Liam Byrne
MP for Birmingham Hodge Hill and Solihull North · Labour · United Kingdom
“The loss of 4,000 jobs at Jaguar Land Rover is a body blow for workers, families and communities across the west midlands, so I commend Richard Parker, the Mayor of the West Midlands, for moving quickly on Monday to put £500,000 on the table to help ensure that everybody gets back to work.”
“I wholeheartedly welcome this well-rounded statement from the Foreign Secretary, and put on record my thanks to the new Prime Minister for the hard yards that I know he has put in over recent days and weeks.”
“I am grateful to my hon. Friend for giving way, and I offer my warmest congratulations to her on her appointment to the role; she will be a brilliant Minister.”
“Let me start with a word of thanks to my hon. Friend the Member for Chester North and Neston (Samantha Dixon), who is not in her place, who said quite rightly that an awful lot has changed since the Bill was first introduced to this House. Indeed, a lot has been revealed over the course of the summer.”
“The effect of new clause 34 would be to ban off-ramping, ban new forms of digital currency transactions and ban memecoins, which are exactly the kind of measures that Ministers now need to bring forward. If we want to take the crypto system out of political finance, this is what we need to do.”
“No doubt we will learn that Mr Cottrell was in fact on the electoral register when that money was passed. No doubt we will discover that his mother, Fiona Cottrell, declared and did not disguise the fact that the money had ultimately come from her son.”
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“We expect much more aggressive action to drive down energy costs, we want to ensure that our manufacturing base is better supported and, crucially, we want to support the tradespeople whom my hon. Friend the Member for Portsmouth North (Amanda Martin) talked about, and the small businesses and high street businesses that my hon. Friend the Member for Harlow (Chris Vince) talked about. These are the people whom we are here to represent, and they deserve to have a policy that has their backs. Question deferred (Standing Order No. 54).”
“This is the most extraordinary country on earth. It is the home of the industrial revolution, and the home of the scientific revolution. It is a country with an abundance of ideas, and also a place that is blessed with trillions of pounds of long-term investment capital. If we in this House cannot put together a shared agenda for ensuring that our rate of growth is faster and living standards rise, we do not deserve to be here. This has been an excellent debate, and I have really appreciated the way in which the voice of business, large and small, has been heard loud and clear. I think the Minister will go away from today’s debate with real clarity from this House that we expect to see the steel strategy on the table pronto.”
“The plan that the Chancellor has set out this afternoon shows that inflation, debt and bills are down, and that headroom, growth and living standards are up. That is testament to a plan for stability that is working, but that stability would be undermined if she surrendered to the idea of the £47 billion-worth of unfunded tax cuts set out by the Conservatives, so will she resist those calls? As fiscal headroom opens up, will she look again at what can be done to drive down energy costs for small business and genuinely reform business rates, so that we are backing our wealth creators, and not gambling with the public finances, as the Conservatives did?”
“I think the diffidence that we have heard towards international law this afternoon is as unwise as, perhaps, it is unsurprising. For the sake of clarity, can the Prime Minister confirm what would have needed to have been true for it to be legal for him to have joined the offensive strikes last week? Surely that would have required an imminent threat to our national security, which was simply not present when the decision to strike was taken.”
“On a point of order, Madam Deputy Speaker. I believe that I heard the hon. Gentleman accuse a political party in the Chamber of a “criminal abuse of democracy”. Did I hear that correctly? Is that remark in order, or does the hon. Gentleman—I use that word loosely—now need to back up his allegation with some hard evidence?”
“Fourthly, we need to ensure that the powers of the Electoral Commission have been transformed so that it has the power to initiate investigations before it has all the evidence it needs. At the moment, it needs to initiate an investigation before it can get the evidence, which is very difficult to do. Finally, we need to ensure that there is a proper gateway to allow the Electoral Commission to share information with the National Crime Agency. Our enemies are undermining us now not just by dropping bombs through the ceiling, but by trying to destroy our foundations. Regulating political finance is one of the ways we can stop that now.”
“For a long time, the Russian intelligence services have had a strategy of what we might call “poodles on rubles”. Right now, we know they are moving about $30 million a year. We have to ensure that what has happened in Moldova does not happen in countries like ours. Banning cryptocurrency altogether—until, perhaps, one day in the future, the Electoral Commission has the power to police it—might be a good idea. Thirdly, we have to ensure that only profits earned from British companies can be used for electoral donations. It is ridiculous that an individual like Christopher Harborne can take $70 million in Tether tokens before then making about £23 million-worth of donations into British political parties, with none of us in this House having any idea where that money has come from.”
