents that we get ourselves a village bear—although I can hear my daughter recommending that we get ourselves a village Harry Styles; that would probably be preferred. The hon. Member for Ossett and Denby Dale (Jade Botterill) spoke passionately about representing the place that she called home. The idea of “Pie Hard” is what I am looking forward to—a Bruce Willis remake in the rolling hills of Yorkshire would be most enjoyable. I congratulate both Members on their maiden speeches.

I will continue being nice to the Opposition—

The Government!

Yes, the Government—I have picked up that habit from my hon. Friend and I do apologise.

I am impressed by what has been achieved at the international investment summit. Within weeks of allegedly receiving the worst economic inheritance of any incoming Government since the second world war, Labour has supposedly secured billions of pounds of investment. That is frankly unbelievable, and not because I doubt our country’s ability to attract investment. Britain is a tremendous place to invest, as a wealthy, free, fair and talented nation where people can do business and thrive. That is why Britain’s foreign direct investment stock grew to more than £2 trillion throughout successive Conservative Governments—more than France, Germany and Italy combined. My scepticism is about the idea that the Government, who appointed a Minister for Investment only four days before the summit, secured every penny of the investment. As anyone in business will tell us, the devil is in the details, and a quick inspection will confirm that most of the investment was in progress thanks to the last Conservative Government.

Let us look at clean energy, for example. Britain secured much of the investment that the Government claim credit for thanks to a Conservative policy: contracts for difference. Without that market mechanism, under which investors bid for a guaranteed price, we would not have secured as much investment as cheaply for bill payers. It is why we have the world’s four largest offshore wind farms off our coast, why renewables generate 44% of our electricity today compared with 7% in 2010, and why the UK was able to close its last coal-fired power plant this year. That is a Conservative record, as much as Labour might envy it.

The Government have done the easy bit in tallying the figures and taking credit for someone else’s work. Admittedly, that is a harder task when No. 10 is in such disarray and the Minister had only two days to prepare for the summit. In fairness, only time will tell if the summit was a success and the relationships built there lead to more investment beyond what was already on its way. But that is the hard bit, because to secure more investment and compete globally, Britain needs to be light on regulation and low in taxes. Although the Prime Minister talked about removing “needless regulation” and being “open for business,” his Government’s actions say otherwise. Despite Labour’s explicit manifesto pledge not to increase national insurance, the Chancellor is drawing up plans to hike the tax for employers. Make no mistake: that would be a tax on jobs, and would make it more expensive for firms to hire, which would impact on businesses big and small, including in my constituency—from Bombardier in Biggin Hill to pubs and cafés in Hayes and the Churchill theatre in Bromley.

The tax hike may fall on employers, but working people will pay the price as job opportunities shrink and pay rises are limited. The hands of businesses will be tied further by what the Government themselves brand the biggest increase in employment regulation in a generation. While the Government plan to tax jobs and pass French-style union laws, a Cabinet Minister took a more explicit anti-business approach. The Transport Secretary admitted that she has been boycotting a ferry company for two and a half years, and encouraged others to do the same. While the Prime Minister glad-handed investors— promising less red tape and openness to business, and was careful to mention tax only once—his Government are delivering exactly the opposite.

Britain faces a more significant problem: keeping up as technology advances. Leading on artificial intelligence, quantum, engineering biology or semiconductors is vital to our future prosperity and security, but we face considerable challenges in doing so. For example, Britain is home to the largest number of foundational models and generative Al start-ups in Europe, but we lack the compute power that we need to build and run Al models. The previous Conservative Government recognised that problem and planned to build a new supercomputer in Edinburgh 50 times more powerful than our current top-end system, but Labour has now cancelled that £800 million investment. That is yet another example of Labour’s actions not matching its rhetoric.

The Government cannot be in favour of growth while cancelling investment. They cannot cut regulations while planning huge increases in red tape for employment. They cannot support jobs while preparing to tax their creation. And they cannot claim to have the worst economic inheritance while copying and championing the work of their Conservative predecessors. If the Government do not get their story straight, investors will almost certainly stay away.

I call Callum Anderson to make his maiden speech.

It is with deep humility that I rise for the first time in this House as the Member of Parliament for the new Buckingham and Bletchley constituency, and I am pleased to contribute to this debate. I congratulate my hon. Friends the Members for Ossett and Denby Dale (Jade Botterill) and for Congleton (Mrs Russell) on their excellent speeches. Their constituents are fortunate to have such formidable representatives.

I should of course begin my remarks by paying tribute to my two direct predecessors. In Iain Stewart, this Chamber had a calm, measured advocate for the former Milton Keynes South constituency who, among other things, consistently championed better transport connections for the city and the United Kingdom more broadly. I also thank the now hon. Member for Mid Buckinghamshire (Greg Smith), whose kindness and generosity I have valued as I have navigated these early months in Westminster. They followed in the footsteps of John Bercow, who served as the Member for Buckingham for 22 years, and Dr Phyllis Starkey, who served as the last Labour Member of Parliament for Bletchley, as part of Milton Keynes South, for 13 years. They all exemplify what it means to be a dedicated public servant, and I will do my utmost to meet their standard.

Although Buckingham and Bletchley is a new constituency for this Parliament, it is in fact a reunion of old friends. For nearly a century, those communities were connected as one, but in 1983, Milton Keynes, along with Bletchley, had the temerity to split away and flourish into the formidable modern city that it is today.

Although the towns of Buckingham, Bletchley and Winslow are different in character, all have deep-rooted, rich histories. And between those towns lie many villages, breathing life into the heart of our constituency. Be it Westbury, Quainton, Stewkley or Nash—I could go on—all contribute to the fabric of our collective identity, and I must never forget Tattenhoe in Milton Keynes. Although each community is unique, they share common values: a deep sense of civic pride, patriotism and a belief that opportunity should be available to everyone if they work hard. I pledge to serve each of them with the same level of diligence, be they urban or rural and regardless of their size or affluence.

One of the great privileges of representing Bletchley is that I carry the legacy of Bletchley Park and the remarkable codebreakers who worked there in the 1940s. The ingenuity and tireless efforts of those brave women and men—including Alan Turing, a very British hero—who together uncovered key strategic military plans of the Nazis, not only shortened the second world war and saved countless lives, but laid the foundation of today’s technological age. That is why Bletchley Park remains an iconic institution of national and global significance, and why it was such a fitting host for the AI summit last year.

That legacy of technology and creative thinking remains at Bletchley’s core today. As we speak, the South Central Institute of Technology is inspiring the next generation, providing young people with the skills to thrive in the digital age. The expertise does not end there: the University of Buckingham is innovating in higher education, enabling students to pursue accelerated degrees and equipping them with the agility and knowledge to navigate an ever-changing world.

Just as Bletchley and Buckingham lead in education, Silverstone—of which the southern half of the track is located in my constituency—leads on the world stage for motorsport. It convenes the best drivers, including our very own Sir Lewis Hamilton and Lando Norris, alongside cutting-edge engineers, technologists and designers. Silverstone is where the pinnacle of innovation meets the thrill of competition, and inward international investment has been pivotal to achieving that status. From Formula 1 teams to global technology giants, international investors are choosing Britain because they see a country where creativity, innovation and entrepreneurship can flourish.

