Baroness Kramer
Main Page: Baroness Kramer (Liberal Democrat - Life peer)Department Debates - View all Baroness Kramer's debates with the Home Office
Corporate Liquidations
Baroness Kramer Excerpts(3 days, 15 hours ago)
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Lord Leong (Lab)
My Lords, of course these are disappointing figures, but six months after launching Get Britain Working we are seeing real results, with economic activity at a record high, half a million more people in jobs since we took office and real wages having grown more since July than at any other time in the last decade. It is also worth noting that the latest GDP figures tell a very different story, up 7% in Q1 of this year, showing the UK economy’s resilience and potential. These indicators suggest a labour market that remains robust and responsive, not one that is being held back.
Baroness Kramer (LD)
My Lords, does the Minister agree that what was worrying about the liquidation numbers in 2024 was the increase in compulsory liquidations? That came ahead of the NICs increases, so it is a real red flag. The businesses that I speak to are desperately depending on the industrial strategy to restore their prospects. Can the Minister assure the House that the IS will include a focus on small businesses, including opportunities for government procurement? Will the Government reverse their policy of demanding that SMEs cede ownership of their intellectual property if they enter into even a small government contract?
Lord Leong (Lab)
My Lords, I assure the noble Baroness that we will publish our industrial strategy very soon, and it will definitely cover SMEs. As I mentioned earlier, compulsory liquidation is not something new. Companies go bust. We have seen big companies fail. Failure is a reality of business. Even major firms such as Ted Baker, The Body Shop and Wilko have collapsed. We should be thinking about how to support these corporate failures. We must have a more robust system, whether it is the credit system that needs reforming or even British banks. We must incorporate the American culture. Yes, we have to address failures, but more important is how we get up, dust ourselves down and get on to the business market again.