“All of this is overseen by a National Crime Agency without the resources to do the job and an Electoral Commission without the powers to do the job. There are five changes that need to be made to the text of the Bill before us tonight. The first, as many have said, is on media systems. It is ridiculous that I can set up a trust in Dubai that is owned by a company registered in the British Virgin Islands and chuck tens of millions of pounds into a British TV station, which can then go on to pay politicians in this House. There are no rules and balances on that, which is ridiculous and needs to end. Secondly, as many people have said, we need to ban cryptocurrency. We know that cryptocurrency is the vehicle of choice for the Russian intelligence services moving money into the bank accounts of western proxies.”
“I, too, want to welcome the Bill; I think it has a lot of good measures. However, whether it becomes the watershed Bill that I think it could be depends on whether much of the debate we have heard tonight gets translated into successful amendments over the next couple of weeks. We all have an ideal of democracy in this House, but we all know that democracy, too, is a system, and systems can be gamed, corrupted and undermined, not merely by force of arms, but by force of money: foreign money; dark money; money that is faceless, but has an agenda. That is the situation we have in this country today because we have allowed the activities of shell companies, alka-seltzer companies and unincorporated associations, with about £1 in every £10 coming into political parties now from some kind of dark source.”
“The evidence that we took in the Business and Trade Committee did raise concerns about the impact of the deal on both the brick industry and the ceramics industry in the UK. The Minister knows that the Trade Remedies Authority is not really equipped with the tools that it needs to defend us in this new world; nor has the Competition and Markets Authority yet seen fit to finalise its foreign subsidy control regime, despite two years of consultation. Will the Minister at least assure the House that he will keep a very close eye on this matter, and will not hesitate to bring forward protections or trade remedies if the need arises?”
“I worry that the reduction in export support staff in the United Kingdom will deny firms in Britain the knowledge and connections they might need to exploit the full possibilities of this new agreement.”
“I am glad that the Minister sought to take this bull by the horns in his opening remarks, because we are being asked to debate a treaty at a time when the Department for Business and Trade is seeking 40% reductions in export support staff. He went out of his way to stress that those headcount reductions would not be in India—I think that was the guarantee that he gave the House. That is important because those officials are responsible for helping firms to navigate the rules of origin, quota management, regulatory blockages and enforcement failures. They will also be required to staff a lot of the working groups that he and his counterpart will oversee.”
“The other real advances reflect years of negotiation and should not be dismissed, but the Committee wishes to underline that there are very significant risks attached to this agreement. India is not a frictionless market; tariffs were never the only barrier. The regulatory system in India is complex, decentralised and highly discretionary. Many of the barriers—be they licensing requirements or certification documentation—are at the state level, and the state-level variation, and state-level stubbornness in bringing those barriers down, will require an awful lot of work in India by His Majesty’s Government. That is why the successes of this agreement depend less on what is written in the treaty text, and far more on whether firms can operationalise it in day-to-day, week-to-week business.”
“When the deal was signed and first published, there was a lot of noise in the media about migration and mobility, and the Committee took a lot of evidence on that. We concluded that the agreement is not, in fact, a big migration deal, and nor does it materially change overall migration policy. As the Opposition spokesperson, the hon. Member for Arundel and South Downs (Andrew Griffith), pointed out well, it provides limited facilitation of mobility for skilled professionals linked to trade and services delivery. It could go much further in the future, but given where the Home Office positions itself on that policy at the moment, we accept that there will not be much progress in the near term.”
“There will be clear future gains for particular sectors. We think there could be a significant prize in the automotive industry, although there are implementation challenges, and clarity is required on how the quotas will work in practice. As the Minister said, and as we heard from other hon. Members, spirits exporters will do extremely well from this new bargain. They will see reductions in the extremely high tariffs of today. As the Minister belaboured, UK firms will for the first time secure access to India’s central Government procurement market. That is a very large number. Whether our firms can genuinely compete for those new contracts is something that the Committee plans to study carefully.”
