Darren Jones MP: speeches

Speeches

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  The Chancellor meets the Governor of the Bank of England on a regular basis and will continue to do so.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I think the question was whether I was going to demand that the Chancellor come back from her trade trip to China. I will not, no.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  I did not realise that the hon. Member knew my mum and that I am apparently the future. It is very kind of him to say so; very few have that in their thoughts. He talks about lefty experiments. Fiscal responsibility is not a lefty ideology. Economic responsibility is not a lefty ideological and political experiment; it is what the British people expect. One of the reasons why the Conservatives had such a historic defeat at the last election is that they lost all control and all sense when it came to the public finances. For a party that is supposedly the best-performing in western democracy, and which has had great leaders in the past, is it not a great shame what the Conservative party has become? Given its performance over 14 years and its descent into disinformation, I feel very sorry for Opposition Members.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  My hon. Friend is absolutely right. His constituents will know from their family finances that they cannot just put the bills on the credit card every month without having a plan for how to pay it off. That is not a sustainable way to manage household finances, and it is the same for the country. One of the reasons why we have such a mess left to us by the Conservative party is that it did just that—borrow money every month to pay for the day-to-day bills, and stack up the promises. That is why in the end there were so many promises and not enough pounds to pay for them. That is not a way to run the economy or family finances. That is why fiscal responsibility is at the heart of the approach taken by the Chancellor and the Government. We will never play fast and loose with the nation’s finances, as the Conservative party did.

