Primary Stock Exchange Listings

Debate between Lord Tyrie and Lord Livermore

Thursday 10th July 2025 Lords Chamber

[Lord Livermore (Lab)]

I fundamentally agree with the underlying point the noble Lord made about the importance of investing in and having the right environment for life sciences companies in this country; they are incredibly important to us. It is why they are fundamental to our industrial strategy.

In terms of specifics, I am not going to comment on speculation. We want to see high-growth companies start, scale, list and stay in the UK. He is absolutely right; the life sciences sector plan is forthcoming. If he is just a little bit more patient, he will see it very soon. Through that, we will seek to harness the life sciences sector to drive long-term economic growth and build a stronger, prevention-focused NHS.

[Lord Tyrie (Non-Afl)]

I think that most people would agree that there is a depressing lack of detail from the Minister in response to the important question about the lack of support given, compared with the United States, to high-growth businesses. Perhaps the Minister is not fully briefed on it. Could he come back to the House, if necessary in writing, and give us much greater detail rather than just saying we have to wait for a speech at the Mansion House for an answer?

[Lord Livermore (Lab)]

I cannot say what the Chancellor is going to say at her Mansion House speech now, otherwise there would not be much point in her giving her Mansion House speech then. She will publish a 10-year strategy for financial services at that point, and I am sure the noble Lord will enjoy reading it.

Capital Investment and Share Ownership

Debate between Lord Tyrie and Lord Livermore

Thursday 13th March 2025 Lords Chamber

[Lord Livermore (Lab)]

The noble Lord is absolutely right in much of what he says. The private finance initiative was a specific public/private partnership model that was developed 20 years ago. The Government are actively managing the legacy PFI portfolio and learning lessons from that. The Infrastructure and Projects Authority believes that there is an opportunity for the public and private sectors to reset relationships, improve performance and deliver high-quality public facilities and services. Of course, lessons have been learned from the past. On 24 March the National Audit Office will publish a report called:

“Lessons learned: Private finance for infrastructure”.

[Lord Tyrie (Non-Afl)]

The PFI has been a very mixed bag, but parts of it have been highly successful. Unfortunately, the Treasury’s approach to negotiating run-off in PFI has led a large number of top-flight managers in these good PFI projects to leave the industry altogether and seek work elsewhere. What steps are the Government taking to make sure that there is no further attrition?

[Lord Livermore (Lab)]

As the noble Lord says, many of the private finance initiative contracts are coming to an end within the next decade. It is important to prepare early for a seamless transition to the public sector to protect taxpayers’ money. The Infrastructure and Projects Authority is responsible on the Treasury’s behalf, providing oversight and support to the portfolio of operational PFIs. It carries out regular health checks and, to date, around 215 expiry health checks have already taken place.

Economic Productivity

Debate between Lord Tyrie and Lord Livermore

Thursday 5th December 2024 Lords Chamber

[Lord Livermore (Lab)]

That is a very good question, which I am not sure I know the answer to. Obviously, the Department for Business and Trade has an ongoing programme of dialogue with small businesses, as the noble Baroness said, in terms of communication, and it will continue to do that. The recent Mansion House reforms outlined by the Chancellor will, I hope, address the noble Baroness’s points.

[Lord Tyrie (Non-Afl)]

Do the Government accept that the fall in business confidence since the Budget will have a depressing effect on the investment needed to secure productivity gains?

[Lord Livermore (Lab)]

Well, I hope that the recent international investment summit, which saw £64 billion of investment come into the UK, suggests otherwise. The Office for Budget Responsibility, the Bank of England and the OECD have all upgraded their forecasts for the growth of the UK economy over the next three years; that is a very encouraging sign.

United Kingdom Declining Birth Rate

Debate between Lord Tyrie and Lord Livermore

Wednesday 6th November 2024 Lords Chamber

[Lord Livermore (Lab)]

I am grateful to the noble Baroness for her question. I agree with much of the sentiment that sits behind it. The Government recognise and value the contribution that legal migration makes to our country. We will continue to strike a balance between ensuring that we have access to the skills that we need while encouraging businesses to invest in the domestic workforce.

[Lord Tyrie (Non-Afl)]

Further to that question, what conclusions do the Government draw from the substantial evidence now that immigration at the margin increases the tax yield by more than it increases public expenditure?

[Lord Livermore (Lab)]

It is a very important point and one that we should retain as we make policy.