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1697874

	registered interest
	date	21/03/2024
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Foreign Investment in UK: Science and Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, whether her Department supports foreign investment in science and technology by region.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	19873
	answer	answer is ministerial correction date of answer 26/03/2024 answer text <p>Investment is at the very heart of the UK economy - it supports economic growth, creates jobs and enables improvements in productivity for new and existing firms. It is also essential for successful delivery of the Government's objective to make the UK a science and technology superpower by 2030.</p><p>The Department for Business and Trade promotes a range of investment opportunities across the science &amp; technology sector. DBT works to attract foreign corporates to the UK, developing compelling investment propositions for DBT's international network to bring to prospective investors, this includes both sector-wide and place-based opportunities. DBT has dedicated based staff across the UK who work with the DAs/their agencies, wider DBT teams, Office for Investment and other UK government departments to deliver investment in priority areas, including science and technology. DBT teams work closely with partners to deliver events to attract investment, such as the Northern Ireland Investment Summit that was held in Belfast, September 2023.</p><p>The UK has 13 new Investment Zones which will benefit from £160 million each of Government funding to unlock foreign investment across priority sectors, especially science and technology, with a focus on driving innovation and creating quality jobs. These will be new hubs for investment and innovation across the UK and the funding spread over 10 years, will be spent on fiscal incentives and/or flexible spend to support attracting FDI. In line with the government's levelling up objectives, they are established in places with significant unmet productivity potential, where existing strengths and assets aligned to priority sectors can be leveraged to increase opportunities for local communities. Investment Zones will be established in partnership between central government, local government, research institutions and the private sector. The Investment Opportunity Fund is intended to double down on the objectives of Freeports and Investment Zones by providing a flexible, agile pot of funding that government can use to secure and respond to opportunities in these areas as they emerge.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 26/03/2024 17:53:40 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1673567

	registered interest
	date	28/11/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Future Fund: Breakthrough
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, how much the British Business Bank has invested directly in companies through its Future Fund: Breakthrough programme as of 28 November 2023.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	4153
	answer	answer is ministerial correction date of answer 06/12/2023 answer text <p>Future Fund: Breakthrough is delivered by the British Business Bank, via its subsidiary British Patient Capital. It is a UK-wide programme which encourages private investors to co-invest alongside government in high-growth, R&amp;D intensive, innovative firms.</p><p>From the start of the programme in 2021 to 28 November 2023, Future Fund: Breakthrough has committed to invest £119 million of which £97.6 million has been paid. Across these transactions, the programme has leveraged £724 million of investment from the private sector.</p><p>The government has announced an extension to Future Fund: Breakthrough of at least £50 million, building on the original commitment of £375m.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 06/12/2023 17:42:25 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1668436

	registered interest
	date	08/11/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Office for Life Sciences
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, how many times she has met officials from the Office for Life Sciences since 7 February 2023; and what correspondence she has had with the that organisation in the same time period.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	798
	answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>The Secretary of State for Business and Trade has had no meetings with the Office of Life Sciences (OLS) since 7 February 2023 and there are no records of correspondence between the Secretary of State and the OLS for the same time period.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 21/11/2023 09:23:33 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1646290

	registered interest
	date	21/06/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Vanguard
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, what assessment she had made of the potential implication for her policies of Vanguard Group Inc's decision to rescind on its commitments to Net Zero 2050 targets in the context of that Group being a signatory to the Stewardship Code.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	190751
	answer	answer is ministerial correction date of answer 29/06/2023 answer text <p>The UK Stewardship Code sets high standards for stewardship practice and disclosure. Signatories must explain their approaches to investment, including with regard to systemic risks such as climate change, and report annually on the outcome of their stewardship activities. It is for individual companies to decide which initiatives or commitments they pledge to fulfil. The Code does not require signatories to be committed to specific initiatives or targets. The Government welcomes the continued growth of the UN-convened Net Zero Asset Managers Alliance, which now has 301 signatories representing $59 trillion assets under management.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 29/06/2023 14:15:00 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1646056

	registered interest
	date	20/06/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Investment: Codes of Practice
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, whether she has made an assessment of the potential merits of updating the UK Stewardship Code 2020 to reflect the actions of signatories after it has been signed.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	190365
	answer	answer is ministerial correction date of answer 26/06/2023 answer text <p>The Financial Reporting Council (FRC) sets the UK Stewardship Code and revised it in 2020 to promote better reporting on stewardship outcomes. Research in 2022 found strong evidence of positive changes in stewardship practice under the revised Code. Signatories to the Code have to submit a new report each year to maintain their signatory status.</p><p> </p><p>The FRC’s terms and conditions for the Stewardship Code outline the circumstances in which the FRC may remove an organisation from the list of signatories, including provision of information which is later discovered to be false or inaccurate, or investigation by a regulatory body.</p><p> </p><p>From this autumn, the FRC plans to work with the Financial Conduct Authority, the Department for Work and Pensions and the Pensions Regulator to review the regulatory framework for stewardship, including the operation of the Stewardship Code. The review will assess how far the Code is creating a market for effective stewardship and the need for any further regulation in this area.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake grouped question UIN 190366 question first answered 26/06/2023 12:08:23 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1646057

