Taskforce on Innovation, Growth and Regulatory Reform

Lord Bilimoria Excerpts

Wednesday 17th March 2021 Lords Chamber

[Lord True (Con)]

Again, my noble friend asks me a question which goes well beyond my remit in the Cabinet Office. I note and respect what he says. The Government’s position is that, for some internships, early years in the labour market can help in securing work and gaining experience. However, he raises important issues. As for the task force issue, that is an independent matter for the task force.

[Lord Bilimoria (CB) [V]]

The UK has a hard-won reputation, internationally,

“as a great place to set up and scale a business due to its stable and predictable regulatory environment, competitive product and labour markets and dynamic financial sector”.

Regarding the Taskforce on Innovation, Growth and Regulatory Reform, does the Minister agree that we should beware of opportunism at the expense of a more strategic approach and that regulation must be in the service of building a competitive, dynamic and future-focused economy, including net zero, digital, R&D and innovation, and life sciences, for example? Does he also agree that with the UK’s leadership of the G7 and COP 26, we have a chance to reinforce our commitment to international co-operation on equity standards and burnish our credentials as a leading innovator across international regulatory reforms?

[Lord True (Con)]

I fear I was not able to catch all the matters to which the noble Lord referred. While I do not favour opportunism, I agree that there is great opportunity out there, which flows from the kind of innovation that he describes. Britain certainly intends to be a world leader.