Economy and Jobs — House of Commons, 2020-01-20
Topic: Foreign Trade
Sajid Javid (Conservative, Centre-right): We have a review into how net zero will be achieved by 2050, and when we publish it the hon. Gentleman will see exactly how we are going to achieve that As well as securing our fiscal foundations, levelling up across our country and decarbonisation, our new economic plan will build on one of our more fundamental economic strengths as a country, and that is our openness. This country has always been an open, global, outward-looking country. At the heart of that openness is our belief in free trade. Free trade has raised living standards around the world, it has created jobs and it has lifted millions around the world out of poverty. It will remain a guiding principle of our economic policy As we leave the EU, we will have the opportunity to strike new trade deals with our friends and partners across the world. This is a huge opportunity for Britain, especially with so many of our businesses having fantastic trading relationships abroad. The trade Bill that was announced in the Queen’s Speech will help make this opportunity a reality When it comes to trade, our biggest exporting sector is our financial and professional services sector, which is a national asset. It employs more than 1 million people, contributes nearly £130 billion to our economy each year and adds value to every region and nation in the UK, not just the City of London. The Queen’s Speech introduces a new financial services Bill that will make sure we secure and enhance the success of that industry Of course, openness to the world does not mean that we give up control of our borders. The immigration Bill in the Queen’s Speech will take the necessary steps to end free movement as we leave the EU and regain control, but that does not mean that this country is closed to the best and the brightest from around the world. I am proud of living in a country as diverse as this. Diversity adds to the vibrancy of our society and the growth of our economy. Some of our greatest scientists, artists and entrepreneurs have been first and second-generation migrants. We will never forget their contribution. That is why we have dropped any arbitrary immigration targets, and we are reforming our immigration system through initiatives such as the new, highly flexible fast-track visas for scientists. I urge Members of the House to vote against amendment (b) in the name of the right hon. Member for Ross, Skye and Lochaber (Ian Blackford) The Queen’s Speech will also support the living standards of our people. The best way to boost living standards is to support working families to earn more and to keep more of what they earn. That is why we aim to raise the national living wage to two thirds of median earnings within five years, and why we are extending its reach to those aged 21 and over. I recently announced a rise in the national living wage of more than 6%, starting on 1 April. This is its largest increase since it was introduced. That is a pay rise for 2.3 million of Britain’s lowest-paid workers We are cutting taxes, too. We have already increased the personal allowance to £12,500 and the higher-rate threshold to £50,000 one year earlier than planned, and we will go further when we increase the national insurance threshold next year—a tax cut for more than 30 million people. We have also set out our tax plans regarding the triple tax lock, with no increases in the rates of income tax, VAT or national insurance in this Parliament Let me turn briefly to the amendment in the name of the right hon. Member for Kingston and Surbiton (Sir Edward Davey). The UK is already a world leader in clean growth. Between 1990 and 2017, the UK reduced its emissions by 42% while growing the economy by two thirds. We have reduced the carbon intensity of our economy faster than any other G20 country since 2000. Our clean growth strategy sets out how we will continue to cut emissions, while keeping costs down for consumers, creating good jobs and growing our economy, but, of course, we need to go further. The Treasury is carrying out a world-leading net zero review. Our national infrastructure strategy will provide significant new investment into the decarbonisation of our economy and we are acting internationally through the COP26 talks, which will be in Glasgow later this year, so I urge hon. Members to reject the amendment.