It is a great pleasure to follow my hon. Friends the Members for Shipley (Philip Davies) and for Bury North (Mr Nuttall), who have been, for a Friday, most amazingly reticent and brief in their remarks. I am worried that this Bill may not therefore get the scrutiny that it deserves, given that people who normally go into every detail have skated over some of the more important points—perhaps that will come at a later stage, however.
The great thing that we should bear in mind as a nation is that our companies and our businesses should never be disadvantaged against foreign businesses and foreign companies. Any regime we have of licensing and of regulation should be as light-touch as possible, particularly when this enormous and exciting resource
is available for us. We have heard of the metals that there may be—of molybdenum, of rare earth metals. It occurs to me that at the depths of the ocean there may even be gold, and it might be possible for us, through the ingenuity of British companies, to go down fathom after fathom to explore and find the gold that could be used to replace that which was sold by a former Chancellor of the Exchequer at an extraordinarily low price and against the advice of the Father of the House, my right hon. Friend the Member for Louth and Horncastle (Sir Peter Tapsell), who thought it was very unwise to sell that gold at a rock-bottom price. That is what it is really about: exploring these resources that could add to the wealth not only of the nation but of the globe at large. As we have seen the emergence of the new economies—of China, India, Brazil and Russia—so we have seen demand for resources grow extraordinarily. The demand has been for steel, obviously, and all that goes into manufacturing it: the components and the other metals that make steel of a particular strength to ensure that the skyscrapers that have gone up across Asia can be built safely.
As demand increases we will find that the traditional sources of metals and minerals can be exhausted. We will then find that economic growth across the globe slows down because the prices of commodities will rise. As you know, Mr Speaker, the laws of supply and demand would come into effect and if the supply is limited in relation to the demand, the price rises. If the price rises, the burden of higher prices will ultimately fall on the consumer and standards of living in the country at large and, indeed, in the world at large would be reduced. There could be an exciting resource in the depths of the ocean in an area where mankind has hardly dared go before—there have been limited efforts, and cables have been laid, but we have otherwise been able to do very little in terms of exploration. If we find on the base of the ocean little things the size of golf balls, or possibly even cricket balls, that could add to our wealth, that would be exciting, but we want British companies to be at the forefront. We do not want to allow the Americans, who are not following this regulatory path, to get ahead of us as they have on other occasions.
I hope that the Minister will focus on international law. I am always very suspicious of internationalism. I think that the nation state is the right way of dealing with problems. It is the right way of legislating, of representing a democratic mandate and of ensuring a fair and better economic outlook for the country. If there are international agreements to which major countries are not signed up, in what position are those countries and their companies left? International law is only enforceable by the acceptance of the people on whom it is enforced. There is no equivalent to this Parliament that can pass a law for the whole world nor is there a court that can lead a judgment against a country that refuses to accept what international law proposes.
Indeed, we discussed how, by the 17th century, the oceans were viewed as owned by everybody and as free, but we did not go on to develop how that freedom was protected. It was protected by the might of one great nation and one great navy, the Royal Navy, which went across the world ensuring the freedom of the seas. Although the argument was that the seas were global, they were global by the fiat of the British empire, which enforced internationalism and the security and safety of
those travelling on the high seas. Indeed, it was a deliberate change of British policy. In the reign of Elizabeth I, letters of marque were issued to allow piracy on the high seas as a means of getting at the Spanish wealth. We changed our policy to internationalise and that is the situation that we are now in, but sadly our Navy is not what it was.
Do we have the hundreds of capital ships that we used to have? Do we have the dreadnoughts that we used to have ready to save the high seas from dangers? No, we do not. So, we must think about who will enforce the freedom of the seas. Which great navy is left today that can patrol those open spaces? The US navy, of course. Which state is not a party to the agreements that will regulate mining at the depth of the ocean? The United States, of course. So we must consider who will act against an American company that has not come along dutifully to get a licence from the Secretary of State and applied to an international body for confirmation of that licence. What if an American company goes out? Who will say no? Perhaps the Russian navy might go out, but I doubt it. The British Navy would certainly be unwise to take on the United States in such circumstances. We must consider what we are imposing on our companies and our fellow subjects that is not necessarily being applied internationally.