Local Enterprise Partnerships: Funding

Debate between Baroness Penn and Lord Razzall

Monday 11th December 2023 Lords Chamber

[Baroness Penn (Con)]

Yes. I also disagree with the noble Lord’s assessment of RDAs. I would be interested to know, if they were such a successful way of delivering local growth, whether they would be re-established under future Labour plans. The Government are focused on empowering local leaders over geographies that make sense in local areas to deliver local economic growth. We are working to integrate the roles of local enterprise partnerships into local areas so that we have the best of both worlds, with local democratic accountability and strong business voices to drive economic growth.

[Lord Razzall (LD)]

My Lords, I well understand the arguments that the Minister made regarding the shifting of LEP funding. To return to the Question, which the questioner rather strayed away from and which is whether the Government are satisfied about the impact on local economic development, is the Minister satisfied that the existing schemes, which are often successful, will not be damaged? I am thinking particularly of the very successful work done by a number of combined LEPs on digital poverty and exclusion.

[Baroness Penn (Con)]

I assure the noble Lord that the Government are confident that, in integrating the work done by LEPs into local authority or combined authority areas, we will not lose the benefits of the great work done by LEPs since their establishment. The aim is to integrate that with local democratic accountability. It is part of our broader agenda on devolution and we will continue to see some of that great work delivered over similar areas to now.

Theatre Tax Relief

Debate between Baroness Penn and Lord Razzall

Thursday 9th March 2023 Lords Chamber

[Baroness Penn (Con)]

The noble Baroness is right that we should think about our international competitiveness. Tax reliefs for the cultural sector are not actually that common, but she has identified one in New York. We have looked at our scheme against that and, overall, our scheme is more generous than the New York one. We are confident that it provides great support for our theatres, not just within the UK but as international competitors as well.

[Lord Razzall (LD)]

My Lords, given that the Minister has mentioned it, may I extend the Question to cover the Government’s attempt to modify HETV tax relief for all audio-visual productions? I appreciate that this is out for consultation, but does she agree that it would be a mistake to increase the minimum expenditure threshold for HETV relief to above the current £1 million per hour, as to do so would threaten the production of many low-budget domestic British dramas, comedies and documentaries? Does she acknowledge that, on this basis, even “Happy Valley” might never have been made? Will she either confirm that the Government have no intention of making this change or, if they are proposing to do so, agree to have an impact assessment before the decision is made?

[Baroness Penn (Con)]

My Lords, as the noble Lord has noted, that proposal is out for consultation. As part of a package of reforms, we are looking at reviewing the £1 million per hour minimum expenditure threshold and considering whether it should be increased to reflect current production costs. However, I assure the noble Lord that, in considering these different reforms, the Government remain committed to ensuring that the final package of reforms best serves the need of our audio-visual industry.

Stock Markets

Debate between Baroness Penn and Lord Razzall

Thursday 17th November 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I do not accept the premise of the noble Lord’s question, which he may be unsurprised to hear. In fact, in 2021, over 120 companies chose to list in London, the highest number since 2014 and ahead of its European competitors. These listings raised a total of £17 billion, the most raised in 15 years.

[Lord Razzall (LD)]

My Lords, I am sure that the noble Baroness must accept that in 2015 the value of the London Stock Exchange was twice that of the French stock exchange, and today it is lower. Will she also accept that there could be a number of reasons for this? First, it could be, as the Governor of the Bank of England said this week, that the markets have lost confidence across the board in the UK economy. Secondly, could it be because of the damage to the economy that the previous Prime Minister did in her 44 days? Thirdly, could this be—whatever the noble Lord, Lord Lilley, might think—a result of Brexit, as the Times said today? Or does she agree that it is all three?