Economic Environment: Growth and Jobs

Baroness Falkner of Margravine Excerpts

Thursday 11th July 2019 Lords Chamber

[Baroness O’Cathain (Con)]

My Lords, I was delighted to see my noble friend Lady Neville-Rolfe’s name on the Order Paper. I knew that I would learn so much from her, as I did for many years when we were both at Tesco—although she was working hard and I was only on the board.

I was looking forward to the debate; I certainly have not been disappointed. Of course, we need to be aware that not everything is as we want it to be; in certain areas of taxation, it takes an awful lot of time to find out the right way to go. I am the daughter of a Revenue commissioner, so I should know something about it; it is probably the worst thing I deal with in business. Above all, we need to pull together on this particularly tricky aspect of our business and political lives.

I fear that we work in a rarefied atmosphere and are very much out of touch with certain groups of people in diverse areas. We tend to think the legislation we produce is flawless. We certainly need to do an awful lot more post-legislative scrutiny, and I hope that will happen in the next few months.

We have had an excellent debate, and the only thing I add to all that has been said is that we need to have much more confidence in ourselves. We are reading awful headlines in every newspaper, even those we think we can rely on—including the Financial Times.

[Baroness Falkner of Margravine (LD)]

Given the House’s keenness to hear the important things that the noble Baroness, Lady O’Cathain, is saying, I wonder whether she might actually address the House. It is very hard to pick up her voice when she is looking backwards.

[Baroness O'Cathain]

I am really very sorry and contrite. The fact is that I tend to face that way; do not forget that there are quite a lot of Members behind me too.

Right, where was I? I was saying that we needed to be confident. I recommend that people really take a grip of the terrific opportunity we have now, with great education and universities, huge investment in R&D and—I hear on Radio 4—apparently new medical developments every week. The people who can help us drive this are those graduating now. There should be some way of garnering together these people—the 18, 19 and 20 year-olds—and saying, “Be here; here is the best place to be. Give us the benefit of your investigations and studies”.

I do not want to say much else. I finish with a saying from Warren Buffett: “When everyone is buying, I am selling”. I am buying Britain at the moment.