“The Government modelling, such as it is—always a bit speculative; always some interesting assumptions; always a bit long term; and always a bit difficult to pressure-test—suggests that the deal will add nearly £5 billion a year to UK GDP by 2040, and raises UK-India trade by £25.5 billion. Those are the numbers that the Minister rehearsed in his opening speech tonight. The Committee’s analysis, however, presents more meaningful numbers for UK business. The £400 million-worth of tariff savings in year one is real revenue for UK businesses. That will flatter the bottom line, and, for businesses that are under pressure for reasons that we will set out in a report on Wednesday, it could provide much important cash flow. Those tariff savings could rise to about £3.2 billion over 10 years, as export volumes improve.”
“If we are to build what the Finnish call “values-based multilateralism”, which is probably the best safeguard for peace in this world, India’s role in promoting free trade could be an important component. Another important dimension of that new posture relates to China. If India does indeed grow a low-cost manufacturing sector, the world will need to depend much less on China. All in all, it is important that the UK has played its role in securing that agreement. The Committee’s report confirms that the agreement secures substantial tariff liberalisation in what is a highly protected market. As the Minister said, Indian tariffs are reduced or eliminated —by our reckoning—on 92% of UK exports by value, with around 64% of tariff lines liberalised on day one.”
“For the first time, India has agreed deals that will be policed by powerful external partners, not just the Minister—a powerful interlocutor in any trade negotiation—but by the combined might of the European Commission. For an Indian Government who have been protectionist by conviction for a long time, this represents an important reversal of deep nationalist instincts. As one of the world’s great homes of free trade, our nation should celebrate that. I hope that the Minister can use Delhi’s new-found philosophy in his conversations at the World Trade Organisation and elsewhere over the course of the year. Let us face it: we all need more allies for free trade in this world.”
“It is a country that has long been defined by its protectionism, but it now chooses to use its trade agreements as the anchors for ambitious domestic reform. If these agreements hold, as I hope they will, with the exception of agriculture, India is now moving from selective liberalisation to something approximating a near-open economy. That is a very significant moment in India’s long history, home as it is to about a sixth of humanity. These trade deals are not the traditional kind of “Swiss cheese deals” with lots of carve-outs, delays and exemptions. India is now set to almost fully liberalise its manufacturing sector within seven to 10 years. That is a step change by any historical standard.”
“That is much less than the perhaps £140 billion hit to GDP that we have had since leaving the European Union. But I will not provoke you, Madam Deputy Speaker, by dwelling on that point for too long. None the less, this India free trade agreement is the keystone of that new architecture. It connects us to one of the world’s fastest growing economies and anchors us in the Indo-Pacific for decades to come. It is also worth saying that this is a significant moment for India, because this is not the only deal that India has signed, as the Minister said; it has also signed the EU deal, and it appears that there is a deal with the United States. India is on the cusp of the biggest transformation in its trade policy since independence.”
“Although we do not know quite when he will get the Gulf co-operation deal, which is no doubt imminent, over the line, or the Swiss deal—presumably it is not too far off—this could well be the year when he crowns a number of free trade agreements signed since we left the European Union. They could, in effect, create a triple ocean system of alliances that basically brings UK free trade agreements to about 46 countries in all, home to 2.5 billion people and blessed with something like 60% of world output. That is quite an achievement. Pro-Europeans on the Government Benches will, of course, say that we can now look at the prize of what free trade agreements have brought compared with the losses entailed since we left the European Union. About £14 billion of GDP uplift is forecast as a result of the free trade agreements that we have signed.”
“I am grateful for the opportunity to speak in this debate. I want to start with huge thanks to my colleagues on the Business and Trade Committee for helping to inform the debate with a report that was agreed cross-party and that provided, if anything, a reasonably warm welcome for the Government’s work in securing this free trade agreement, but with a number of caveats, which I will touch on. Before I set out the Committee’s evaluation of the agreement, it is worth marking this moment. The Minister, who is not known for underselling such moments in the House, actually could have sold this one rather more.”
“I am grateful to the Leader of the House and the Minister for ensuring that there is a general debate tonight, but it is not a debate on a votable motion. If this Parliament is to be a strong watchdog and guardian of the Executive, it is important that what were once prerogative powers are transferred to us, here in this House. I hope that this is the last debate on a free trade agreement that takes place on a general motion; in a democracy, we decide things by voting.”
