Tourism

Baroness Wheatcroft Excerpts

Thursday 27th January 2011 Lords Chamber

[Baroness Wheatcroft]

My Lords, I rise to make my maiden speech with some nervousness, particularly after hearing the eloquence of another newcomer, the noble Lord, Lord Wigley, but that nervousness would be much worse had it not been for the extraordinarily generous welcome I have received from all sides of this House. Having been introduced almost three weeks ago, many noble Lords have been at pains and pained to say that it is not always like this here. Nevertheless, the warm reception for this one of very many newcomers has been hugely appreciated. I am delighted and honoured to be among you. I will always be grateful to my noble friends Lord Moynihan and Lord Oakeshott of Seagrove Bay, two genuine friends of very long standing, who introduced me in keeping with the coalition spirit. I add my tribute to the tolerance, good humour and unstinting helpfulness of the staff here. As we debate the importance of the tourism industry, I reflect on how some corners of that industry might benefit from emulating the behaviour of those who look after us here. It would be wonderful work experience for anyone contemplating going into tourism.

I am grateful to my noble friend Lord Younger of Leckie for initiating this important debate. My experience of working in the hospitality industry is limited to student spells behind a bar. Most of my career has been in journalism. It started when I replied to an advertisement in a daily newspaper, which stated: “Backdoor to Fleet Street”. It was so far back that it was in Woolwich, but it fulfilled its promise and enabled me to build a long and highly enjoyable career in national newspapers, where I concentrated on business and finance. I spent nine years as business editor of the Times and left there to edit the Sunday Telegraph. I take this opportunity to apologise humbly to any of your Lordships to whom in that capacity I might have caused any offence. It was never personal. Most recently, I was editor in chief of the Wall Street Journal Europe, but before joining that paper I took the opportunity to see business from the inside and joined the boards of a property company and a bank, Barclays. As noble Lords will know, journalists vie only with MPs for rank in the public’s estimation. My husband hoped that my standing might improve when I ventured into business, but unfortunately becoming a bank director did not provide that uplift. He is delighted with my new role and, in a brief Oscar moment, I thank him and our family for their support.

Over the years, I have chronicled the successes and failures of businesses and economic policies. I do not underestimate the difficulties of getting either right. However, as the UK seeks to regenerate its economy, I have no doubt that tourism has a vital role to play. This country has unique attractions. They draw visitors from around the globe, as we have heard, but they could, and should, draw more. I declare an interest here as I am lucky enough to be a trustee of the British Museum and the Royal Albert Hall, two very special—indeed, unique—institutions that both play almost to capacity, and on their behalf I join my noble friend Lord Lee in pleading for more help in encouraging philanthropy in this country.

If our tourism industry is to thrive, we need to nurture it. Noble Lords might not be surprised to hear that I believe that this is predominantly a job for the private sector and not for government. I fear that tourism, like so much of British business, might suffer from the short-termism that afflicts private sector investment today.

Tourism in this country is served by many small, striving businesses. Although it already accounts, as we have heard, for 8 per cent of total employment in the country, it has the scope to generate many more much needed new jobs. The development of a Disneyland, an Alton Towers or a major hotel complex requires long-term investment, not just in the physical structure but in seeing it through the planning process, the brand building and the employee training that tourist attractions need if they are to thrive. That is miles away from the short-term horizons that dominate much of today’s investment industry.

Too much of the financial world has moved a long way from the concept of money being invested to build businesses and create jobs. The financial crisis had many causes, but at least some of the blame must lie with investors. Many of them had not the faintest idea of what was going on in the banks that they owned. They were there as traders who watched symbols on a screen, anxious to make a quick buck. They were not interested in the concept of long-term ownership in building a business. That attitude, I am afraid, characterises much of what now masquerades under the label of investment.

We need to rekindle the appetite among investors for backing real businesses, not merely trading in stocks. A first step would be to encourage those whose money is in pension funds and savings plans to take a real interest in the way in which their cash is employed. Building successful businesses with long-term futures in many sectors, including the tourism sector, is in their best interests.

Finally, I echo the plea of my noble friend Lord Younger of Leckie in asking that we consider resetting our clocks. Putting Britain’s clocks on the same time as most of Europe could, so we are told, bolster spending by another £3.5 billion a year. Holidaymakers tend not to be early risers. Delaying dusk by an hour will apparently coax the pounds from their pockets. I trust that this is a topic to which this House will return, because as we strive to rebuild our economy, the potential return from just turning back the clocks looks like a sound investment.