Vice-President of the European Commission

Lord Sarfraz Excerpts

Thursday 29th April 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, I am always happy to meet Members of this House on EU exit and the practical issues that have emerged from it. On the broader point that the noble Baroness makes, the latest statistics published by the Office for National Statistics and HMRC show that trade in goods is close to previous levels and that companies are exporting successfully. There of course remain difficulties, which we are doing our very best to try to resolve.

[Lord Sarfraz (Con)]

My Lords, today, the European Commission held a press conference on what better regulation might look like, delivered by Mr Šefčovič. It just so happens that, also today, the City of London published its findings on the digital sandbox, an example of real-life better regulation in action. Does my noble friend the Minister agree that, post Brexit, the City of London will retain and enhance its position as one of the most competitive and innovative financial centres in the world?

[Lord Frost (Con)]

My Lords, I very much agree with my noble friend. One of the huge benefits of Brexit is that we can set regulations and rules for ourselves, for our own conditions and our own needs, rather than having to join a lowest common denominator that has been set for a wider group. We are committed to making the UK the most open and dynamic financial centre in the world, and we have every confidence that the City will prosper with our support in this new post-Brexit environment, with world-class regulation and a huge depth of expertise and entrepreneurialism.

Budget Statement

Lord Sarfraz Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Sarfraz (Con)]

My Lords, I join in congratulating the maiden speakers today. I refer noble Lords to my entry in the register.

Despite very difficult circumstances, this might actually be one of the most start-up friendly Budgets in years. The challenge and opportunity are in last-mile delivery. I will explain what I mean by that. Take, for example, the future fund for breakthrough technologies, which is very welcome and should result in many multiples of private sector co-investment but will depend on lead investors. Those lead investors will need to be encouraged to market directly to diverse founders, particularly female founders, those from ethnic minorities and those outside traditional investment geographies.

The recovery loan scheme will be distributed through banks. Those banks will also need to be encouraged to extend credit to pre-revenue businesses with little to no collateral and other existing layers of debt. Even with encouragement, this type of risk might lie outside most bank managers’ skill set and comfort zone. The same could be said about the mortgage guarantee scheme, which will also be delivered through commercial banks.

It is in last-mile delivery where we need to reduce friction and improve experiences. I hope that we can learn from the challenger bank playbook and improve design at the point of sale, where our policy interventions are ultimately consumed.

There are also several refreshing ideas around R&D tax relief, pension fund asset allocations, the EMI scheme and the crypto assets consultation, all of which could greatly benefit entrepreneurs in the United Kingdom. I congratulate the Government on delivering a Budget that gives entrepreneurs hope and optimism after such a difficult year.

Space Industry

Lord Sarfraz Excerpts

Thursday 4th March 2021 Grand Committee

[Lord Sarfraz (Con) [V]]

My Lords, I too congratulate all the maiden speakers today and declare an interest as set out in the register. The United Kingdom can be the world leader in space technology. There are many spin-off technologies that originated from space research, including ear thermometers, artificial limbs, water purification and even enriched baby food, so this is not about space alone. Last year, we witnessed the SpaceX Crew Dragon transporting NASA astronauts to the international space station. This could never have happened without close co-operation between government and a young company; our success in space depends on that spirit of partnership.

While I congratulate the Government on their significant efforts, we need to think about strengthening our space situation awareness capability, developing financing for constellations and improving insurance for small satellites. Finally, we are currently in the middle of a recruitment drive for the next cohort of British astronauts. This is an opportunity for us to inspire kids in schools across the country by talking about space, letting them hear from British astronauts and helping them develop a love for the stars and the planets.

[The Deputy Chairman of Committees (Baroness Garden of Frognal) (LD)]

I call the noble Lord, Lord Mountevans. We do not seem to have him. I will then go on to—oh, have we got you?