Ed Davey
MP for Kingston and Surbiton · Liberal Democrat · United Kingdom
“I associate myself with the Prime Minister’s opening remarks, not least about the 25th anniversary of the horrific terror attacks of 9/11. I welcome the Government finally banning imports from illegal Israeli settlements, something Keir Starmer should have done a long time ago.”
“I thank the Prime Minister for that answer. Britain should be the safest country in the world to have a baby. We will keep raising this issue until it is the safest.”
“No mother should have to give birth in such circumstances. Does the Prime Minister agree that Musgrove Park cannot wait until 2033 for work to start on a new maternity unit? Will he offer a meeting to local MPs, so we can move it forward? And will he make fixing the maternity scandal across our country a top priority of his Government?”
“I hope at that summit the Prime Minister will negotiate a good deal for our country, our economy and our defence, and that means rejoining the single market. North Devon’s maternity unit has been closed for three weeks due to staff shortages, so women now have to travel for up to two hours to give birth.”
“The Prime Minister said yesterday that Brexit ushered in “a decade of low growth and stalled regeneration.” —[ Official Report , 1 September 2026; Vol. 790, c. 27.] He is right. Our economy is stuck in this mess thanks to the Conservatives—and the leader of Reform UK—and their terrible Brexit deal.”
“There are so many more problems in our political system: too much power in the hands of social media barons who interfere in our politics and crypto billionaires who use donations to buy influence; and too little power in the hands of our people.”
The complete record
Every one of 6,005 lines we hold for Ed Davey, in date order, each linked to its source. Free to read, in full, without an account. Page 20 of 121.
“My hon. Friend is absolutely right. She has been an amazing campaigner against the third runway, and I always admire her advice and thank her for it. When we on these Benches say that we do not trust this Prime Minister and this Government on climate change. The evidence is with us, so we will raise the need for radical action on climate change time and again in this Parliament. We will work to force the Government to make the next global climate change talks in Glasgow in November a success, even though they come, ironically, just when the UK will be losing its influence on climate change at the European table. We will champion the need to decarbonise capitalism, and to build on the fantastic work done by the Governor of the Bank of England, Mark Carney.”
“I can assure you, Sir, that Liberal Democrat Members want to make their voices heard, not least on behalf of the 3.7 million people who voted for us last Thursday. Under proportional voting, we would now easily be the third largest party in this House with 70 MPs—a fact that I know, Sir, you will take account of. You will appreciate, Mr Speaker-Elect, that the past few days have been difficult for my colleagues and I, having seen our friend Jo Swinson lose her seat. Jo consistently said during the election that there is an issue even bigger than Brexit—namely, the climate emergency. On these Benches, we will be seeking your help as we raise this issue and argue for the radical climate change policies that Jo advocated. Thank you, Mr Speaker-Elect.”
“May I, Mr Speaker-Elect, give you heartfelt congratulations from those on the Liberal Democrat Benches and wish you the very best as you manage the proceedings of this House? In your election in the last Parliament, you struck a chord with many Members when you spoke about improving the security of Members, staff and our families. It is sad to say that you were right to lead on this, not least as we remember the two young victims of the terrorist attack on London Bridge—Saskia Jones and Jack Merritt, two young people dedicated to helping others to whom we should pay tribute today as this House returns. Mr Speaker-Elect, I was delighted that in your acceptance speech before the election you spoke eloquently and positively about the speaking rights of smaller parties.”
“Will the Chancellor publish today an economic impact assessment—an assessment of the public finance impacts —of the Prime Minister’s hard-deal Brexit, and if he won’t, why not?”
“Fortunately, there is a yellow corner, from where we can go forward to the 2070s, full of hope and optimism that our country can survive this current nightmare, invest in our children and tackle climate change. As we vote against this damaging Queen’s Speech tonight and prepare to face the electorate—preferably in a referendum but, if not, in a general election —the voters can be in no doubt: the Liberal Democrats are the party for Britain’s future.”
