Lord Taverne
Main Page: Lord Taverne (Liberal Democrat - Life peer)
Lord Popat
My Lords, the party opposite is quite often desperate to find worrying economic news. I will talk about productivity: our growth is up, exports are up, manufacturing is up, employment is up, SMEs are up and inward investment is up. Productivity is an area that has remained static. From experience, noble Lords will know that this is a long-term project; it takes time to filter through our economic cycle, to see more productivity.
Lord Taverne (LD)
My Lords, one of the most important factors in the improvement of our productivity lies in our strong record in scientific research and development. Does the Minister agree, as most of the vice-chancellors of our universities have made clear, that the greatest threat to our research and development in science would lie in our exit from the European Union?
Lord Popat
My Lords, let me cover the European Union. We need the European Union for trade and the European Union needs us so exit is not an option. What is important is that we negotiate reforms within the European Union to make it more practical in terms of business and productivity. The noble Lord is quite right. One of the areas in which we invest heavily to increase productivity is research and development. It is important that we continue doing that.