Industrial Strategy

Debate between Lord Watson of Wyre Forest and Lord Evans of Rainow

Thursday 1st February 2024 Lords Chamber

[Lord Watson of Wyre Forest (Lab)]

My Lords, I thank all contributors to today’s debate. I thought it was both interesting and thoughtful and set the terms of future discussions that we will be having in the years ahead in this House. In particular, I thank the noble Lord, Lord Rosenfield, for his considered contribution and welcome him to the House. Like him, I felt very nostalgic when he described working at No. 10. I have very fond memories of working there myself, and I know that his experience in the Treasury and in No. 10 will ensure that his contributions to this House really make a difference.

The nostalgia did not stop there. Is it really over 30 years since I shared a flat with my noble friend Lord McNicol and was so infuriated when I was reading the seminal work of the noble Lord, Lord Willetts, Modern Conservatism, page by page? I am grateful and relieved, of course, that both of their thinking has moved on in the last 30 years, on the basis of their contributions today.

But the nostalgia does not stop even there. It is 40 years since I was appointed as the photocopy kid in the library at Labour Party headquarters, where the general secretary, my noble friend Lord Whitty, as he is now, used to tell me about how he worked for the Ministry of Technology under Harold Wilson—we all know that Harold knew how to back a winner and was very good at industrial strategies.

Then it reminded me that I am just getting on a bit. Indeed, my noble friend Lord Rooker reminded me in his contribution that he was the first MP I ever met, at the age of seven years old, which gives me the right to say to him that, this month, I believe, we will see his 50 years of unbroken service to the Houses of Parliament, both in the Commons and the Lords. It has been a genuine pleasure to see his contributions in both Houses during those years, and I am delighted and honoured that I can say that while wrapping up this debate.

An industrial strategy sets a longer-term higher order of direction for a country to take, perhaps even more than markets can predict, with goals like technological leadership or sustainable development. I was particularly entertained, amused and impressed by the contribution of the noble Lord, Lord Frost. I will just remind him by way of conclusion that the company of his fellow Hayekian anarchist, Elon Musk, the boss of Tesla, had a market capitalisation of $588 billion the last time I checked. He must be very grateful for the $465 million he got as a loan guarantee from the American Government because they had an industrial strategy. Would it not be great if we could have the same in this country?

[Lord Evans of Rainow (Con)]

My Lords, please forgive me: I forgot to mention the excellent speech of the noble Lord, Lord Rosenfield. Coming from Manchester, he is most welcome to the House, and I look forward to working with him and finding out if he is a blue or a red.