“We start with a positive belief in markets, trade and competition, and we believe that responsible capitalism is possible. Liberal Democrats want to celebrate responsible business, and our policy of remaining in the EU is phenomenally popular with responsible business. It gives us a remain bonus to invest in our public services and our economy, to make them fairer and to equip them for the future. On the likely eve of a general election, the voters are faced with a choice between two visions of the past and one vision of the future. In the blue corner, we have a return to the 1870s, in a colonial-style global Britain so well personified by the laid-back Leader of the House. In the red corner, we have a return to the 1970s, stoking up old class divisions when our country so desperately needs to come together.”
“With the climate emergency, we must accelerate the pace of decarbonising energy, but instead Labour wants to spend years legislating for energy renationalisation—what a climate catastrophe! Liberal Democrats showed in government that if we intervene intelligently, we can harness the market to tackle climate change. Thanks to our decisions, Britain is now the global leader in offshore wind. Offshore wind farms now have much greater UK content than people ever imagined possible, and future offshore wind farms will no longer need a subsidy to be built. So if you want to go green, don’t go red, go yellow—and don’t destroy capitalism; decarbonise it. It is this practical, business-like approach that goes through all Liberal Democrat economic policies.”
“This Government are sowing the seeds of a new austerity—a Brexit austerity, and a totally avoidable austerity. If this Conservative Government are economically illiterate and fiscally incontinent, Labour’s shadow Chancellor is doing his best to give them cover. Take Labour’s plans to renationalise water, railways, energy and the Royal Mail. What is the cost—£100 billion, or perhaps £150 billion? Whatever the cost, it would be a calamitous waste of money. Of course there are problems with aspects of how our utilities have been operating, but there are positives, too. Just as we can fix the problems in Europe without the cost of the Conservatives’ ideological Brexit, we can fix the problems in these utilities without Labour’s costly ideology. Take energy, for example.”
“Exiting our country from the multiple external trade deals that the EU has achieved is simply dreadful. Then we add the red tape that our exporters will be tied up in, at a cost to the private sector of at least a whopping £7.5 billion a year. The Conservative’s central policy of the Queen’s Speech not only harms our economy, but will plunge our public finances into crisis. Regrettably, we do not yet have an official estimate of the red ink that this hard Brexit deal will pour over Britain’s finances but, as the hon. Member for Nottingham South (Lilian Greenwood) said earlier, a report by UK in a Changing Europe estimates a cost to the Exchequer of between £16 billion and £48 billion a year, and a cumulative hit to borrowing of nearly £100 billion.”
“It is a pleasure to follow the hon. Member for West Worcestershire (Harriett Baldwin), who I voted for yesterday. Rarely before in our history have a Government presented a Queen’s Speech that will do so much damage to our economy. By placing Brexit at its heart, the Prime Minister is delivering on one promise: his crude, four-letter pledge to business. This hardest of hard Brexits is as bad as it could get, save for a no-deal Brexit. The Conservatives once claimed to be the party of business, but they can never make that claim again. Let us just go through the basic economics. Reducing access to our closest international markets is highly damaging. Tearing up our membership of the EU’s customs union and single market, the best trade deal this country has ever had, is very destructive.”
“Given that HMRC has now shown that Brexit means red tape, and that this would harm trade, destroy jobs and cut growth, what estimate has the Treasury made of the impact of lower growth on Britain’s public finances? Does the Minister accept that the Office for Budget Responsibility has said—and now the IFS analysis has shown—that borrowing will rocket under a no deal? Is it not now clear that under the blues, we will be going into the red?”
“Is the Chancellor aware that the Office for Budget Responsibility’s alarming fiscal analysis of a no-deal Brexit assumes that the Government’s preparations are successful—and so result in a miraculously benign no-deal Brexit—and that even with this least-damaging no-deal Brexit the OBR predicts a hit to Britain’s finances that would destroy every single spending announcement by the Prime Minister and the Chancellor? Given that, is it not unacceptable for a Chancellor in a Government publicly contemplating a no-deal Brexit to fail to tell the truth to the British public that spending on health, schools and police will be slashed in the event of a no-deal Brexit?”
