Budget Statement

Lord Price Excerpts

Wednesday 23rd March 2016 Grand Committee

[Lord Price (Con) (Maiden Speech)]

My Lords, having read a number of previous maiden speeches in preparation for today, I see that there are consistencies in what an honour and a privilege it is to become a Member of this esteemed House. I share all those feelings and am humbled and, frankly, amazed to be in such a historic place and in the company of so many towering figures, such as my noble friend Lady Knight, whom I look forward to listening to later.

I have been made to feel so very welcome. The doorkeepers have greeted my requests for guidance with patience, smiles and even singing. The Clerk of the Parliaments, Black Rod and their teams could not have been more helpful in preparing my introduction, and noble Lords from across the House have been so very generous with their congratulations, time and support. I single out in particular my noble friend Lord Gardiner, my thoughtful and ever-generous mentor, who, with the noble Lord, Lord Curry, supported my introduction on Monday, my noble friends Lady Stowell and Lord Taylor of Holbeach for the warmth of their welcome, and the noble Baroness, Lady Hogg, for a splendid introductory tea.

Which brings me neatly on to the subject of food. My last nine years have been spent running Waitrose and building an impressive waistline. The founder of the John Lewis Partnership, of which Waitrose is part, said that the quality of the staff dining rooms should be so good that anyone leaving should regret it each meal time. I rather hoped that I would shed a few pounds, but I must compliment Mr Hever and his catering team on providing food of such quality that my hopes are dashed.

From my earliest memory, I have been working in business. My father twice owned his own small businesses, in food retail and wholesale. I worked with him before school and in the holidays and was always aware that there was a direct link between his endeavours and our financial position. He preached on a Sunday, and I learned that in the eyes of God we are all equal, that doing the right thing would bring rewards and that you should stop to help those in need. Therefore, although I dabbled with the idea of a career in archaeology or as a pro golfer, it is not entirely a surprise that I have spent my entire business career—33 years—working for the John Lewis Partnership, with some charitable work and public service liberally sprinkled on top.

As your Lordships will know, the John Lewis Partnership is a unique organisation. Its founder, Spedan Lewis, said that the business was wholly and solely created to make the world a little bit happier and a little bit more decent. In fact, the supreme purpose of the partnership is the happiness of its employees, who own the business. If you own something, you care a little more, and from that flows commercial success. But the partners also have a constitutional obligation to uphold the interests of all their stakeholders, their suppliers, customers and communities where they trade—a balanced and harmonious approach built on collective endeavour. Academic evidence has shown that higher levels of employee engagement lead to high productivity, sales, profit and workplace satisfaction. I believe that driving higher levels of engagement in the workforce is a key way to address the UK’s productivity gap.

After years at the John Lewis Partnership, why then move into government? There are common themes: an appreciation for the good that business can do, a sense of social responsibility and a deep understanding of how much can be achieved by collective endeavour. I believe that business is a force for good. Business makes a key contribution to the Exchequer by paying and collecting the majority of total tax receipts. If we are to have the education, welfare and security that we want for our country, business must be encouraged to thrive, as the Chancellor has tried to do. The success of our country and our businesses are inextricably linked. That is why I am so delighted to take on the role of Minister for Trade and Investment.

During my nine years running Waitrose, we built our export business to 58 countries. We sold noodles to the Chinese, rice to India and croque monsieur to the French. I now look forward to playing my part in helping British companies to export more and bring more foreign direct investment into the country to grow jobs and prosperity.