Indeed, Madam Deputy Speaker. In that case, I will abbreviate my concluding remarks to address a specific point that was raised about Scotland, on which I owe the House an answer.
I am pleased that we were able to reach agreement with the Scottish Government to extend the Bill to Scotland. Amendments to that effect were moved in Committee by my hon. Friend the Member for South East Cornwall, supported by the Committee. This was a very technical change that took some time to sort out, but we got there. As with other British companies, Scottish companies are well placed to take advantage of the opportunities presented by the development of deep sea mining. Many of them have been active in the North sea and can therefore adapt their expertise and the technologies they have developed into the new and exciting world of deep sea mining.
We have enjoyed—at least, I have enjoyed—an informed and productive debate that has demonstrated a real understanding of the economic and strategic importance of this Bill for the United Kingdom, balanced with the need to ensure safeguards for the environment. One of the important issues we have rightly discussed is the environment of the deep sea and the potential impact of mining on the species living on the sea bed. All of us—Governments, parliamentarians and private companies alike—must be conscious of our shared responsibility for the stewardship of the deep sea bed.
I hope I have answered the majority of points raised. My right hon. Friend the Prime Minister has shown how this issue is an example of the UK leading the way—both in legislation for the awarding of licences and in the support we will give—in an exciting new industry. The industry is expected to be worth up to £40 billion to the British economy over the next 30 years. The United Kingdom is open for business, competing in the global race.
This Bill has been improved by amendments and has been met with general approval from Members throughout the House. I am confident that when future generations look back at what we have done, they will see that we have done everything we can to strike the right balance between protecting the environment and exploiting this valuable resource in support of our country’s prosperity.
I thank all those who have taken an interest in and contributed to the excellent discussions as the Bill has progressed. In particular, I reiterate my warmest congratulations to my hon. Friend the Member for South East Cornwall on introducing the Bill. I hope the House will join me in supporting the Bill’s Third Reading and wishing it a speedy and successful passage through the other place.
12.21 pm