• 9 Jan 2025 · Public Finances: Borrowing Costs · Hansard source

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  At the autumn Budget, the Chancellor invested in frontline public services, because we recognise that people rely on them, but also because functioning public services are an important route to growth in the economy. If people are sick and cannot get to work, they need to be able to see a doctor in a timely fashion, so that they can get back to work. That is the priority of this Government, as well as investing in modernising our public services, so that they are fit for the future.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  As the right hon. Gentleman knows, Crown Estate Scotland is a separate organisation to the Crown Estate that is the subject of the Bill. Of course, we continue to have conversations and we will be pleased to talk to him and others about that issue for the future.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  I am continually grateful for the team effort, and I am grateful to my hon. Friends for having paid such close attention to the Bill.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  I will come to a number of those points later in my speech. If I have not answered the right hon. Gentleman’s points as I get towards the end, I will take another intervention from him. As a result of the changes in the Bill, the Crown Estate will be able to accelerate investment in redeveloping and decarbonising its Regent Street and historic London portfolio, as well as investing in projects to support science and innovation. The Bill will unlock potential investment of up to £1.5 billion in the science, technology and innovation economy over the next 15 years, building on the Crown Estate’s recent investment in the city of Oxford. To reduce the size of its cash holdings and engage in more capital-intensive activity in the long term, the Crown Estate needs the ability to borrow, as its competitors currently can. Such borrowing will be from the Government or from other sources, but only with Treasury consent. Borrowing from the Government will be at commercial rates, meaning the interest the Crown Estate pays, funded from its own income, will outweigh the Government’s cost of borrowing the money they loan to the Crown Estate. This will enable the Crown Estate to build on its long track record of delivering significant revenues to the public purse year after year—it has delivered over £4 billion in the last decade.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  That is a great question. I have no idea, so I will commit to writing to the right hon. Gentleman with an answer, if he will forgive me for not knowing.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  The right hon. Gentleman will know that the ambitions for GB Energy are broader than those relating to the provisions of this Bill. On the connection between the Crown Estate and GB Energy in relation to this Bill, it is merely about the partnership that has already been announced to facilitate the investment opportunities that are available in relation to England, Wales, and Northern Ireland. I refer the right hon. Gentleman to my previous answer on Crown Estate Scotland.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  I beg to move, That the Bill be now read a Second time. May I commend my hon. Friend the Member for Gloucester (Alex McIntyre) on his moving ten-minute rule Bill, which he just presented? The purpose of the Crown Estate Bill is to bring legislation governing the Crown Estate into the 21st century. The Crown Estate is a commercial business, independent from government, that operates for profit and competes in the marketplace for investment, yet it is restricted in its ability to do so by legislation that has not been amended since 1961. With less ability to compete and to invest, it is less able to deliver returns for the public purse than it might otherwise be able to do. Existing limitations on the Crown Estate’s powers have meant it has had to generate capital for investment by selling its assets, which is neither desirable nor sustainable. Under current legislation, the Crown Estate is constrained in its ability to support sustainable projects and to preserve our heritage for generations to come. These are the reasons why the Bill is necessary and why the Crown Estate has asked successive Governments for reforms. The Bill has been expanded and improved during its passage in the other place, with requirements relating to sustainable development, GB Energy and the composition of the board. Fundamentally, the changes that the Bill proposes will give the Crown Estate new freedoms, including the power to borrow as their competitors can, enabling them to adopt a sustainable and competitive business model. The Bill has two key objectives. First, it broadens the scope of activities that the Crown Estate can invest in, in order to support the delivery of its core purpose across net zero, nature recovery, economic growth and generating returns to the public purse. In its current form, it is predominantly a property estate and is significantly limited in its investment options. The Bill would provide it with the ability to invest more widely in new growth opportunities—for example, investing in the further mapping of our seabed. This will enable it to undertake significant de-risking activity, such as pre-consent surveys and supporting grid connections, thus increasing the frequency of leasing for offshore wind and supporting the clean energy transition.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  The right hon. Gentleman is doing a brilliant job of anticipating sections in my speech. Once again, I will point at him when I come to the relevant section; in fact, it is the next section, so he is in luck. There will be a memorandum of understanding in place between the Treasury and the Crown Estate that will govern how the borrowing powers will be exercised. Above all, the Crown Estate will be borrowing for investment, maximising the profits returned to the public purse. Any such borrowing will require Treasury consent and will be within our fiscal rules. Given that the new powers will enable the Crown Estate to first draw on its cash holdings, it is not envisaged that these borrowing powers will be used until the end of the decade. As with any public sector borrowing, the Treasury will ensure that this is consistent with “Managing Public Money” principles to ensure value for money for the taxpayer. The fiscal impact of any Crown Estate borrowing will be fully considered, starting with this year’s spending review, to ensure it is consistent with our fiscal rules. The Bill contains a set of necessary reforms, ensuring that the two key objectives can be met and that the Crown Estate can continue to operate effectively, both now and in the years ahead. It is composed of five key elements. First, it widens investment powers by removing existing restrictions on investing in the current Crown Estate Act 1961, and clarifies the Crown Estate’s ability to invest in complementary activities, such as research, digital technology and energy supply chains. Secondly, it grants the Crown Estate the power to borrow with Treasury consent. As well as generating returns for the public purse, the new ability to borrow will free it up to make better use of its existing assets, leveraging these to give it more room to invest. Thirdly, the Bill makes amendments relating to the governance of the Crown Estate to provide legislative simplification and to bring it in line with best practice for modern corporate governance. By expanding the number of commissioners, the board will be able to better reflect the growing breadth of the Crown Estate business and ensure a greater range of expertise and diversity at board level. The Bill also requires the appointment of commissioners to advise on Wales, England and Northern Ireland, which will ensure that the board continues to act in the best interests of the areas in which it operates. Fourthly, the Bill requires the commissioners to keep under review the impact of their activities on the achievement of sustainable development goals in the UK. It is important that progress towards national goals on the environment and climate, as well as wider considerations on society and the economy, continue to be at the core of the Crown Estate’s strategy. Fifthly, the Bill requires the annual report to include a section on the activities of the commissioners under their recently announced partnership with Great British Energy. That will ensure that details of the partnership and the benefits it creates are publicly available, clear to all and subject to debate in this House when those reports are published.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  Only if it is a question to which I know the answer.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  The right hon. Gentleman should not take my not knowing the answer as meaning that other people are not paying sufficient attention to the issue. He has asked a very technical question, and I commit to making sure an answer is made available to him and the House before the Bill goes to Committee. The Bill currently places an obligation on the commissioners in relation to salmon farming, due to an amendment made in the other place. The Government do not believe this obligation would be effective or, indeed, appropriate, given that it relates to a devolved policy area. We therefore intend to seek to remove this measure in Committee. The Bill has seven clauses. Clause 1 inserts two new measures into the Crown Estate Act 1961 to clarify and broaden the commissioners’ powers. It also removes section 3(4) of the 1961 Act, thereby removing limitations on the commissioners’ investment powers. The two new measures grant a power to borrow, subject to Treasury consent, and clarify that the commissioners have the powers to do that which is connected, conducive or incidental to meeting their general functions, including enhancing and maintaining the Crown Estate and the returns obtained from it. This allows the Crown Estate to borrow from the National Loans Fund, the Treasury or otherwise, subject to Treasury consent, and authorises the Treasury to provide financial assistance to the commissioners or to provide loans from the National Loans Fund. Clause 2 makes two amendments to modernise the Crown Estate’s governance, by increasing the maximum number of board members from eight to 12 and removing the requirement for the salaries and expenses of its commissioners to be paid out of voted funds. Clause 3 requires the commissioners to keep under review the impact of their activities on the achievement of sustainable development in the United Kingdom. Clause 4 requires the commissioners’ annual report to include a specific report relating to the Crown Estate’s partnership with Great British Energy. Clause 5 requires the commissioners to make assessments relating to salmon farms on Crown Estate land, and to refuse or revoke a licence for a salmon farm if the assessment determines that it may cause, or is causing, environmental damage, or if it raises significant animal welfare concerns.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  I am grateful to my hon. Friend for her help, which I hope gives the right hon. Member for Orkney and Shetland (Mr Carmichael) some reassurance, as it sounds eminently sensible.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  I will make some progress. The second objective of the Bill is to enable the Crown Estate to invest in capital-intensive projects more effectively. It does so by empowering the Crown Estate to reduce the size of the cash reserves it needs to hold, thereby expanding its ability to use its land and property assets far more efficiently.

