National Wealth Fund Regional Growth 2025-04-08
2025-04-08
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP highlights Stockport's historical significance in the industrial revolution and mentions KNDS, a local business manufacturing military equipment.
What steps is she taking through the national wealth fund to increase regional economic growth? As a fellow north-western MP, I am sure that you, Mr Speaker, share my pride that the banks of the River Mersey were the birthplace of the industrial revolution. My constituency of Stockport continues to be a hub for innovation with businesses like KNDS manufacturing military bridging systems and the Boxer armoured vehicle. Can she outline how the national wealth fund will fuel economic growth in Stockport?
I visited Stockport with my hon. Friend last year to see regeneration work there, linking new investment in housing with transport infrastructure. Last month, alongside an increase in defence spending to 2.5% of GDP, we set the national wealth fund’s strategic direction, focusing on support for the defence sector through dual-use technology and creating more good jobs across all parts of the country, including Stockport.
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Assessment & feedback
Response accuracy
Q2
Direct Answer
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Context
The MP emphasises the importance of Lincolnshire in food production, highlighting global trends to protect industries like agriculture. He calls for government procurement to support British jobs.
Does he recognise that an age where the two biggest economies are protecting their industries—including agriculture—the time has come to reinvest in manufacturing and consume more of what we produce here? To echo the Liberal Democrats’ spokesperson, they should buy British. That means using Government procurement to back British jobs, projects and workers.
My right hon. Friend has set out new reforms for procurement rules enabling more British businesses to win contracts, including small businesses in food and farming. We provided a record settlement of £5 billion last year to support this part of our economy.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The MP highlights the lack of tram network and train service to rural areas near Sheffield. She calls for an extension of the Sheffield tram-train service to support economic development.
There is currently no tram network from central Sheffield to Oughtibridge, Wharncliffe Side, Deepcar or Stocksbridge, and no operational train service to those areas. My constituents want the Sheffield tram network extended to Stocksbridge and connecting rural communities with jobs, education and hospitals. Will he meet me and the Mayor of South Yorkshire before the spending review to discuss next steps?
The Chief Secretary is working closely with mayors, including Oliver Coppard, on priorities for the spending review in June. We are backing the airport at Doncaster to bring more good jobs to South Yorkshire.
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Assessment & feedback
Meeting specifically requested by the MP not addressed directly.
Response accuracy
Q4
Partial Answer
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Context
The MP inquires about discussions with the Northern Ireland Executive on using the National Wealth Fund for economic growth in Northern Ireland, questioning high taxation levels.
What discussions has he had with the Northern Ireland Executive to ensure that the national wealth fund is used to promote economic growth? Does he not agree that the big impediment to growth is taxing businesses to death?
The Office for Budget Responsibility has revised growth upwards from next year, expecting a larger economy by the end of the forecast period. We are supporting businesses throughout the UK with the national wealth fund, British Business Bank and UK Export Finance, recently announcing significant investment at Thales in Belfast for defence jobs.
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Assessment & feedback
Taxation concerns not directly addressed.
Response accuracy