European Union (Withdrawal) Bill

Debate between Lord Tunnicliffe and Lord Leigh of Hurley

Committee: 7th sitting (Hansard - continued): House of Lords
Wednesday 14th March 2018 Lords Chamber

[Lord Leigh of Hurley (Con)]

I shall speak briefly to Amendment 183. I am aware of the EIF because of its investment in the UK venture capital industry, in which I serve on a professional basis from time to time. I understand that the Chancellor has committed an extra £2.5 billion to the BBB specifically to make up for the loss of future investment from the EIF into venture capital funds in the UK, which would negate the need for this. There is a problem in that the EIF, from Article 50 being triggered, has announced that it is looking only at funds where two-thirds of the investment will be in the EU and at least 50% in continental Europe. So organisations that contribute enormously to our economy—for example, social impact investment companies such as Bridges, which is 100% investing in UK companies—have, from the moment of Article 50 being triggered, had the decision-making process frozen by the EIF. This has been damaging to them. I suggest—the Minister might care to comment—that the problem is not here and then after we exit the EU but in the transition period. For some unknown reason, the EIF is freezing the money rightfully due to UK investments.

[Lord Tunnicliffe (Lab)]

My Lords, I can at least discuss the EIB with the qualification of someone who nearly borrowed money from it. I commend the comments of the noble Baroness, Lady Randerson, because it was EIB expertise that helped me to persuade the Government to fund the Jubilee line extension. We were then able to have even cheaper money called government grants, so it was all right in the end.

This group of amendments illustrates that in the whole Brexit debate there are unintended consequences that were clearly not thought through at the time of the referendum. We discussed some on Monday, such as haulage, airlines and so on. What we need to hear from the Government tonight is either that they intend to pursue this course and try to produce appropriate associate agreements—or whatever the right term is—with these institutions, or that they will set out how they will provide the money and expertise that make sure that they do not put a serious dent in the already inadequate investment programmes in the United Kingdom.

Businesses and SMEs

Debate between Lord Tunnicliffe and Lord Leigh of Hurley

Thursday 6th July 2017 Lords Chamber

[Lord Leigh of Hurley]

I thank my noble friend the Minister for his all-encompassing response and thank those noble Lords who took the time and trouble to participate in this debate and say some very nice words about a very simple task I undertook—it compares well with the last debate I led on business, which attracted less complimentary comments. I am delighted that we have achieved so much consensus and agreement, although to clarify for the noble Lord, Lord Tunnicliffe, the fact that I criticised the Conservative manifesto did not mean that I agreed with everything in the Labour manifesto—not at all.

[Lord Tunnicliffe]

Has the noble Lord read it?

[Lord Leigh of Hurley]

I have read it—in detail—and I would be very happy to discuss with the noble Lord, Lord Tunnicliffe, some of the concerns I had. I believe that it is vital for this House to listen to the concerns of business and to offer business guidance. Business has felt that it has had a disproportionately low level of interest from this House when compared to many other subjects, and I hope that this debate serves to answer that and that we will have the opportunity to revisit this subject in the near future.