“For a long time, he has been one of the leading voices in the House in standing up to Putin and the evil of Russia, so I hope during the wind-ups he will say more about exactly what he is doing, along with his colleagues, to ensure that we are stopping the possibilities of importing Russian oil derivatives from India. In conclusion, our overall take is that this is a good deal that is in the UK national interest, but I do want to supply one final note of dissent. When the CRaG legislation was introduced to the House in 2010, it was always the intention of Parliament that when free trade deals came for debate, there would be a votable motion. That would allow Parliament to exercise the licence that it was promised to delay ratification if it was discontent with the terms of an agreement before us.”
“The reality is that India remains one of the biggest customers of Russian oil. That money is fuelling Putin’s war machine, and as recently as January, His Majesty’s Government had not introduced controls that were in place in the European Union to ensure that oil derivatives made from Russian oil were banned from this country. Indeed, when Politico reported on this earlier in the year, it noted that something like one in six units of Britain’s aviation fuel imports were derived from Russian oil. That is not something that the Minister will want to tolerate for very long.”
“Ensuring that we have good ways to monitor and escalate this will be important if the deal is to be a success. As my hon. Friend the Member for Stoke-on-Trent Central (Gareth Snell) flagged up, some UK sectors, like textiles and ceramics, will face increased competitive pressure, and although the agreement does contain binding human rights provisions, the responsibilities of UK firms do not end at the border. Being strong on human rights protection, upgrading the dysfunctional Trade Remedies Authority and pressuring the Competition and Markets Authority to publish a foreign subsidy control regime would be extremely welcome. The final point I want to flag is an issue that came up during the Minister’s appearance in front of the Committee, and I have not heard enough tonight or since he came to the Committee about its progress.”
“It appears that the White House has prioritised strategic leverage and tariff pressure over comprehensive liberalisation, extracting concessions through market power, not through traditional FTA approaches. The UK has chosen a different path: ruled-based, negotiated commitments and long-term engagement. I think that choice can work for us, as long as we are ruthless about ensuring good implementation. We are sceptical about the level of services mobility that has been delivered, and about the absence of a bilateral investment treaty—we think that is a significant gap in our long-term framework. We also recognise that policy volatility and regulatory risk still matter. In particular, India’s record on investor protection remains uneven, and its tax administration is still too often used in a way that is, frankly, weaponised.”
“The EU deal obviously covers a much wider volume of trade than we deliver with India, so the EU will therefore enjoy much bigger total tariff savings and a much bigger quota access, particularly for the automotive sector, among others. However, as the Opposition spokesman rightly flagged, there was limited progress on services—we flagged that, too. Services are the lifeblood of the British economy and of our exports—we are a services superpower. The EU’s negotiating position appears at first blush to be broader and deeper, but the final outcomes will remain unclear until the final text is published. Compared with the United States, the contrast is different again.”
“I hope that the Minister will, as quickly as he can, rustle up an implementation plan to tell us how the agreement will be implemented. I very much hope that he will be able to align the ambitions for the treaty with the level of resource that he and his Department are investing in it. The House will want to know that the Committee also tested the treaty against the deals secured by our allies in the European Union and the United States. Compared with the EU-India deal, it seems that the UK has moved faster and secured earlier liberalisation on some tariff lines. We have liberalised 92% of the value of our exports, while the EU has secured 96.6% of its exports, but both were for roughly the same level of market access offered to India—offers covering over 99% of India’s exports by value to the UK and EU markets.”
“We think that there could have been some wisdom in at least attempting an implementation plan, not least a resource plan that goes alongside the treaty—and perhaps even something tabled in time for tonight’s debate, to reassure the House that the Government will watch the implementation of this deal like a hawk. The Select Committee has decided to go to India in March to understand how this deal will be implemented in real life. If our export support work is hollowed out, the consequences will be predictable: smaller exporters will walk away, utilisation rates for the treaty will remain low, and the headline gains will fail to reach the wider economy and benefit the constituents who sent us to this House to debate this treaty.”
“The hon. Member is exactly right. When the Committee published our report, we lamented that there was not a full-scale, full-blown implementation plan alongside the proposals. To a degree, those are difficult things to write, because it is difficult to forecast how quickly the treaty will go through the ratification process needed in India, for example, but we heard evidence that some markets—not least in automotives—had been chilled. Of course, if people know that there are huge tariff and price savings on the way, why would they not delay their purchase rather than make it today?”
“Member suggests and our allies have actioned would be a significant step forward in the Bill that he refers to.”
