Lord Leong (Lab)
My Lords, I thank the noble Lord for his question. The Government are committed to attracting investment. That was illustrated in our recent International Investment Summit, where £65 billion was pledged in this country, showing confidence in the Government. I remind noble Lords that in the past few years, FTSE 100 companies have been sitting on a gross cash pile of close to £160 billion, with pre-tax profits ranging from £500,000 to around £2 billion. Shareholders’ dividends have been rising three times faster than wages. We should pay staff well and pay suppliers on time. If more money is spent, companies will make bigger profits—it is a win-win situation.
Baroness Neville-Rolfe (Con)
I have listened to the Minister. Does he acknowledge that the measures announced in the Budget, such as the increase in capital gains tax, make the UK look like a less attractive place for entrepreneurship?