Lord Barnett
Main Page: Lord Barnett (Labour - Life peer)
Lord De Mauley
I agree with my noble friend: each of these is vital and we are taking important steps in these areas of exports, housing and infrastructure. However, our strategy goes further. What we need to do is encourage the private sector through a competitive tax system; make the UK the best place to start, finance and grow a business; encourage investment in infrastructure; and improve the flexibility and skills of our workforce. As my noble friend will be aware, we have put in place a range of measures to achieve each of these.
Lord Barnett
Despite the excellent news that the noble Lord is pleased to give, would he agree that growth at the moment is near zero? Although increases in capital expenditure would be excellent, especially under some kind of loan guarantee scheme that was announced outside the House this morning, can he tell us more about that loan guarantee scheme? How will it work in practice? Will the Government be guaranteeing 100% of project?
Lord De Mauley
I cannot give the noble Lord the details that he asks for here because it would take too long, but I will write to him.