UK Entrepreneurs
Debate between Lord Leong and Lord Clarke of Nottingham(2 weeks, 5 days ago)
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Lord Leong (Lab)
Well, the noble Lord asked a pretty long question so I am trying to respond to him. The Government’s new modern industrial strategy— Invest 2035—for high-growth areas such as advanced manufacturing, AI, creative industries, life sciences and others, will drive our growth mission. The Government will publish a small business strategy next year, which will include further measures to encourage greater entrepreneurship and provide a strong business environment.
Lord Clarke of Nottingham (Con)
Does the Minister agree that the best way to attract investment to this country is for the Government to demonstrate some economic competence and fiscal discipline? Will he therefore agree that the Government should stop promising that in no circumstances will they ever raise the basic taxes of this country, which provide most of our revenue, and will stop piling on additional debt, which it is their duty to begin to get under control? If we continue to simply freeze our tax revenues and pile on more debt, very few people will find this a very attractive country to come to.
Lord Leong (Lab)
My Lords, most of the 95% of UK businesses, which employ something like 16 million people, will not be affected by any of the tax rises. I do not wish to remind noble Lords of the black hole we inherited, but we had to make difficult decisions to restore economic stability and fund our public services. We are doing the hard job early and fixing the foundations in one. After all the chopping, changing and chaos of the last few years, we now have a stable, pro-business, pro-worker Labour Government, offering certainty, consistency and confidence. That is what investors, businesses and entrepreneurs want.