But the value of international investment is not just financial; it is also a vote of confidence in us—in our workforce, our infrastructure and our unique creative spirit. It strengthens our relationships with key global players, ensuring that we continue to be the country that others seek out for collaboration, whether in emerging fields such as artificial intelligence or established ones such as financial services and advanced manufacturing. That is why this Government’s achievement in securing the commitment of £63 billion of private investment, 10% of which will help turbocharge Britain’s AI capacity, is so important. I congratulate my right hon. and hon. Friends across Government on their hard work to secure that historic investment.

But, Madam Deputy Speaker, the Buckingham and Bletchley constituency offers so much more. Farmers and rural businesses across north Buckinghamshire work tirelessly to feed our nation, using the latest methods to produce high-quality food while safeguarding our local environment, as I saw at first hand when I met the Edgcott and Winslow Young Farmers earlier this summer. I am committed to being their advocate in the House, ensuring that they receive the support and recognition that they deserve.

If the House will indulge me for a few more moments, I want to close my maiden speech by thanking the people who believed in me and supported me on my journey to this place. First and foremost, I owe an unpayable debt to my mother, who brought me up alone in a council flat and sacrificed everything to help her son reach heights that neither of us could have dreamed of 33 years ago—be that the City of London or the home of our democracy—and whose simple values of hard work and quiet perseverance taught me that everyone has value and deserves respect. Her example has been a guiding light to me, and for that I will be forever grateful. There are so many others to whom I also owe so much, be they family members, my partner of 10 years, or my friends of 15, 20 and 30 years—all of which I mention to warn my constituents that I generally invest only in the most long-term of relationships.

It is on that note that I wish to address the young people in the towns, villages and city that comprise the Buckingham and Bletchley constituency: regardless of who your parents are, where you come from or what you look like, never stop believing that if you work hard, anything in Britain is possible. Every moment I am granted in this place will be spent working towards ensuring that you have the power to write your own life story and live the life that you have imagined for yourself on these islands of ours. That is the Britain I believe in, and the one I will be fighting for.

I call Sean Woodcock to make his maiden speech.

Thank you, Madam Deputy Speaker. I start by congratulating my hon. Friend the Member for Buckingham and Bletchley (Callum Anderson) on his powerful maiden speech. I am not sure that when he and I attended a Birmingham University Labour Students meeting back in 2009, either of us anticipated that we would be making our maiden speeches in the same debate.

I want to start by saying what an honour it is to stand here as the Member of Parliament for Banbury. As a Banbury lad who has never sought to represent anywhere else, I want to repeat what I told residents on the doorstep during the campaign: this is the job I have always wanted. To everyone who helped make that happen, I can only say thank you. I also want those residents to know that now I have this job, I promise that I will work hard every day to deliver for them, whether they voted for me or not.

What makes this an even prouder moment for me is that I stand here as the first Labour Member of Parliament for the Banbury constituency. Until 5 July, the constituency had remained in the hands of one party for 102 years. But change is something that Banbury—the largest town in Oxfordshire—has got used to over recent years. For those who do not know, the Banbury constituency is at the furthest point north in the south-east region, encompassing not just the town of Banbury but the towns of Chipping Norton and Charlbury, as well as countless villages and rolling countryside.

Banbury is a beautiful part of the world to live in and represent. It is most famous for our nursery rhyme, known across the English-speaking world:

“Ride a cock-horse to Banbury Cross,

To see a fine lady upon a white horse;

With rings on her fingers and bells on her toes,

She shall have music wherever she goes.”

Banbury’s history is more than that, though; indeed, it is more than just the town itself. The constituency reflects our country’s history, including in its foundations and its landscape. We have the neolithic and bronze age Rollright stones; the settlement on the edge of Chipping Norton left to us by the Romans; the Norman castle mound at Deddington; and Broughton castle which, as well being a stunning late-medieval stately home, is likely to be recognisable to many Members as the setting for TV’s “Wolf Hall”, and the films “Shakespeare in Love” and “Three Men and a Little Lady”. I was once told that one of the only requests to film there that the owners declined was when the studio wanted to paint it pink, which was probably wise.

In the village of Wroxton, where I went to school, we have the former home of Lord North. He is also buried in Wroxton, giving us something that not all constituencies have: the resting place of a former Prime Minister. Bliss Mill, Tooley’s boatyard and the Oxford canal are all remnants of the area’s growth during the industrial revolution.

But the most colourful time in our history is undoubtedly the civil war, when Banbury itself was on the side of the roundheads, despite its castle—right in the middle of the town—being on the side of the cavaliers. The people of Banbury were so unmistakably puritan that a poem was written about it:

“To Banbury came I, O profane one!

Where I saw a Puritane-one,

Hanging of his cat on Monday,

For killing of a mouse on Sunday.”

More happily, “the Puritans” is the nickname for the only supporter-owned football club in Oxfordshire, Banbury United.

I mention all this not just because I am really proud of where I call home and its role in our past, but because I want the House to understand what the Banbury constituency is all about. Although it did not change hands politically between 1922 and 2024, change did come to Banbury in a big way. Old industries such as making cloth in Chipping Norton or aluminium in Banbury went, while new ones such as logistics with companies such as DHL and TWE Haulage, food processing with Fine Lady Bakeries and Go Fresh, and high-end mechanical engineering with the Haas Formula 1 team and Prodrive came in instead. Other industries, such as brewing, moved within the constituency. We can no longer get a pint in a Hunt Edmunds pub, but Hooky beer from Hook Norton is on sale across the United Kingdom.

The building of the M40 in many ways permanently changed Banbury from a small, semi-industrial market town into something completely different. Thousands of new homes have gone up as our area has become increasingly attractive for commuters to Oxford and London, but we still have a council waiting list that has quadrupled in a decade and a private sector that cannot meet the need. Meanwhile, vital infrastructure such as schools, roads and health services have failed to meet demand, posing fair questions from the community for those, like me, who support the Government’s ambitious house building agenda.

While they have changed, Banbury, Chipping Norton, Charlbury and the villages of north and west Oxfordshire have not lost their sense of community. The community united across political divides, and none, in defence of our local Horton General hospital when it was faced with downgrading, successfully fighting it off in 2008 and less successfully in 2016.

As the use of food banks grew in the years after 2010, people across the area came together to help support those in need. For example, the Chippy Larder in Chipping Norton has become a much-loved community resource. Food security in Banbury cannot be considered without mentioning our rural farming communities and perhaps the most famous farm in the country: Clarkson’s farm. For all the entertainment that the series has provided, for me the most important aspect of it is the light that it shines on the huge challenges faced by our farmers, and not just in the Banbury constituency but throughout the UK. I hope that the Government’s programme to support them will relieve many of the burdens that have made farming so challenging for so long.

Southill Solar farm on the edge of the Wychwood forest near Charlbury provides community-owned power to 1,200 homes. That is another reason I am so passionate about this Government’s exciting agenda on renewable energy.