• 7 Jan 2025 · Crown Estate Bill [Lords] · Hansard source

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  I thank my hon. Friend for his excellent question. He will know from the work of ministerial colleagues in the Department for Energy Security and Net Zero that the enormous potential for offshore wind in the Celtic sea and off the south-west coast is currently largely untapped. A lot of the work that needs to be done to make those seabeds available, and to bring the interconnections onshore and on to the grid to make it viable for private sector investment, requires quite a lot of up-front work. The Bill will enable the Crown Estate, working in partnership with GB Energy, to identify opportunities to invest in things like supply chain and in preparation and planning for the seabed work, and to identify the cost profiles that might relate to the projects that are being developed. That will facilitate the deals that we wish to make with private sector suppliers to unlock those opportunities. We see this as an important enabling mechanism to take advantage of the opportunities we have in the south-west and other parts of the country. Clause 6 requires the appointment of separate commissioners with responsibility for giving advice about England, Wales and Northern Ireland, noting, as I have on a number of occasions, that Crown Estate Scotland is a separate entity. It also grants Welsh Ministers and the Executive Office in Northern Ireland the right to be consulted on each of the appointments relating to those parts of the UK. Clause 7 sets out procedural matters relating to the Bill’s extent and commencement. The Bill gives the Crown Estate the flexibility it needs to meet its core duty of enhancing and maintaining the value of the estate and the returns obtained from it. The Bill broadens the scope of the activities in which the Crown Estate can engage, enabling it to further invest in the energy transition, and it empowers the Crown Estate to invest in capital-intensive projects more effectively. Critically, these measures will unlock more long-term investment, increasing the Crown Estate’s contribution to creating high-quality jobs and driving growth across the United Kingdom. This Bill delivers a targeted and measured enhancement to the Crown Estate’s powers and governance, modernising it for the 21st century, and I commend it to the House.

• 18 Dec 2024 · Financial Assistance to Ukraine Bill · Hansard source

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  I welcome the hon. Gentleman’s encouragement, which I take in good faith. He will know that these matters are multilateral and subject to negotiation with other allies and G7 colleagues, but he will also know, as I am sure the whole House does, that we go into 2025 with a strength of resolve across those G7 countries to do all that we can to help Ukraine continue to mount its defence against the illegal invasion from Russia. Any other payments beyond the extraordinary revenue acceleration loans to Ukraine or any other country that are unrelated to the ERA scheme are not covered by the provisions of the Bill; this money is in addition to other grants and payments that have been referred to in the House previously. The clause contains provision for the UK to provide funding towards subsequent arrangements that are supplemental to, modify or replace the ERA. This provision allows for flexibility in the unlikely event that the scheme itself should significantly alter. It is not intended to be used without this change in circumstances. Clause 2 simply sets out the short title of the Bill.