“If we believe, as I think we should, that economic security is the foundation of national security, that is not a position that can go on. The fact that our allies tell us on the Committee that they worry that we are the weak link is not something that our country should put up with, and it is not something that this House should ignore.”
“We lament that there is no backstop for the cyber insurance market and we regret that there is no extension of the brilliant Pool Re to provide that insurance for the future. It is also quite obvious to us that the pay scales for our frontline specialists in the war on economic crime are simply not adequate. We look forward to continuing the dialogue constructively with Ministers and I welcome the tone that they struck and the progress that we have made. However, let me conclude with this. Over the last year, as we have set about our work, we have heard consistently from our allies fears and concerns about the economic security regime in this country. We have heard loud and clear from them that they worry that the UK is the weak link in the western defence when it comes to economic security.”
“Today’s Government response says that no such list will be published. We regret that the managing public money framework will not be updated to take into account the need for investments in resilience. The Government response said that the current regime was adequate. That is clearly a nonsense. When ministerial directions are needed to ensure the subsidies that were delivered to British Steel or the underwriting that was delivered to the Jaguar Land Rover supply chain, it is quite clear that the managing public money framework does not give Ministers or officials the right framework for balancing the security needs of our country and the growth objectives of the Chancellor and the Prime Minister. We remain concerned that the tax incentives for improving the resilience of small business are not adequate.”
“We do not think that the Trade Remedies Authority is fit for the modern day and we believe that significant reform will be needed. We most lament the instances where the Government rejected our recommendations. As a cross-party Committee, we felt that we had some common-sense proposals for Ministers to consider. We regret that there is no clear plan to overhaul Government co-ordination and leadership, as there was for counter-terrorism policy after 7/7 and, indeed, for economic security policy back in the 1920s and 1930s. There is a resistance to publishing a clear list of the sovereign capabilities that we will need as a country. I understood from Defence Ministers at the time of the defence industrial strategy that there would, indeed, be a clear list of sovereign capabilities that we as a country would need to develop.”
“We welcome what the Ministers have said about the need to get something in place. Our allies already have that infrastructure in place. We welcome Ministers’ recommendation that they will listen to us in this House and our Committee, but we would like a little more specificity from them. Finally, we simply do not think that there has been enough progress on controlling foreign subsidies. The Competition and Markets Authority has been endlessly consulting on that for the last two years. At a time when Chinese industry is six times over-subsidised compared with European industries, we do not think that there is a strong enough regime for policing a level playing field in competition and that imperils our manufacturers.”
“We are not going to face one threat after another; they will compound and hit us all at once. That is why we need business and Government to be working together to scenario-plan for the future. We welcome some of the progress on critical minerals, but frankly we do not think that the money or strategy put in place is up to scratch, so the Committee concluded in a report it published earlier this week that one of the inquiries we undertake this year will be an inquiry into critical minerals security. In the field of cyber-security, we do not think that the recommendations on software and cyber-security standards were really heard, and we would like to see more progress on mandatory reporting of cyber-ransom attacks. We did not feel that the Government have yet made a clear commitment to developing anti-coercion systems or instruments.”
“We welcome the commitment that the Government have made to stronger alliances. We welcome the promise of tougher deterrents to bad actors, particularly from Companies House, and we welcome the slightly half-hearted commitment to parliamentary scrutiny of this field of policy in the future. In some areas, the Committee concluded that the Government have made some progress but not gone far enough. First, although there is a promise to improve forecasting of future threats led by the Department for Science, Innovation and Technology, we felt that the commitment was a little too vague for our taste. Secondly, we are sorry that the national exercising programme does not have a clear commitment to bring together the public and the private sector to wargame the kind of threats that we know will come together.”
“Friend the Member for Halifax (Kate Dearden), on the Front Bench that we welcome the constructive tone that the Government took in response to our report. We realise that this is a novel, fast-moving field of policy, and where we end up at the end of this Parliament will be very different to where we are today. The Government have clearly accepted four of our recommendations and partially accepted 11. But I lament that they rejected 10 of the recommendations. For the benefit of the House, let me canter through them very quickly. What we felt was good about the Government’s response was that there are some clear principles that will guide our economic security policy for the future. We had lacked those until today, so I am glad that we now have them in black and white.”