Then there is the volunteer driver service in Banbury, taking the elderly or those less able to hospital and GP appointments at nominal rates. Throughout the pandemic, as in other places, people across Banbury worked hard to help those less fortunate during that most testing of times. Banbury’s community, led by some of its many thousands of Polish citizens, got together again to gather supplies to support the Ukrainian civilians fleeing that conflict, while welcoming others into their homes and communities.

On that note, I pay tribute to my predecessor, Victoria Prentis. Although there was much in the campaign that we disagreed on, this side of the House was united with the Conservative party in support for Ukraine. I pay tribute to Victoria’s decency and her clear compassion for humanity, exemplified as much by her taking a Ukrainian refugee into her home as by her nine years of service to the community.

As for myself, I stand here in support of this Government and their mandate for change—something that Banbury has a history of embracing. Before I finish, I want to thank my family for their support, in particular my wife who, despite having multiple sclerosis, remains the strongest, most steady and most stable woman I have ever met. I stand here as someone Banbury born and bred, ready to build a better Britain and a better Banbury, and I am determined to do it.

I call Claire Hughes to make her maiden speech.

Thank you, Madam Deputy Speaker. I am grateful for the opportunity to make my maiden speech today. I congratulate my hon. Friends the Members for Ossett and Denby Dale (Jade Botterill), for Congleton (Mrs Russell), for Buckingham and Bletchley (Callum Anderson) and for Banbury (Sean Woodcock) on their excellent contributions today—my thanks to them all.

It is the honour of my life to have been elected as the Member of Parliament for Bangor Aberconwy, and I offer my heartfelt thanks to everyone who supported me on my journey to this place: to my partner and my two kids, who I will not name—because my entry into the world of politics has already caused them enough embarrassment as it is—to my brother Mike, my sister Pam, my nieces and nephews, and all my friends back home; and to my dad, who is watching from the Gallery today, something that would never have been possible were it not for the incredible staff of Ysbyty Gwynedd, who have saved his life on more than one occasion.

I want to thank my incredible campaign team, my agent Jim Hoey and Ken Stevens. I also pay tribute to the late Councillor Bill Chapman, who is very sorely missed. Without his encouragement much earlier in my career, I would not be here today.

Bangor Aberconwy encompasses the former constituency of Aberconwy, as well as parts of what were Arfon and Clwyd West. I thank all three of my predecessors, and their staff, for all their work in the support of local residents. Robin Millar served as the Member for Aberconwy from 2019. I know that his work supporting hoteliers during the pandemic was very much appreciated. David Jones served as the Member of Parliament for Clwyd West and served in the role as Secretary of State for Wales during his time here. Hywel Williams served as the Member of Parliament for Arfon and the previous Caernarfon constituency for over 23 years—a Member who was and still is very well respected by the communities that he served.

I also pay special tribute to Betty Williams, who served as the Labour MP for Conwy from 1997 to 2010. She is a real Labour legend who is still remembered with huge fondness locally. If I can be half as good an MP as Betty was, I will be doing okay.

I have listened to many maiden speeches and noted that there is hot competition for whose constituency is the most beautiful in all the land—I am sorry, but game on! Bangor Aberconwy includes the seaside resort of Llandudno, the historic town of Conwy, Betws-y-Coed, Bangor pier, the Carneddau mountains, the Dyffryn Ogwen valley—too many beautiful places to name. I must, of course, mention my hometown of Penmaenmawr, which was the favoured holiday destination of Prime Minister William Gladstone, and my adopted home of Llanfairfechan.

I have noticed, too, that it is customary to elaborate on one’s political roots—childhood memories of being dragged along to party meetings or folding leaflets at the kitchen table—but I am afraid that was not me. Politics was not really discussed in our house. For our family, direct action meant going out with a bucket and torch to rescue frogs. Largely thanks to my mother, my formative years were spent bird watching, pond dipping, bat counting and on long mountain walks. My mum knew the value of our natural world and how vital it is that we protect it. I will make it my mission in this place to do so in her memory.

When I was 11, my mum’s life changed. She enrolled on an access course, did A-levels, then graduated with a degree in botany—no mean feat with three young kids. The fact that she was able to access higher education is testament not only to the last Labour Government, but to the grit and determination of working people in our community.

To understand why is to learn the founding story of Bangor University: 140 years ago tomorrow, on 18 October 1884, Bangor University opened its doors to its first ever cohort of students. Bangor University, the first in north Wales, was not founded by rich benefactors or philanthropists, but quarrymen and farmers who believed in the transformative power of education. They set aside money from their wages every week because they knew then, as we know now, that education is the way to get on in life. Our story is one of resilience and of people who believe in supporting each other.

All across Bangor Aberconwy, you will find incredible people who work hard day in, day out to support others in our community—people like Jaynie Black and the volunteers at Ty Hapus; Gini Rivers and the Friends of Mostyn Street; Brenda at Hope Restored; the wonderful women I met last week at Dyma Ni Befriending; Pobl i Bobl; Maes Ni; Hwb Ogwen; our food banks, our churches and our mosques; and our town, city and community councillors. There are too many to mention, but we owe them all a huge debt of thanks. Diolch o galon i chi gyd. [Translation: Heartfelt thanks to you all.]

I am proud to be part of a Labour Government who are firmly on the side of working people. I am proud to be part of a Labour Government who are committed to breaking down the barriers to opportunity for young people growing up in communities like ours. And I am proud to be part of a Labour Government who understand that tackling the climate and nature crisis is not only the biggest challenge we face, but an opportunity for economic growth.

The subject of today’s debate is this week’s record-breaking international investment summit. Before coming to this place, I spent my career working with start-ups and SMEs, so I know how important economic and political stability is for business. Under this new Government, Britain is truly the best place to do business, and there is huge potential in our corner of Wales ready to be unleashed. We have a proud industrial history; a wealth of talent in science and technology; and wind, waves and mountain ranges. Everywhere you look, you will find ingenuity and innovation, and communities full of pride, purpose and potential.

To finish, I am proud of our past and I am excited for our future. Whether you live in Penmaenmawr or Pwllglas, Bangor or Bontuchel, Conwy or Cerrigydrudion, I will fight tooth and nail to bring investment to our area, while promoting our Welsh language and culture, to make sure that our young people know that these opportunities exist and are for them. There is much to do, and it will not happen overnight, but I hope to do every single one of my constituents proud. Diolch.

I call Jessica Toale to make her maiden speech.

Thank you, Madam Deputy Speaker. I am grateful for the opportunity to give my first speech in the House as the new Member of Parliament for Bournemouth West.

Over the last few weeks, it has been an absolute pleasure to hear the excellent maiden speeches of hon. Members from across the House, including my hon. Friends the Members for Ossett and Denby Dale (Jade Botterill), for Congleton (Mrs Russell), for Buckingham and Bletchley (Callum Anderson), for Banbury (Sean Woodcock) and for Bangor Aberconwy (Claire Hughes). I have to say that I have been absolutely blown away by the talent and dedication that all of these Members have shown. It gives me lots of hope for the future, and I am honoured, truly, to be serving alongside them all.

