Industrial Strategy

Debate between Lord Cormack and Baroness Mobarik

Wednesday 26th October 2016 Lords Chamber

[Baroness Mobarik]

I assure the noble Lord that the Prime Minister has made it clear that this new industrial strategy will work for everyone. We are looking at exactly those kinds of issues, such as increasing the scrutiny of our large public and private companies and enabling more informed corporate decision-making. We need to give employees and stakeholders a stronger voice in company boardrooms and we will consult fully with business investors, employee representatives and other stakeholders on the best way to do this. We will welcome your Lordships’ input.

[Lord Cormack (Con)]

My Lords, I warmly congratulate my noble friend on her appearance on the Front Bench. It is the second time she has taken a Question and nobody was able to thank or congratulate her last time. Will she discuss with her ministerial colleagues the substance of this Question and say that, while we appreciate the general statements, we look for some detail soon?

[Baroness Mobarik]

I say to my noble friend that something like this cannot be done overnight. The Prime Minister is absolutely determined to get this right. She wants to lay out a proper industrial strategy, engaging with stakeholders across the country and making sure that we deliver a strategy that makes a difference, and that takes time. We have already started the process and we will develop it over the coming weeks and months. We plan to publish a Green Paper alongside the Autumn Statement which will consult widely with business, local leaders, investors and so on. As I said before, I encourage noble Lords to engage with this Green Paper.