“When the last Conservative Chancellor, a former permanent secretary to the Treasury and the Prime Minister’s own sister blow the whistle, the Minister simply cannot brush aside these most serious claims of a conflict of interest. Some of the Prime Minister’s biggest donors are clearly betting against Britain, and, intentionally or not, the Prime Minister is aiding and abetting them by pursuing a no-deal Brexit. I therefore ask again: will the Government set up an urgent independent investigation?”
“Does the Secretary of State agree that the climate emergency demands that we reform the whole financial system, to decarbonise capitalism and green the City? If so, why are the Government taking three years to implement the mandatory disclosure of climate-related financial risks, when it could be brought in within one year?”
“Let me be generous to the Chancellor of the Duchy of Lancaster: let us imagine that his no-deal preparations are successful and that if we were to leave, we would do so in a benign way. Is he aware that in its “Fiscal risks report”, published in July, the independent watchdog, the Office for Budget Responsibility, said that a benign no deal would cost the public purse £30 billion a year for the next four years? What preparations have the Government made to plug that £120 billion gap of a benign no-deal Brexit?”
“On a point of order, Mr Speaker. This is a sad day for our democracy. We are seeing this Parliament shut down because the Prime Minister is running away from accountability and scrutiny. A Prime Minister who said that he is not prepared to abide by the rule of law is running away from this Parliament. The Liberal Democrats offer the Prime Minister a way out: put it to the people in a people’s vote.”
“I welcome the Chancellor to his post, but is it not the case that headteachers, chief constables and NHS managers simply cannot rely on his fantasy figures if Britain crashes out of the EU? The independent watchdog, the Office for Budget Responsibility, said just two months ago that a no-deal-Brexit would add £30 billion a year to public borrowing for the next four years. What insurance has the Chancellor taken out against that massive risk to his spending plans? Is this not just a con?”
“In wholeheartedly welcoming this statement, may I ask the Secretary of State to do two things? First, will he reverse the Government’s decisions to abolish the zero-carbon homes regulations, to ban onshore wind and to proceed with a third runway at Heathrow? Secondly, will he agree to meet me to discuss how we can decarbonise capitalism, particularly in the City of London? Given that the City funds 15% of global fossil fuel investment, if we can decarbonise the City, that can have a massive impact on the whole world.”
“It is good to hear the Minister accept that the best way to prevent refugees from taking these dangerous crossings is to provide safe, legal routes to sanctuary for those fleeing persecution. Going back to the Dubs amendment, the Government promised two years ago to provide a scheme for 480 unaccompanied refugee children. When will that promise be delivered?”
“The Committee on Climate Change has asked for Britain to become carbon net zero by 2050, but we produce only 1% to 1.5% of global greenhouse gas emissions. However, 15% of the world’s greenhouse gas emissions are funded in London, so not only do we have the power to get our own country’s greenhouse gas emissions down to zero, but we can help spread that around the world and be a real leader. We could be the green finance capital of the world and say, “We will no longer finance the climate crisis in our country.” If we did that, we would show dramatic leadership in the world on this emergency. We should start with pensions.”
“The barriers to dealing with the climate emergency are no longer technological; they are more about policy, leadership and cash. We need politicians to show leadership, but we also need to ensure that investment funds get behind the new technologies at a speed and with an urgency that currently we are not seeing. That is why we, as a country and as the world, need to disinvest from fossil fuels and dirty technologies, and reinvest in clean green technologies. The question is how we propel that as fast as possible. I believe we need a system-wide approach. We have to decarbonise capitalism at a fundamental level across the whole of the City—the debt markets, the stock exchange, the banks, the Bank of England’s own balance sheet and the pension funds.”
“I beg to move, That this House has considered financial and ethical risks of investments in fossil fuel companies by pension funds. I refer Members to my entry in the Register of Members’ Financial Interests, in which I disclose my interest in renewable energy, particularly solar. Parliament has declared a climate emergency. I welcome that tremendously, but it prompts the question: how do we solve that emergency? The good news is that many of the technologies we need are already here, and they are developing fast. From solar to wind to storage, their price is coming down fast—far faster than many people expected—and their reliability is increasing dramatically. On top of that, massive innovation will propel those technologies further forward, and we will enter a cheap green energy age.”