It is no coincidence that I have chosen to speak in the debate on the international investment summit today. Although I was born in the UK, I grew up overseas and was always extremely proud to be British. Wherever I went in the world, people knew what we stood for, and they were impressed with British leadership, excellence and expertise. Wherever I went, people knew about Britain’s cultural contribution—from Harry Potter and Shakespeare to the Beatles and the premier league. This foundation, and my parents’ and grandparents’ encouragement to be curious about the world and to lend a helping hand wherever I could, took me into a career in overseas development, living, travelling and working in almost 100 countries. Not only do I have members of my family in the Gallery today, but I also have family friends from the United States, where we lived for eight years.

This foundation meant that Bournemouth was always at the heart of my life. My family live there now, and I have a very strong connection to the area from spending my summers there and getting that much-needed teenage freedom of being able to go to the beach with my friends, explore the town and explore the gardens. Sadly, it is not something that parents feel they can do any more. Over the years, not only has the reputation of this country that I love so much suffered, but the pride that the people in Bournemouth feel in their town has faded, and this is a real travesty. Do not get me wrong: I am still very resolutely proud to be British—for the record, I drive a Mini and I have two English bulldogs—but this is what has catalysed me into this place to stand up for the people of Bournemouth West, with a real desire to rebuild the bonds of community and to reignite the pride that we all have in our towns and our country.

I want to congratulate the Prime Minister, the Chancellor, the Business Secretary and all their teams on the investment summit. This was Britain at its best: outward-looking, active and engaged on the world stage, and led by our values and by our mission. And I know that all the billions of investment that have come in will benefit all areas of the country—

Perhaps my hon. Friend would like me to intervene?

Yes, of course.

I wonder whether she would be tempted to tell us about her favourite pub in Bournemouth—or whether there are any bears around.

There are no bears, I am afraid, but I will get to that.

Bournemouth will benefit massively from the innovation and investments that the investment summit has brought in. I know that my constituents will be keen to hear how our local businesses and our high street, and even their bills, will benefit from the summit.

I want to take the opportunity to pay tribute to my predecessor, Sir Conor Burns. He served the constituency for 14 years, making it his home following his election in 2010. As well as serving as a Minister, Sir Conor was passionately dedicated to our local schools, bringing in investment for their improvement and improving opportunities for local young people—a tradition I am keen to continue. Many hon. Members will also know that Sir Conor was proudly devoted to the late Mrs Thatcher. In his own maiden speech, he stood in the same place that Mrs Thatcher stood to give hers, so perhaps the greatest tribute I can pay to him would be to continue that tradition in the same place here. I wish him all the best of luck in his onward endeavours. While he and I may have differed drastically in many of our views, we are here to provide a voice for the people of Bournemouth West in Parliament, and that is a role I will continue. I want to put on record my thanks to the great people of Bournemouth West for giving me that opportunity to do so under a Labour Government.

Bournemouth is not natural Labour territory, and I am really honoured to have won the trust of the people of Bournemouth in becoming not just its first Labour MP, but its first female MP. That is a monumental sign of the real changes we have seen in the constituency that are affecting it now and shaping its future. Yes, we are a beautiful seaside town, with white sand beaches and picturesque parks—and our hotels, hospitality and cultural venues, and English language schools have attracted people for generations to visit, but also to seek a better quality of life—but there is so much more.

Bournemouth is a relatively new town, but parts of my constituency such as Kinson were mentioned in the Domesday book. Scratch the surface just a little bit, and you will find a growing and vibrant community of innovators and creatives. We have world-leading graphic effects and post-production companies. We have a vibrant community of small businesses and vibrant high streets in Winton and Westbourne, with businesses that are integrating sustainability and also community into their business models. We have a burgeoning tech sector, with leadership in fintech, gaming and active travel. We have two world-leading universities and an excellent further education college, feeding that ecosystem and making sure our young people are equipped with the digital and creative skills they need to succeed in the 21st century—and I could go on.

Of course, there are challenges. Like all seaside towns, we have seen our town centre decline. More than a decade of cuts to public services has meant that people now struggle to get an NHS dentist. Crime and antisocial behaviour are at the forefront of people’s minds as, for me, are parents who will not let their daughters go into the town centre at night. Knife crime has destroyed lives, the housing market too often locks out young people and young families, and do not even get me started on sewage.

But I feel hopeful about the future, and I feel hopeful because of the collective spirit that I see every day in my constituency, with people such as Fran and Jesse at the Henry Brown centre and Kerry and her team at the Bourne community hub working against the odds to build their communities and transform lives in neighbourhoods such as West Howe and Alderney; all the community groups and resident groups fighting hard to improve their local areas and campaigning to protect our ancient heathland and our precious coastline; and, of course, all of the businesses giving it a go, getting into our high streets and the town centre, breathing life back into empty shops and revitalising our heritage buildings.

This is all really exciting stuff and I know that, with a new mission-led Government, our town can and will be the safe and thriving hub it once was. I know that kids in West Howe can and will have the same opportunities that our young people in Talbot Woods do to get a world-class education in their schools, colleges and universities. I want graduates who fall in love with Bournemouth to find great jobs and affordable housing so that they stay and build their lives there. I want all of our businesses to thrive in the vibrant ecosystems that we are now developing, and families in Wallisdown to get the support they need in their schools and not to worry about getting a dentist or a doctor. All of our residents, regardless of age or income, should feel proud of their town and their local neighbourhoods.

Three out of four people in my constituency at this general election voted for change. They did not all vote for me, but delivering that change is a responsibility I now embrace. I want to use it to build a better politics and a fairer future where everyone feels like they have a stake. So I am very excited and looking forward to working with the brilliant people of Bournemouth West and our mission-led Government to build the shared future and reignite this sense of hope not only in our special seaside town, but across the whole country.

I congratulate my hon. Friend the Member for Bournemouth West (Jessica Toale) on her wonderful maiden speech. I know that her international background and deep expertise in international development will add much richness to our new parliamentary Labour party, and I also believe that an international background is essential to enriching the perspectives on our side of the House.

In my previous life, before coming into this place, I spent eight years interviewing the leaders of international businesses, many of whom had long-standing commitments to investment in the UK, but who repeatedly told me and my former colleagues at the Financial Times that political instability was putting them off making future investments. That is why I very much welcome the remarks of our Minister on the international investment summit and the importance of the private sector’s partnership with our Government.

The 10-year project that we have for national renewal, along with our 10-year industrial strategy, shows our commitment to long-term economic ambition and planning. I congratulate the organisers of the summit, which brought together more than 300 industry leaders and secured more than £60 billion of investment. That is 60% more than was raised last year, and it will create nearly 38,000 jobs, one of which is bringing Elton John out of retirement. Unfortunately, private investment in the UK since the global financial crisis has been much less “Rocket Man”, and more “Tiny Dancer”.