“We then made a number of recommendations, including on how we can improve the diagnosis of threats that we confront, how we develop the sovereign capabilities that we need as a country, how we diversify our supply chains and sources of critical minerals, how we defend our critical national infrastructure against new perils, how we deter those seeking to damage us economically, and—crucially—how on earth we are going to dovetail the efforts of His Majesty’s Government, the private sector and the work of this country and our allies around the world. Those were the recommendations that we made to Government, and today we published the Government’s response to our report. Let me start by saying to the Under-Secretary of State for Business and Trade, my hon.”
“Our conclusions were stark: we found that the institutions, policies, posture, funding, laws and regulation that we now have in place means that this country does not have an economic security regime that is fit for the future. We set out to provide a blueprint for how the Government can overhaul the system that we have in place. We recommended, like our allies, putting our regime on a statutory basis with a cross-Government Minister for economic security and a proper centre for economic security at the centre of Government.”
“The combination of AI-powered weapons, the advent of hostile states, the reality of unpredictable allies, and the need for us as a country to mobilise something like £100 billion of new foreign direct investment means that the threat surface confronted by our businesses is about to multiply exponentially. That is why we need new economic security defences. If we have learned one lesson from Russia’s illegal invasion in Ukraine, it is that economic security is the foundation of national security. Just as we need a whole-of-society approach to defence, so too do we now need a whole-of-society approach to our economic security. That is why the Business and Trade Committee undertook its review last year.”
“Not long thereafter, the Exchequer was required to underwrite the Jaguar Land Rover supply chain to the tune of a billion pounds as it suffered a cyber-attack of unprecedented proportions. All of that took place while our allies in Holland were battling over Nexperia chip supplies and our allies in America were battling China over rare earth restrictions. Five shocks but one message: economic security threats are now a concern to this country’s security. The message from our Committee is that those threats are going to multiply significantly in the years ahead.”
“Let me first express my gratitude to the Backbench Business Committee for making time for this short statement today as the Business and Trade Committee publishes the Government response to our flagship report on economic security, which was published in the summer last year. I want to start not with Committee papers but with people—with workers and businesses. It was just in April last year that we found ourselves in this place on an unusual Saturday sitting to ensure that British Steel was kept alive. Not long thereafter, our agencies were supporting the high street retailer Marks & Spencer as it suffered one of the worst cyber-attacks in our country’s history.”
“We heard loud and clear from allies in Europe that the divergence of UK policy on China from that of Europe may indeed confound the ambitions of some of us to draw closer to the European Union in future. I know that is not a view that is shared across the House, but it should give Ministers pause for thought.”
“It is an open secret in this House that every day, every week, there is some controversy between the growth Departments and the security Departments in government. If we are to stand on our feet in the years ahead, we have to make sure that our industry is fighting fit and not undermined by unfair foreign competition. We were grateful to the OECD, whose representatives met the Committee in Paris last week. They set out in black and white the sheer scale of over-subsidies in China—that Chinese industry is subsidised six times more than industry in Europe tells us that the playing field is not level. Yet the CMA has been consulting, without conclusion, on control of foreign subsidies for almost two years.”
“It is impossible for us to mobilise that money unless the private sector knows where to invest. If we keep the list of sovereign capabilities secret, how on earth will we send the right signals to the private sector to invest in the future?”
“My hon. Friend is right. I salute her work on the Committee, which is far stronger for her contribution. The bottom line is that the Government has said, in strategy after strategy, that sovereign capabilities are important and that they need to be developed. What we have in the response that has been published today is a clear statement that those capabilities will remain secret, that we will publish a few of them in the defence industrial strategy and maybe if a defence equipment plan is ever published, we might see more in there too. The point here is quite stark. If we are to ensure our economic security is stronger in future, we have to mobilise the private sector and private sector investment consistently and at scale over a long period of time.”
“When we published the report, we sought to compare the regime that we have in this country with the regimes that are in place among our allies in Japan, Europe and the United States. It became clear that, unlike our allies, we have a loose collection of strategies—some might unfairly label them strategy by stapler—that are basically collated together but which lack any statutory basis to ensure consistency and persistence over time. Again, we must remember what we are trying to do. We are trying to ensure that public and private sector are able to work together on big risks over a long period of time. If we leave policy unpredictable, inconsistent and subject to the changes of wind each day, we cannot provide that signal. Ensuring that there is a proper statutory basis for economic security in the way that the hon.”