“I believe that is not the case. We need to ensure that the parliamentary pension fund becomes zero-carbon. We as Parliament need to say, “Divest Parliament.” That would show leadership both to public schemes, particularly in local authorities, and to the wider sector. Let us remember that we have already discovered four to five times the fossil fuels the world would need to exceed a climate change budget. We already have too many fossil fuels. We should not invest in more. We should disinvest now.”
“I totally agree with my hon. Friend. In government, we placed tough regulations on that sector, which were based strongly on environmental considerations. It has not been able to grow to meet them. It has nowhere to go.”
“At some stage, that bubble of investment in carbon that we do not need will burst, leaving pension funds and the wider economy in a serious mess. Those assets would be worthless; they would be stranded assets, which would cause huge disruption in our financial sector.”
“I saw what happened at the BP annual general meeting yesterday, and I welcome it, although a second motion, which was a bit stricter, did not carry. I would have liked that motion to carry. That brings me to my argument. Not only is there a moral imperative for us to divest, given the threat climate change poses to our planet; there is also a financial risk for pension funds and their beneficiaries. We need to explore that. We need to make it clear to pension fund managers and trustees that pulling out of fossil fuels is the right thing to do in financial terms. The real issue is often called the carbon bubble. We are investing in more fossil fuels than we could possibly need if we were going to stay climate change compliant.”
“I totally agree. Indeed, analysis by the Grantham Institute shows that if someone had not held fossil fuels in their portfolio for the last 50 years, their overall returns would not have been any different. The idea that we have to invest in fossil fuels to have a return was not true in the past, and it is not going to be true in the future.”
“The good news is that there are a huge number of very attractive low carbon and zero carbon investment opportunities in this country and around the world, so we can ensure that our pensioners of the future get the pensions that they need and that those pensions are far less risky because they will be based on climate-friendly assets.”
“Fourthly, there should be new powers for pension regulators, and the Bank of England if required, to challenge funds and other investment operations on their climate risk management. Where that is found wanting, the regulators should be able to take action to ensure proper alignment. Fifthly, we need to develop a register—probably Government-led—of all the low carbon, green and zero carbon investment opportunities for the capital to go to. We cannot just say disinvest; we must show where investments and that capital should go.”
“Secondly, there should be new climate accountancy rules for accountants and auditors on fossil fuels and pension funds, which would require accountants and auditors to produce Paris-compliant accounts, where assets and activities not aligned with the Paris treaty are written down to zero by 2050 at the latest. I think that would change the valuation of a number of companies. We would see a lot more transparency, really know what was going on, and be able to take better decisions. Thirdly, there should be new, mandatory requirements on all pension fund managers and trustees to report on whether their portfolios of investments are aligned with Paris or not—really strong transparency and disclosure.”
“That would be the wrong approach, because it would delay action and not enable us to take the power of capitalism, with market forces, innovation and competition, to help us solve the problem. We need to make capitalism our servant, not our master, and that comes from laws and regulations in this House. I propose a five-point plan systematically to decarbonise capitalism and tackle the disinvestment and investment challenge of the pension funds. First, there should be mandatory disclosure from all fossil fuel companies on how much carbon their business plans would see emitted and how much carbon is in their reserves. That should be coupled with a legal requirement to show how they will become compliant with the Paris treaty, with timed targets, so that fossil fuels can unwind the pollution they cause.”
“One is what I would call the gentle, market-led approach, which says, “If you have a bit more transparency and disclosure and a few ESG guidelines, it will all take care of itself.” I am in favour of all that stuff, but it is nowhere near up to the task. It is not urgent enough. We have people talking about voluntary disclosure. No, we need mandatory disclosure now, regulated by this House. I applaud the ESG guidelines, but they are a little woolly and poorly defined. They are little nudges when we need more than a nudge, because this is an emergency. There is a second, state-led approach advocated by at least one Front-Bench team, involving wholesale nationalisation and dismantling capitalism.”