Over the last decade and a half, Britain has experienced a much larger slowdown in the growth of capital intensity than comparative countries such as the US, France and Germany, and it is that, alongside our skills growth, which accounts for our productivity puzzle. I very much welcome the appointment of John Van Reenen, the wonderful LSE economist, to our Council of Economic Advisors. He has done important work on productivity in the UK, and he suggests that our post-financial crisis fall in productivity growth is primarily due to a large fall in capital accumulation. In other words, British workers are being held back by low levels of public and private investment, and that is what our Government need to unlock to succeed in our growth mission.

We will provide stability, but stability alone is not enough. In the 21st century we must do more to provide industry and business leaders with the leadership that they require to navigate our increasingly complex geopolitical world, in which there is fragmentation of supply chains across the world, as well as the green transition. That means an industrial strategy. I welcome the publication of our Government’s industrial strategy earlier this month, and particularly the focus on life sciences as one of the key eight sectors for investment.

My constituency of Earley and Woodley in the Thames valley is a prime location for foreign direct investment, particularly in life sciences, and I am proud that the Thames valley is the fastest growing region in the UK outside London. I congratulate the Thames valley chamber of commerce, with which I have already worked in my first 100 days, on securing over the last decade more than 1,000 instances of foreign direct investment. We can measure the excitement of business and the private sector for our Labour Government by the amount of engagement I have already had from businesses in my constituency and through Thames valley chamber of commerce.

The biopharmaceutical group Lonza, which is Swiss in origin, received a grant of £30 million over the summer to expand and relocate to my constituency in the Thames valley park, which is one of three business parks in the area alongside Thames Valley science park and Green park. I recently met Bayer, originally a German company, which employs hundreds of people at its headquarters in my constituency, and contributes to crucial health and life science research in the UK.

Advancements in life sciences have fundamentally improved not just the economy and innovation of the UK, but the length and quality of life here and around the world. That is why I welcome the Health Secretary’s mission to ensure that the NHS receives the cutting-edge treatments being pioneered by companies in my constituency and beyond. Life science investment, if done correctly, can be a significant driver of growth and productivity—our central mission. I look forward very much to meeting the Minster for Industry next week to discuss how we can give full range to life sciences companies in our constituencies, and to the clinical research taking place in the Royal Berkshire hospital, which is at the forefront of much research in medical trials. That hospital will benefit greatly from private and public investment.

Businesses do not exist in isolation, and what makes some countries prosper is the strength of their institutions. Responsible and highly productive businesses wish to retain their skilled workforces, who require countries with well-functioning public service provision, infrastructure and accessible housing. Those companies want political stability and a regulatory framework that works for business, workers, and the consumer. That is why Labour’s pitch to business does not end with the international investment summit, but continues with legislation that the Government are passing, such as the Employment Rights Bill. Providing the foundations for businesses to thrive means fixing the foundations of our economy and society, and that is what I am proud to say our Labour Government will do.

I call Kanishka Narayan to make his maiden speech.

I congratulate all my hon. Friends on their deeply eloquent and moving maiden speeches this afternoon. It is a real pleasure to be in the Chamber to hear them.

I take this opportunity to commend those on the Government Front Bench for a successful, record-breaking investment summit earlier this week. The investment of £63 billion represents a real vote of confidence in this Government’s mission to grow our economy. I welcome in particular the announcement this week of a five-year programme of investment at Stansted airport, which is a major employer in our constituency of Hertford and Stortford. That programme totals £1.1 billion, including a £600 million investment in an extension to the airport’s existing terminal. That investment in the east of England’s largest single-site employer will not only provide an even better passenger experience, but help to connect our region’s innovative sectors and creative industries with their international partners.

In Bishop’s Stortford, Stansted airport is right on our doorstep, providing employment for around 1,500 residents in our town and surrounding areas. That contributes roughly £140 million in gross value added to our constituency. The terminal extension alone represents up to 5,000 additional on-site jobs, offering further employment opportunities for our residents and strong rail and bus links to our constituency, meaning that even more commuters will be able to take public transport to work. On that point, I welcome the recent Department for Transport announcement that contactless payments will be rolled out on the Stansted airport line in 2025. That will allow residents at Bishop’s Stortford and Sawbridgeworth stations to make use of tap in, tap out payments for the first time. That is an important step in improving rail travel for the many who rely on it in our constituency.

The House may already know that Stansted airport is the only major airport in this country with a purpose-built, on-site technical skills college, but I will tell the House more. Stansted airport college offers vocational training opportunities to young people in our community, and it is delivering record numbers of apprentice students into employment in aviation, helping to fill urgent skills gaps in the sector with our local talent.

Under this Government, I want Hertford and Stortford to be an even better place to live, work and learn. The investment promises to open new doors for our residents to new opportunities to gain skills for life and find meaningful work. It is also a clear signal that under this Government, Britain is once again open for business, and I hugely welcome it.

I join in the congratulations of colleagues who have made excellent maiden speeches, including my hon. Friend the Member for Bournemouth West (Jessica Toale). I was only sad not to hear the names of her bulldogs and perhaps even her Mini. My hon. Friends the Members for Buckingham and Bletchley (Callum Anderson) and for Bangor Aberconwy (Claire Hughes) gave such important mentions of their mums in their lives.

I congratulate the Minister, my hon. Friend the Member for Wycombe (Emma Reynolds) on this record-breaking £63 billion of investment. It is a sign of the confidence in the British economy and this Labour Government. It is more than double the amount committed at the last Government summit and is set to create nearly 38,000 jobs across the UK, including in Scotland, with £2.5 billion committed for Green Volt, Europe’s largest floating wind project, to develop its north-east Scotland site. Iberdrola announced it was doubling its investment in the UK through Scottish Power from £12 billion to £24 billion over the next four years.

As a former trade commissioner, I thank my former colleagues in the Department for Business and Trade and in markets such as India for the incredible work they will have been doing to achieve that investment. I well remember the beavering away and constant phone calls to major investors at such moments. Having been at the last summit, I am sure my invite to this one was lost in the post.

I know from my time in India that international investors were already beginning to price in the benefits of a change in government. They see a Labour Government as a source of stability and predictability and the UK becoming a place for long-term, safe investment. That is the stability dividend that my hon. Friend the Minister has already spoken about. I just say that the £63 billion, while a record sum, is not enough for Scotland. We have seen significant investment in the first 100 days, but we would like to see even more come north of the border, and in particular to communities such as mine in Ayrshire. My hon. Friends the Members for Ayr, Carrick and Cumnock (Elaine Stewart), for Kilmarnock and Loudoun (Lillian Jones) and for North Ayrshire and Arran (Irene Campbell) are keen that increasing investment in Ayrshire is at the forefront of Ministers’ minds.

For the first time in 10 years, we have four Ayrshire Labour MPs committed to growth and investment and a Labour Government who can deliver it. My hon. Friends and I are working with the three local authority chief executives and the excellent principal of Ayrshire college to develop that “Invest in Ayrshire” proposition, and we are looking at the opportunities for our region and our skills gaps, because 14 years of the Tories and 17 of the SNP have let communities in Ayrshire down. Our towns were promised funding by the last Conservative Government and we, like other communities promised that towns funding, are lobbying the Minister for Democracy and Local Growth, my hon. Friend the Member for Nottingham North and Kimberley (Alex Norris). We want the towns of Irvine and Kilmarnock prioritised, but we know that other hon. Friends will be making similar cases. We need to see a mix of public and private investment in our towns to deliver the change that our communities need.

