Businesses: Start-ups

Lord Campbell-Savours Excerpts

Monday 20th November 2017 Lords Chamber

[Lord Henley]

I am grateful to my noble friend for quoting all the figures that I would have wanted to put before the House, and I thoroughly endorse his doing so. I am also grateful to him for bringing the attention of the House to Rishi Sunak’s report, A New Era for Retail Bonds, which I am aware of. He would not expect me to comment on it in detail at this stage, but it is certainly interesting and the Government will certainly want to have a look at it.

[Lord Campbell-Savours (Lab)]

My Lords, is not reference to 660,000 start-up companies and this entrepreneurial revolution peddling a myth when a large chunk of that number is made up of personal service companies, the objective of which is to save tax and save on national insurance contributions? Why peddle these myths?

[Lord Henley]

The noble Lord is overcynical. It is quite obvious from all the figures we have, whether we take them from Companies House or wherever, that a large number of new companies are coming into existence. My noble friend quoted the other figures, which show just how well they are doing, and how well compared to other countries throughout Europe. The noble Lord should welcome that and be grateful that entrepreneurship flourishes in this country because the Government create the right environment for it.