“Another approach is to say, “Let’s reduce, and ultimately stop, exploration for further fossil fuels. Let’s not inflate that bubble any more. Let’s gradually deflate it, so we can have an orderly transition for our economy, our energy sector and all the communities, towns, cities and people who depend on it.” That is the solution, and that is why I have concluded that we must disinvest and reinvest in a thoughtful, careful way. If we do that, we can tackle the climate emergency and avoid a financial and economic catastrophe. That brings me to the Minister’s point. There are three possible approaches to disinvestment and investment.”
“I am grateful to the Minister for his intervention. Those new ESG guidelines are helpful, but I am afraid I do not think they are quite up to the scale of the task we face. I will come to that in a second. We have this carbon bubble; the question is how we are going to deflate it. How will we move from where we are now, with this big risk to our economy, to the low-carbon economy we need? One option is to say, “Well, it will sort itself out. We don’t need to worry now. We can delay it all and it will be all right. We can allow the fossil fuel companies to keep investing in exploring and getting even more fossil fuels, and inflate that bubble even more.” How risky would that be? That is one scenario that some people seem to think is possible. I reject it entirely.”
“We must get in front of them, because they want us to show true leadership. Let us today give that leadership.”
“I celebrate what they have done. There is a thirst for Governments to take action. The question is: are our actions up to it? The only response to what people are arguing for and what the science says is a quite dramatic systemic change. In the disinvest and reinvest approach and the policies I have outlined, I want to argue for something very radical but practical. Those who go to the City and talk to pension funds such as Legal & General, Allianz and Axa will find that a number of them are doing what I am talking about. Those who talk to the Governor of the Bank of England, Mark Carney, as I did four weeks ago, will find that he is absolutely on to this case. There is a coalition of willing people in the City who want to go this way; it is just that this Government and Parliament are behind the City and the regulators.”
“I am not trying to get rid of energy companies; I am trying to get them to switch. We have a couple of examples of big energy companies switching out of fossil fuels and into green technology. Some have done that around the world successfully. Unfortunately, most of the majors to which the hon. Gentleman refers have not done so on any serious level at all. I did some calculations that showed on average their capital expenditure on green technology in the last decade or so is just 1.3% of their total spend. That is just not serious. I hear what he says, but we must get those energy companies to take this far more seriously. Some are beginning to shift, but we need to show that they must step up to the plate. We have a climate emergency, and it is great that we are seeing people—young people in particular—coming out and protesting.”
“To clarify, I was focusing on ensuring that companies were compliant with the Paris treaty. That does not mean that they need to be zero carbon now—that would be impossible—but they need to be on a pathway that is Paris compliant, and that is the case for many companies already. We just need fossil fuel companies and others to catch up.”
“While the ESG guidelines are helpful—I know some of the work that the Minister for Energy and Clean Growth is putting forward on green finance—I think we have to be bolder and go further. The Minister has heard that today. In the context of the role of the UK and the City of London internationally, we need to go further. If we can lead from the City of London, we can decarbonise capitalism not only here, but globally. That will be the biggest contribution that Britain can make to tackling global climate change. Question put and agreed to. Resolved, That this House has considered financial and ethical risks of investments in fossil fuel companies by pension funds.”
“I thank everyone who has contributed to this debate, which has been really good. There is some degree of consensus emerging. I agree with what the Minister said on carbon capture and storage. I was disappointed that the former Conservative Chancellor, George Osborne, got rid of the CCS projects that I had been developing as Secretary of State for Energy and Climate Change, particularly the gas CCS which was a world-leader. I regret that, because I think it was an extraordinarily bad decision for the gas industry. I want to return to the issue of consensus. We need to act. I set out a five-point plan today. There were other ideas. I hope the Government will listen to those ideas.”
“I thank the Home Secretary strongly for his statement, especially in the light of the horrific attacks on mosques in Christchurch, churches across Sri Lanka and the synagogue in San Diego. I strongly welcome his words on hate crime, on which we need to take more action. Will he confirm for the House that all faith communities across the UK will be eligible to apply for this package of funding and support? Will account be taken of specific threats against particular communities, such as the Jewish community or the Ahmadi Muslim community, when applications are made?”