My right hon. Friend the Secretary of State for Scotland is also working closely with us so that we can ensure that the Ayrshire growth deal meets the real current and future needs of the Ayrshire economy. In the thousands of conversations I had during the election campaign, it was clear to me that jobs, investment and growth will be the most significant change this Labour Government can bring to communities across Ayrshire. My right hon. Friend the Secretary of State for Business and Trade visited Prestwick airport during the election campaign, for which I am grateful, and he will remember that Prestwick is Scotland’s aerospace hub, with 55% of Scotland’s aerospace sector jobs. That sector already attracts international investment, but we want to do much, much more.

Similarly, we are looking at GB Energy and this Government to drive further green investment in Ayrshire. We want to see parts of that green energy supply chain come to Ayrshire. We have a positive story to tell about transforming our coalfields into clean power fields, and we are proud to host our fair share of wind farms, which play a significant role in ensuring the Government meet their commitments to doubling onshore wind energy by 2030. We have also seen investment in companies such as XLCC, a subsea cable manufacturer, which has secured £87 million from the UK Infrastructure Bank to invest in the development of new subsea cable factories in the Scottish town of Hunterston, which was once home to nuclear power in Ayrshire. That industry is now on the way out, because of the failed policies of the SNP, which include a nuclear-free Scotland relying on English nuclear. I note that, once again, SNP Members are not in the Chamber in an important debate for Scotland’s economy. When Torness in Scotland stops generating, and if no replacement capacity is built, the power generated in England when there is low wind output—as on Monday this week, for example—will be needed to maintain supply in Scotland, and it will be significantly based on nuclear energy.

I was pleased that the last Labour leadership of North Ayrshire council welcomed the opportunity to restart the conversation with the nuclear industry in Ayrshire, because the jobs and investment that the industry could bring would be significant. With Ardagh Glass, Irvine continues to be a major centre for glass manufacturing—another industry that benefits from stability and predictability in policymaking and that is looking to make a significant investment in the green transition.

To conclude, I hope my right hon. Friend the Secretary of State sees that there are significant opportunities for greater investment in Ayrshire and will ask her brilliant colleagues in the Office for Investment to prioritise working with my colleagues and me to make that investment happen.

I start by noting that we have on the Government Front Bench two Ministers who split their time between Departments. One is at the Treasury and the Department for Work and Pensions, and the other is at the Department for Energy Security and Net Zero and the Department for Business and Trade. That just goes to show that we have a joined-up, mission-led Government who are trying to move away from working in silos and to have a shared ambition, and that is to be commended.

We are here today to talk about investment, which is obviously about money, but it is also—I would not want to lose this—about people. It is about skills, expertise, experience, opportunities for learning, better jobs, dignity at work, feeding families and enabling the maximum amount of prosperity. We should hold on to those things, because they are what our constituents want and what they send us to this place to deliver.

That said, investment is also about the money. The £63 billion truly is a record-breaking amount, and I commend our mission-led Government for securing it. It is the clearest sign that global businesses are backing the British economy and working people under this new Labour Government. That money could have gone elsewhere, but it is coming to our country, for all the reasons I just described. It is coming here because the country voted for change to achieve stability. In the last 14 years, we have had little to no growth, with billions of pounds of taxpayers’ money wasted and a huge black hole in our finances. The country was left vulnerable to the worst cost of living crisis in a generation, and our Government was forced to spend £94 billion on household support because we were so exposed to fossil fuels.

That is why I am particularly pleased that so much of this investment is going towards clean energy. For example, some of the £2 billion from Octopus Energy will be used to build four new solar farms across Bristol, Wiltshire, Essex and the East Riding of Yorkshire, powering up to 80,000 homes. Those investments will improve our local economies and communities.

I feel sad and wrong saying this, but we have been talking about Elton John, and nobody else has made the inevitable point: sorry seems to be the hardest word, but we are not hearing it said, either in jest or in sincerity. As I look at the Opposition Benches, which are deserted, I wish that Conservatives could speak up on behalf of British business—[Interruption.] I do apologise to the hon. Member for Grantham and Bourne (Gareth Davies). Perhaps he will find the hymn sheet to sing from—the one about being in favour of British business and investment. Perhaps he will also say sorry, much as it is the hardest word—I have said that twice now.

As I said, neither this debate nor these investments are just about the money. Hopefully, nearly 38,000 people across the UK, including in my home of Bournemouth East, will begin new jobs as part of the green transition that our country so desperately needs and that our industrial sector has been crying out for. To that end, I very much welcome the publishing of the Government’s Green Paper on their 10-year industrial strategy, which we have already heard about.

In the short time I have been a Member of Parliament, the Government have committed to strengthening Britain’s industrial base—in both the service and manufacturing industries—to create good, well-paid jobs in not only the green sectors we have today but those of the future. With the right policies, the Government can supercharge investment in clean energy industries across the UK, from the industrial heartlands of the north to the thriving finance sector in Bournemouth. This is about more than just creating green jobs; it is about the revitalisation of entire regions and ensuring that every corner of our country benefits.

I have been fortunate this week to spend time with investors, businesses and working people at three events in London, and the relief is palpable. I have listened to investors talk about how they have been holding on to money because they have been craving regulatory certainty; planning reform; the building of homes for their workers; an NHS that can fix those workers, who they need at their workplaces but who are at home unwell, because of mental ill health, musculoskeletal problems or worse; and the certainty from Government that would remove the barriers to growth, so that the investments they make extract a dividend for not just their companies but our wider economy. When Members hear that the investment we are talking about was lined up before the general election, they should not believe it. It came forward after the general election, because businesses now have a Government who are committed to putting in place the infrastructure and changes needed for our economy to grow now and into the future.

We know the benefits of action, and we know the costs of inaction, because we are bearing those costs now. Working together, Government, investors, working people, our trade unions, and businesses will achieve energy independence and security. We will achieve falling and lower bills. We will achieve good jobs and pride in our communities. Together with our mission-led Government, we will achieve a growing and improving economy and way of life.

I now call the shadow Minister, Gareth Davies.

I thank all those who have spoken in today’s debate. It is right that I recognise the contributions that have been made from both sides of the House, but especially those made by Members making their maiden speeches. We all remember the moments leading up to and during our maiden speech, and it still gives me chills to this day.

Let me say to the hon. Member for Ossett and Denby Dale (Jade Botterill) that I hope her mother is enjoying seeing the bright lights of London for the first time. I know she will be very proud of her daughter. I wish the hon. Member for Congleton (Mrs Russell) well with her campaigning on parental leave. We all regret the time we spend away from our families, but it is for a life of purpose and a worthwhile cause, as hard as it is.

