Industrial Strategy
Lord Mountevans Excerpts(2 months, 3 weeks ago)
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Lord Mountevans (CB)
My Lords, I thank the noble Lord, Lord Watson, and congratulate the noble Lord, Lord Rosenfield, on his excellent maiden speech.
I spoke in the debate on the Government’s industrial strategy White Paper in 2018. Sadly, the scope of the plan laid out then was not followed through. Since then, the Government have brought forward amended but less detailed strategies, in 2021 and 2023. There has been a lack of co-ordination and consistency in UK industrial policy. In my view, it would be immensely helpful to business if we could have a more comprehensive strategy—that is, a framework offering consistency. The strategy should set out a long-term vision for growth, skills and productivity, as well as increased competitiveness—and of course, innovation today is critical. Importantly, a long-term growth strategy needs to give investors confidence to make long-term decisions.
Noting priority sectors such as the life sciences, advanced manufacturing, the creative industries, digital and green is essential, but can we please not overlook the wider economy? Governments tend to be overly attracted to the obviously 21st-century sectors and do not pay enough attention to less eye-catching but vital sectors, for example financial and professional services and transport. The financial and professional services sector is one of the UK’s competitive strengths, supporting 2.5 million jobs and contributing £100 billion in taxes each year. London was recently ranked number one for the fourth successive year among leading international financial centres. A recent City and practitioner report recommended that a goal should be to anchor the UK as a leader in sustainable finance. It also called for a long-term strategy for a competitive financial and professional services sector to build support for
“the growth of potential areas of competitive advantage such as sustainable finance, and emerging technologies”.
UK-based financial and professional services play a critical role in the domestic and global green finance ecosystem. London ranked first in the latest Global Green Finance Index, published last October. Time does not permit me to comment on transport, but it is an obvious case for greening and the march to net zero. Look how the sector delivered during the pandemic and, indeed, at all times—although perhaps I should leave railways out of that.
Moving to my close, I would personally warn against too prescriptive an approach in the strategy. A lighter touch seems appropriate. Being practical has always been a core UK strength. In my view, there is a need for any party hoping to win the next election to get cracking on industrial strategy. Suggestions of a royal commission risk taking too long.
Finally, it is essential to simplify and speed up the planning process while protecting our precious countryside: brownfield sites, please, wherever possible.
Space Industry
Lord Mountevans Excerpts(3 years, 1 month ago)
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Lord Mountevans (CB) [V]
My apologies. The essential satellite services that maritime operators, the Royal Navy and indeed all of us rely on are at risk from growing congestion, debris and threats from irresponsible or hostile actors in space. There is no international rules- based order as such in space—indeed, no organisation to oversee properly the development of such an order. The International Maritime Organization, based here in London, has performed a wonderful role in establishing rules for maritime. Is it not time that we had an international space organisation to promote a safe and sustainable space, perhaps also run by the UN and based here in the UK?
EU-UK Trade and Cooperation Agreement
Lord Mountevans Excerpts(3 years, 3 months ago)
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Lord Mountevans (CB) [V]
My Lords, of course, I too am relieved that we have a deal, but, building on points raised by other noble Lords, including the noble Lord, Lord King, and the noble Baroness, Lady Bottomley, I believe that it behoves us now to move the focus to what must be done by government, business and society to secure a successful future following this agreement. It is just us now. We have to address the opportunities and challenges with energy and urgency if we are to succeed. We have to and we will.
First, I have great faith in the City of London’s ability to invent and innovate, but any damage to the financial services sector is damaging indeed, so I want to add my support to the stress being laid on the importance of reaching an agreement with the EU on equivalence and on the mutual recognition of professional qualifications.
Secondly, SMEs are the lifeblood of the economy and where we look for growth. Germany pays 50% of international trade show expenses for its SMEs. Singapore also has a scheme. A similar arrangement here would have a profound effect on encouraging small and medium-sized businesses to export and on getting them launched internationally.
Thirdly, we must redouble our efforts to ensure that the UK remains a great place to do business, and, in parallel, we need to hone the promotion of our offer internationally. We have some excellent products and services, but we urgently need to sharpen our sales and marketing skills now.
Related to this, and it is frequently heard in this House, there is an urgent need to upgrade and increase the teaching of foreign languages in our schools and universities. I invite the Minister to consider these points.