• 18 Dec 2024 · Financial Assistance to Ukraine Bill · Hansard source

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  The Government’s position, as the right hon. Gentleman will know, is that we will set out the trajectory to 2.5% of GDP on NATO qualifying spend in 2025, following the conclusion of the strategic defence review and the spending review. He will also know that we fund our armed forces not just to be prepared, but to be ready to contribute. But clearly, I cannot comment on hypothetical scenarios in 2025. He was right to allude to contributions in the debate that rightly highlighted the Ukrainian armed forces on the battlefield fighting not just for their own country but for the security of Europe and the United Kingdom. I think we are all clear-eyed about that and, therefore, our responsibility to help them. That is why the Bill is one part of the package of support that we are putting in place and will continue to put in place over 2025. I think I have answered most of the points substantively, and so I conclude my remarks. Question put and agreed to. Clause 1 accordingly ordered to stand part of the Bill. Clause 2 ordered to stand part of the Bill. The Deputy Speaker resumed the Chair. Bill reported, without amendment . Bill, not amended in the Committee, considered. Third Reading

• 18 Dec 2024 · Financial Assistance to Ukraine Bill · Hansard source

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  It is a pleasure to serve under your chairmanship today, Madam Chair. We had a very constructive debate on Second Reading of the Bill. In particular, I wish to express my appreciation for the universal support that the House has shown for the provision of this vital funding. It is clearly a subject close to the hearts of many of us across the House. I look forward to further discussion on this important Bill today. As the Committee is aware, the extraordinary revenue acceleration is an ambitious scheme designed to provide Ukraine with a total of $50 billion in additional support, to be repaid by the extraordinary profits generated on Russian sovereign assets held in the European Union. The United Kingdom’s contribution of £2.26 billion is joined by pledges from the United States, the European Union, Canada and Japan. The Bill contains only two clauses. They are both straightforward. Clause 1 grants the Government the legal spending authority to fulfil the commitment we have made to provide Ukraine with the UK’s contribution to the extraordinary revenue acceleration. The clause empowers the Treasury or the Secretary of State to provide the Government of Ukraine with funds approved by Parliament as a result of the extraordinary revenue acceleration loans for Ukraine scheme, or “any subsequent arrangements that are supplemental to or modify or replace those arrangements.” Payments made under clause 1 will be those that are necessary to perform the UK’s commitment to the ERA scheme.

• 18 Dec 2024 · Financial Assistance to Ukraine Bill · Hansard source

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  I thank the right hon. Member for his contribution. As we debated on Second Reading, this is a commitment across G7 partners and with the European Union to take action on the proceeds of the assets that are held. For other complicated legal reasons, there is no intention to seize those assets at this time.

• 18 Dec 2024 · Financial Assistance to Ukraine Bill · Hansard source

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  In closing, I thank right hon. and hon. Members for their contributions. I thank my hon. Friends the Members for Leeds Central and Headingley (Alex Sobel), for Livingston (Gregor Poynton), for Cowdenbeath and Kirkcaldy (Melanie Ward), for Hexham (Joe Morris), for Bolton West (Phil Brickell) and for Hemel Hempstead (David Taylor) and the hon. Members for Solihull West and Shirley (Dr Shastri-Hurst) and for Arbroath and Broughty Ferry (Stephen Gethins), the shadow Chief Secretary to the Treasury, the hon. Member for North Bedfordshire (Richard Fuller), and the Minister of State, Foreign, Commonwealth and Development Office, my hon. Friend the Member for Cardiff South and Penarth (Stephen Doughty), for being here for this important debate.