I had the pleasure of meeting the hon. Member for Buckingham and Bletchley (Callum Anderson) before he was a Member of Parliament. I hope that, as the Member of Parliament representing Bletchley, he can crack the code to the success of this place. The hon. Member for Banbury (Sean Woodcock) gave an excellent speech, and he will be a great local champion for Banbury. I appreciated the comments he made about my former colleague and his predecessor. The hon. Member for Bangor Aberconwy (Claire Hughes) will no doubt be busy in this job, but I hope she will still find time for frog searching.

Finally, the hon. Member for Vale of Glamorgan (Kanishka Narayan) gave an incredibly impressive and excellent speech. He went to one of our finest schools, studied philosophy, politics and economics at Oxford and later attended Stanford University in California, which, by the way, has some quite impressive alumni. I am sure he has a bright future in this place, although he should be prepared for many of his Labour colleagues to constantly suggest that he is desperate to return to California at the earliest opportunity.

All jest aside, let me say genuinely from the outset that it is right that we welcome this Government’s building on the strong foundations for international investment in our country. As of July—a randomly picked month—the UK was Europe’s leader for new foreign direct investment projects for a third successive year, with the highest total number of projects in the past five years.

The most recent official figures show that the UK ranked second only to the United States for greenfield FDI overall, while leading the world in investment into our renewables sector. That is one of the reasons why we have achieved the fastest decarbonisation of any developed country in the world, and we should be proud of that. That is down not just to those who are elected but to officials who work day in, day out to support Governments: those in the Office for Investment, the Treasury, the Department for Business and Trade, and the Foreign, Commonwealth and Development Office, and our many trade commissioners, who help drive our efforts to attract significant pools of investment capital from across the world.

This has been a good week for investment into our country—[Interruption.] It really has. It is important that we recognise the cross-party heritage of this week’s summit, which I am sure the Minister will acknowledge when she stands up. Labour has carried forward good ideas that we Conservatives either implemented or started in government. The Government deserve credit and I am very happy to give it, because this was, in the end, a fine follow-up to the global investment summit pioneered this time last year.

Our cross-party collaboration does not end there. In many cases, this Labour Government have announced or re-announced investments that were negotiated or even agreed by their Conservative predecessors. I guess some things sound so good that they are worth repeating. As my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake)—who has made a timely entrance to this Chamber to rapturous applause—highlighted, more than half the investment that the Government announced was actually announced before the general election. That includes the £10 billion committed by Blackstone, which was announced in April, and the £8 billion committed by Amazon, which was negotiated by my right hon. Friend the shadow Chancellor. I could mention BW Group, which was announced in 2021, or CyrusOne, which was announced in 2022.

Whatever the origin, more private investment clearly benefits the British people, contributing to more jobs, better productivity and stronger growth. We can all agree on that point, and it should not be taken for granted. I commend the speech by my hon. Friend the Member for Bromley and Biggin Hill (Peter Fortune), a relatively new Member, who highlighted the importance of not being complacent about that, and in particular ensuring that regulation remains low. As I said at the beginning, I commend Members for all the contributions to this debate, maiden or otherwise, that rightly recognised the importance of private investment in our economy.

However, we need to face the fact that this summit has been overshadowed by a rather large elephant in the room. As the Transport Secretary knows all too well, many investment decisions are provisional and dependent on an economic environment that welcomes and supports investment. Since Labour has taken office, thanks to all the doom and gloom, made-up black holes and submission to the unions, business and consumer confidence has fallen and the cost of borrowing for the British Government has risen.

We have had 100 days of self-contradiction and uncertainty. Even in just a few months, this Labour Government have promised public investment while cutting capital expenditure, fretted over a supposed black hole while frittering away billions on pet projects and union paymasters, disavowed red tape while smothering small businesses in new regulations, and paid lip service to fiscal responsibility while laying the ground to fiddle the financial rules. Meanwhile, almost every single revenue-raising policy in the Labour manifesto has proven pretty much worthless, just like its promise not to raise national insurance.

The rest of us were left wondering, and continue to wonder: if I make a successful investment, how much of the return will I be able to keep? If I take on a new employee, how much tax will I need to pay for the privilege? If I increase my workers’ pay, what will the total cost be? If I save for the future, will the Government help themselves? If I pass on the business I built all my life to the next generation, will they be penalised?

If £1 billion is jeopardised by bad Labour commentary, £63 billion can be jeopardised by bad Labour policy. Investment and economic growth are not simply convened; they take concerted effort, not contorted fiscal signals. Some have questioned whether having the summit before the Budget was putting the cart before the horse, but my worry is that, come Budget day, the horse will already have bolted. I wonder, in the event that the Budget backfires, will the Prime Minister be forced to disown or defenestrate yet another member of his top team, to avoid taking responsibility himself—sacrificing someone else on the altar of self-service?

As has been said before, Labour’s chaos might be in my party’s interest, but it is not in the national interest. I want to see the promise of these investments fulfilled. Labour must not put them at risk. Let us build on the success of our country’s economy and push up businesses that want to succeed, not pull them down when they do succeed. I am afraid that as long as this chaos, scandal and uncertainty continues, I will not hold my breath.

The hon. Member for Grantham and Bourne (Gareth Davies) was doing so well. [Laughter.] He was doing so well in the first half of his comments and then he returned to the same old tired lines that got the Conservatives defeated in the general election.

I am so pleased to be closing this debate today, which in a parliamentary context draws to a close a hugely positive and successful week for the United Kingdom. I thank all hon. Members who contributed to the debate. I am disappointed that only one Conservative MP managed to make it here to speak in the Chamber and that nobody from the SNP managed to come. I am surprised that they are not here to welcome the week we have had so far.

The Prime Minister made this Government’s guiding mission clear from day one: we will go for growth at every opportunity, and we are doing that in spades. A week ago today, we launched our landmark Employment Rights Bill to create more secure employment and a happier and more productive workforce. On Monday, we launched our industrial strategy Green Paper, something business has been crying out for, which lays strong foundations for 10 years of growth and investment in our most important sectors. Also on Monday, the Prime Minister hosted some of the world’s biggest investors to show them why, under this growth-driven Government, UK plc will be a blue-chip company that they should invest in. As was mentioned, Elton John was there to speak. I should tell the House that he took no fee—he took no fee. He wanted to come and celebrate with us the commitment of companies from across the world coming to the UK.

Before I talk a bit more about the investment summit, I want to pay tribute to the Members who spoke today, in particular those who made their maiden speeches. As someone who wells up quite often and quite easily, this was a difficult debate for me. There were many moments when we looked up at the Gallery and saw parents and other family members wiping tears from their eyes. It was lovely to see.

I loved the motto of my hon. Friend the Member for Ossett and Denby Dale (Jade Botterill). Working hard and talking straight is a great motto for this new Government.

My hon. Friend the Member for Congleton (Mrs Russell) gave us a wonderful tale of her constituency and its people, including a slightly odd story, I have a say, about Beartown. [Laughter.] But there we go; that’s Congleton!

