Audit, Reporting and Governance Authority
Debate between Baroness Neville-Rolfe and Lord Leong(2 weeks, 3 days ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Leong (Lab)
I thank my noble friend for that question and for all the work he has done in the actuarial sector itself. Let us not get ahead of ourselves. The Government are committed to publishing a draft Bill in this Session of Parliament. Until such time, it is important that we do not pre-empt the contents of the Bill.
Baroness Neville-Rolfe (Con)
My Lords, the Chancellor has written to other regulators encouraging them to look at ways to help the economy to grow and be more competitive. What are the plans in this area for encouraging growth and competitiveness?
Lord Leong (Lab)
The noble Baroness makes a very good point. It is important that, whichever regulator we have, it is effective. Currently, the regulator has some weaknesses in its powers; the new regulator will, I hope, address those weaknesses. It is important that, when anyone looks at the accounts, investors have confidence to make investment decisions. That will drive business and growth.
UK Entrepreneurs
Debate between Baroness Neville-Rolfe and Lord Leong(4 months, 1 week ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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?