Local Enterprise Partnerships

Debate between Lord McFall of Alcluith and Baroness Neville-Rolfe

Wednesday 11th February 2015 Lords Chamber

[Baroness Neville-Rolfe]

I thank my noble friend for drawing attention to all this and look forward to hearing fuller details. I do not think that any of us is condemning LEPs. There are always good and bad things about such organisations. My own view is that they are making a great drive forward in helping local people choose the projects we should support with government funding and matching funding from business and others.

[Lord McFall of Alcluith (Lab)]

My Lords, in the debate on the constitution will the Minister keep in mind the distinction between decentralisation and devolution? Decentralisation is superior to devolution in terms of local enterprise companies. I give the Minister an example. The SNP Government in Scotland abolished the local enterprise zone in my area, but not before I established a public-private partnership in 1998. Sixteen years later, 2,000 jobs have been created with gross value added to the local community of more than £500 million. The public investment in that is one-1,000th, at £500,000. Will the Minister bear in mind that we have no hope of rebalancing the economy if we do not keep in mind the merits of decentralisation and local involvement?

[Baroness Neville-Rolfe]

My Lords, I very much agree about the power of localism and partnership, which that example demonstrates.

Companies Act 2006: Nominee Operators

Debate between Lord McFall of Alcluith and Baroness Neville-Rolfe

Tuesday 13th January 2015 Lords Chamber

[Baroness Neville-Rolfe]

My Lords, the FRC corporate governance code already makes it clear that the board as a whole, which obviously includes the non-executive directors, has a responsibility to ensure satisfactory dialogue with shareholders. We believe that many companies and investors are already holding meetings of the kind that the noble Lord suggests, and we have encouraged such strategy discussions outside the formality of the AGM.

[Lord McFall of Alcluith (Lab)]

My Lords, the financial crisis illustrated that shareholder engagement was a sham. Is there not a case for the Government taking immediate action, forgetting about having any consultation on this and ensuring that the noble Lord’s reasonable request—that private shareholders receive these free accounts—can be done with a loud and clear message from the Chancellor of the Exchequer?

[Baroness Neville-Rolfe]

My Lords, I was very pleased to see the extension of ISAs to AIM. I am delighted that these questions have been asked today so that we are debating the issue. I am sure that noble Lords will be pleased to hear that we are looking into exactly what is needed with a view to taking action.