My hon. Friend the Member for Buckingham and Bletchley (Callum Anderson) gave a great speech, telling us about the importance of Bletchley Park and its influence not just in world war two but on the technical age we are in today, and talking about the advanced manufacturing in his constituency.

My hon. Friend the Member for Banbury (Sean Woodcock) was a Labour Student. I do not know how many members of the Cabinet were Labour Students —I was not—but it is quite a good stomping ground for future Cabinet members. He paid wonderful homage to the people and the place of Banbury.

Diolch to my hon. Friend the Member for Bangor Aberconwy (Claire Hughes) for an incredibly beautiful speech about her constituency, its proud industrial history, and the ingenuity and innovation that it still shows.

My hon. Friend the Member for Bournemouth West (Jessica Toale) spoke without notes and made a really impressive speech. The passion with which she wants to reignite pride in her town and in our country was very well understood.

My hon. Friend the Member for Earley and Woodley (Yuan Yang), who has incredible experience, not least working at the Financial Times, talked about the life sciences in her constituency and how important they are. I look forward to meeting her next week to talk about that more.

My hon. Friend the Member for Vale of Glamorgan (Kanishka Narayan) also spoke without notes. He spoke lovely words about his predecessor, told a lovely story about the history and beauty of his constituency, and paid tribute to his constituents. Many of us have spent many happy days in Barry island—I certainly have.

At the investment summit, £63 billion of investment was announced, more than double what was raised at the Opposition’s summit last year. Iberdrola doubled its wind energy investment in the UK from £12 billion to £24 billion; there was £10.5 billion from Orsted and Greenvolt, and more than £200 million from SeAH Wind. There was £8 billion for carbon capture, which will create 4,000 jobs and support 50,000; £2 billion from Octopus Energy and £1.3 billion from Macquarie for solar projects; £6 billion of new money for data centres, on top of the £10 billion recently committed by Blackstone and £8 billion from Amazon; £1 billion for DP World’s London Gateway, and £200 million for a new freight ferry terminal at the Port of Immingham; more than £300 million for Holtec’s advanced engineering plant in South Yorkshire; £500 million from BMW Group for battery energy storage; more than £2 billion for rail and air projects from Network Rail and Manchester Airports Group respectively; and £400 million for life sciences and healthcare innovation. Moreover, our fantastic Imperial College London will put £150 million into a new R&D campus.

On top of these transformational investments, we have proved our credentials as a pro-business Government. Thanks to the Chancellor’s announcement that the UK Infrastructure Bank would be turned into the national wealth fund, we are catalysing tens of billions of pounds of private investment into the UK’s clean energy and growth industries, including green hydrogen, carbon capture and gigafactories. We are establishing an industrial strategy advisory council, led by Clare Barclay, to help deliver the pro-business environment on which our industrial strategy will depend. We are creating a British growth fund that will fuse pension investments and venture capital markets. We are expanding the Office for Investment to ensure that international investors receive the information and guidance they need to invest in Britain, and we are cutting red tape to remove redundant reporting requirements, while making it easier for companies to re-domicile themselves in the UK—and all this within 100 days of our taking office.

From more rights for a more productive workforce, to a pioneering industrial strategy for our sectors of the future, to scores of investments worth tens of billions of pounds, this Government are delivering change. The last Government’s scattergun approach to growth left our country starved of investment, economically divided and struggling to maintain our competitive edge in the global economy. Growth was anaemic; wage growth flatlined on their watch. Productivity was down; the gap between France, Germany and the United States doubled since 2008. We saw the lowest investment share as a percentage of GDP in the G7, and we ranked 27th out of 30 in the OECD last year. That is on top of the state of the public finances that the Conservatives left us, with public services starved of investment, millions of days of work lost to strike action, and rocketing debt.

However, in just 100 days this Government have already laid down the blueprint for 10 years of growth through our biggest and most innovative sectors; secured £63 billion in new investments that underline our potential as a world leader in renewable energy, life sciences, technology and clean growth; and brought forward a raft of reforms to create a happier, more secure and more productive workforce.

The Minister is making a very interesting and important speech, and she has set out exactly what this Government are doing to benefit my constituents. Could she find some time to meet me so that we can discuss how together we can ensure that the people of Newcastle-under-Lyme and Staffordshire more widely can benefit from the investment secured at the summit this week?

I am always happy to meet and to talk about what more we can do in our next 100 days, and indeed—we hope—our next five to 10 years in government.

Some Conservative Members have questioned whether some of these investments were teed up under the last Government. They know perfectly well that business confidence can rapidly change investment decisions. All the announcements included are of new, firm commitments being made by companies to invest in the UK either when final investment decisions have been taken or when announcements have been accelerated or unlocked because of actions taken and support provided by this Government.

I am sure that Conservative Members will have seen the letter, published in The Times at the start of the week, from five of the world’s biggest banks, joined by private equity firms, insurers and tech giants, saying that it was

“time to invest in Britain”,

and that Britain’s “greater stability” had increased its attractiveness to investment, which was of course a reference to Labour’s decisions when we took office. They concluded:

“We are optimistic about the future of the economy, and believe it is time to invest in Britain.”

The fact that scores of investors attended our summit on Monday, with tens of billions of pounds being firmly committed to new projects, shows that under this Labour Government, business and investors have a great deal of confidence in our growth mission.

The Minister is talking about confidence, but if confidence is rising, can she explain why the Institute of Directors has stated that confidence has gone from plus 30 in June to minus 7 today?

The shadow Minister knows that we are working very closely with businesses, business organisations and others to ensure that the changes we bring in grow our economy. We have huge confidence from a raft of people. For every quote the hon. Gentleman can find, I can find 10 that say the opposite. He can pick on one if he wants to, but I suggest that £63 billion does not lie. Let us not forget that our summit on Monday was organised in a matter of weeks. The Conservative party had two years between their investment summits, yet we secured double the amount of investment compared with its summit last year.

To respond to a couple of other points, the Lib Dem spokesperson, the hon. Member for St Albans (Daisy Cooper), rightly mentioned business rates. We are looking at that and will deliver on the commitments in our manifesto. She was right to raise skills, which are a huge challenge for us. We see huge opportunities for growth across the entire country but we must ensure that we have the skills landscape, which is why we are setting up Skills England. She also talked about the national wealth fund and its ability to crowd in funding for the green sector and green technologies; it absolutely will do that.

To summarise, across the House we are united in the belief that Britain needs to facilitate growth. Let us face it, we have been severely starved of it. Only through growth can we keep taxes lower for working people, invest in our public services and create secure, well-paid, high-skilled jobs. Of course, this is against a backdrop of the poor economic inheritance left by the Conservative party, who lurched repeatedly from Prime Minister to Prime Minister, gave us seven growth plans in 14 years, made millions of people pay the price of a Trussonomics Budget and saddled the people of Britain with a low-growth, low-productivity, low-investment economy. The steps that this Labour Government have taken in just 100 days show that we are overturning the Conservatives’ legacy of inaction, stagnation and deterioration, and creating a country of stability, innovation and prosperity.

Question put and agreed to.

Resolved,

That this House has considered the International Investment Summit.