“How the right hon. Gentleman is proceeding with his Brexit policy is interesting and will be noted outside this place. Does he agree that to beat climate change in this country and around the world we have to green our pension funds, banks and stock exchanges, decarbonise capitalism and drive trillions of dollars into the green clean energy investments that we need?”
“I thank the right hon. Gentleman for his words. From my experience in government of two and a half years of negotiating on climate change with the European Union, Britain managed to ensure that 27 other countries raised their ambitions to our level. We managed to have leadership at the EU; we influenced America and China; and we influenced the Paris climate change treaty to make it far more ambitious than anyone expected at the time because we were at the European Union table and were able to lead on climate change. Does he realise that, by leaving that table, our influence on this critical issue for our world is being dramatically reduced?”
“I agree with everything the hon. Lady is saying, but will she share her thoughts on how we manage the oil and gas industry in the UK over the next two or three decades?”
“The right hon. Gentleman is absolutely right on China; it is vital that people understand this. The Chinese are moving ahead very fast. He and his colleagues, and the former Foreign Secretary Lord Hague, were crucial in making sure that the Foreign Office was engaged in climate change diplomacy, persuading the Chinese that the fall in the cost of renewables, particularly solar, made them affordable and that the health benefits of reducing air pollution made them really attractive to their population. The change in the mood in China could be the change in the mood across the world. We need to learn from China, support it and make those points.”
“Because of the policies we introduced, renewables are now the cheapest option, and that is fantastic for this country and the world. Intermittency, which is the other problem, is fast being solved through storage, interconnectors, the smart grid and demand-side response. If we add in tidal power and CCS, we can have the base load to sort out the problem relatively quickly. The solutions are there. We need the political will and determination to drive them through and meet this climate emergency.”
“We worked with the Poles, we got a compromise, and we moved them over. Because of that, the whole of the EU adopted a greenhouse gas reduction target that the EU’s Climate Change Commissioner had told me was impossible. We got right to the far end of our ambition, and it was Britain leading that ambition, not going down to the bottom, as is sometimes said about us in Europe. If we are at the table, we can make that difference. Brexit is a climate disaster in itself, because it is reducing this country’s soft power and influence. Finally, when I became Secretary of State, I was told by the Daily Mail and various other people that renewables were too expensive, and did I not know that the sun does not always shine and the wind does not always blow?”
“If people think that is radical, well, the Governor of the Bank of England, Mark Carney, agrees with it. Many people agree with it. We, and this Government, are getting behind the curve on the financial reforms we need. If we made them, we would radically transform the situation. On European engagement, when I intervened on the Secretary of State earlier, I pointed out that Britain had led climate action at EU level. By winning stronger EU action, Britain influenced the United States and China, and through that we influenced the United Nations, and that led to the Paris climate treaty. Action at European level was critical for global action on climate change. As a Minister, I spent two and half years of very solid climate diplomacy across the EU, but a lot of it in Warsaw, because Poland was the issue.”
“I refer the House to my entry in the register, especially in relation to solar power and community renewable energy. I have three small ideas for the House today: reform of capitalism, engagement in Europe and beyond, and the future of technology. On capitalism, when people say that we need a system change, they tend to be referring to a change in the energy system, but I think we need to be bolder and go wider. We need to reform our whole economic system, and that requires reform of capitalism. Nothing else will be a sufficient response to the young people protesting; nothing else will be radical enough. Decarbonising capitalism means reforming the rules for our banks, stock exchanges and pension funds to force them to take account of climate risk.”
“In September last year, the Government published, with great fanfare, the victims strategy, but it is very hard to believe that those who wrote the document published today have read the Government’s own policy for victims. Given the huge number of women and men who have experienced sexual violence and are not reporting it—according to the Office for National Statistics, 87% of people suffering sexual violence do not report it—is it not vital that we ensure that nothing is done to prevent people from coming forward, that this document is reviewed, and that the Minister takes personal responsibility for ensuring that it is reviewed in the light of the Government’s strategy and what the House has said clearly today?”