• 18 Dec 2024 · Financial Assistance to Ukraine Bill · Hansard source

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  I beg to move, That the Bill be now read the Third time. Once again, I extend my gratitude to Members from across the House for contributing to today’s debate and facilitating the swift passage of the Bill. Today, and throughout the Bill’s passage so far, this House has made clear its strong feelings on the plight of the Ukrainian people. Members of all political stripes have spoken eloquently in favour of continued support for Ukraine in its ongoing fight against Russia’s tyrannical, unprovoked and illegal aggression. Since Russia’s full-scale invasion of Ukraine in February 2022, no matter which party has been in office, the UK Government have remained committed to fully supporting Ukraine for as long as it takes. The G7 extraordinary revenue acceleration scheme and this Bill, which facilitates the UK’s contribution, are another demonstration of the UK delivering on that promise. Beyond the ERA, the UK has now committed £12.8 billion in military, humanitarian and economic support to Ukraine. Earlier this year, the Government announced that we will continue to provide guaranteed military support of £3 billion per year to Ukraine for as long as it takes, and our ERA commitment goes further still. As hon. Members will know, the Bill unlocks the UK’s contribution of £2.26 billion, which constitutes a fair and proportionate contribution to the scheme based on our GDP share within the G7 and EU. It remains crucial that we pass the Bill as swiftly as possible to begin disbursing funds this winter to meet Ukraine’s urgent needs. Taken together, the ERA will provide Ukraine with an additional $50 billion in support. I pay tribute to our G7 partners for their collective determination to bring the ERA to fruition in just a few short months. We all remain united in our support for Ukraine against Russian provocation. We in this House recognise the sacrifice that the people of Ukraine are making. They are fighting not only for their own survival and national identity, but for the security of Europe and the United Kingdom. The Bill will enable the Government to provide Ukraine with the essential support it requires to continue its battle against Putin’s unjust and illegal aggression. At this point, Madam Deputy Speaker, given that this is probably my last contribution to the House this year, I wish you and the House a very merry Christmas, and say to the Ukrainian people that we hold them all in our hearts over this difficult period. I commend the Bill to the House.

• 4 Dec 2024 · Employer National Insurance Contributions · Hansard source

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  I will give way in a second. We have decreased the secondary threshold for employers, which is the threshold above which employers begin to pay employer national insurance contributions on their employees’ salaries, from £9,100 to £5,000. At the same time, we have increased protection for small businesses by more than doubling the employment allowance from £5,000 to £10,500.

• 4 Dec 2024 · Employer National Insurance Contributions · Hansard source

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  As my right hon. Friend the Health Secretary has made very clear, when the Labour party came into government the NHS was broken. Why? Because of actions taken by the Conservative party over the last 14 years. That is why the Government have to take decisions to get a grip of the public finances and our public services. The changes are necessary in order to draw a line under instability, so that businesses can plan for the future, and to ensure that the NHS will receive an extra £22.6 billion to deliver 40,000 extra elective appointments a week. That vital new funding will create an NHS that is there when we need it, and the Government will achieve that within our tough fiscal rules—rules that will bring an end to borrowing for day-to-day spending, which was completely out of control when the Conservative party was in government. Madam Deputy Speaker, you might think that, having called for higher NHS spending over the weekend, the Opposition would recognise the need to take tough but necessary decisions on the public finances in order to pay for it, but it seemed from the speech of the shadow Chancellor that that is not the case. Perhaps the Opposition might take the opportunity today to explain how they will raise the £25 billion that the changes provide for, but which they will not support. How else do they intend to pay for the new appointments and better services that the funding offers? What tough decisions would they make to repair the public finances and put our economy on a sustainable footing? The Opposition’s double standards on this issue only go to show why they are not trusted on the economy: they have given up any pretence of fiscal responsibility. We recognise that the decision to increase employer national insurance will have impacts. Although the changes to employment allowance will help to protect small businesses and charities, other measures mean that larger businesses and organisations will have to make difficult decisions. However, as the Chancellor set out, this was a once-in-a-generation Budget. The difficult decisions we took meant that we were able to wipe the slate clean from the previous Government’s economic and fiscal mismanagement. Public services will now need to live within their means on the budgets we have set for them for the rest of this Parliament. The Budget delivered economic stability and fiscal responsibility so that we can take the steps necessary to boost investment, fix our public services and grow the economy. That fiscal responsibility is only possible when Governments are willing to take tough decisions. This Government will not shy away from those tough decisions and will do what is right to fix the foundations of our economy, despite the dire inheritance left by the Conservatives. The shadow Chancellor said we were hiding in the past and not facing the future. I say to him: we are running to the future, dealing with the challenges and delivering for the British people.