	registered interest
	date	20/06/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Investment: Codes of Practice
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, what steps her Department is taking to strengthen the UK Stewardship Code 2020.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	190366
	answer	answer is ministerial correction date of answer 26/06/2023 answer text <p>The Financial Reporting Council (FRC) sets the UK Stewardship Code and revised it in 2020 to promote better reporting on stewardship outcomes. Research in 2022 found strong evidence of positive changes in stewardship practice under the revised Code. Signatories to the Code have to submit a new report each year to maintain their signatory status.</p><p> </p><p>The FRC’s terms and conditions for the Stewardship Code outline the circumstances in which the FRC may remove an organisation from the list of signatories, including provision of information which is later discovered to be false or inaccurate, or investigation by a regulatory body.</p><p> </p><p>From this autumn, the FRC plans to work with the Financial Conduct Authority, the Department for Work and Pensions and the Pensions Regulator to review the regulatory framework for stewardship, including the operation of the Stewardship Code. The review will assess how far the Code is creating a market for effective stewardship and the need for any further regulation in this area.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake grouped question UIN 190365 question first answered 26/06/2023 12:08:23 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1646058

	registered interest
	date	20/06/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Audit, Reporting and Governance Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, when she plans to publish draft legislation to establish the Audit, Reporting and Governance Authority.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	190367
	answer	answer is ministerial correction date of answer 28/06/2023 answer text <p>The Government has not set a date for publication of draft legislation relating to the establishment of the Audit, Reporting and Governance Authority. The Government is committed to legislating when Parliamentary time allows.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 28/06/2023 14:38:20 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1646059

	registered interest
	date	20/06/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Investment: Codes of Practice
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, what assessment she has made of the implications for her policies of the application by Vanguard Asset Management Ltd to be admitted to the UK Stewardship Code 2020; and whether she has had discussions with the Financial Reporting Council on this issue.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	190368
	answer	answer is ministerial correction date of answer 26/06/2023 answer text <p>The Financial Reporting Council (FRC) sets the UK Stewardship Code and has an independent and robust process to ensure that each applicant seeking to or remain a Code signatory has sufficiently demonstrated how they have applied the Principles of the Code. As part of this, signatories must report annually on how they have followed the Code and these reports are reviewed by the FRC.</p><p> </p><p>The FRC does not comment on individual applicants or signatories to the Stewardship Code.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 26/06/2023 12:03:18 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1641965

	registered interest
	date	05/06/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Equal Pay: Ethnic Groups
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, pursuant to the Answer of 24 April 2023 to Question 181548 on Equal Pay: Ethnic Groups, if she will provide instances in which ethnicity pay gap reporting may be inappropriate for tackling disparities in employment.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	187647
	answer	answer is ministerial correction date of answer 14/06/2023 answer text <p>In April 2023 the Government published guidance to employers on voluntary ethnicity pay reporting.</p><p> </p><p>As the guidance explains, ethnicity pay reporting is a complex measure and can be affected by many factors meaning it is easy for the data to be misinterpreted or misunderstood. One reason for this is that, while gender pay analysis involves a comparison between two groups, ethnicity pay analysis can potentially involve many more ethnic groups. Additionally, employers may also have to decide how to best combine different ethnic groups to ensure both reliable results and protect confidentiality.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 14/06/2023 12:51:45 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah

1611651

	registered interest
	date	18/04/2023
	answering body	Department for Business and Trade
	answering dept id	214
	answering dept short name	Business and Trade
	answering dept sort name	Business and Trade
	hansard heading	Cosmetics: Sodium Hydroxide
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business and Trade, if his Department will take steps to ensure that manufacturers cannot label hair relaxers as containing no-lye if they include sodium hydroxide in the ingredients list; and if he will make an assessment of the prevalence of this practice.
	tabling member constituency	Newcastle upon Tyne Central
	tabling member printed	Chi Onwurah
	uin	181195
	answer	answer is ministerial correction date of answer 25/04/2023 answer text <p>The Cosmetic Regulations state that a cosmetic product can not imply that the product has a characteristic or function which it does not have. Additionally, it requires products to include a full list of ingredients on the product’s label. Lye is the common name for sodium hydroxide. To be compliant with the regulations a product that contains lye as an ingredient must include this information on the label.</p><p> </p><p>The Office for Product Safety and Standards, in its role as the regulator for cosmetic products, will take appropriate action to ensure the safety of consumers should non-compliance with the Cosmetic Regulations be identified.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 25/04/2023 10:29:10 answering member 4474 label Biography information for Kevin Hollinrake
	tabling member	4124 label Biography information for Chi Onwurah