Industrial Strategy Consultation

Lord Cormack Excerpts

Monday 23rd January 2017 Lords Chamber

[Lord Prior of Brampton]

I cannot answer that directly now, but if I can, I will consider it and write to the noble Lord. However, the total commitments for rail infrastructure investment—I cannot tell him exactly which part of the country relates to—is £88 billion, for example, so we are looking at a massive infrastructure investment in rail. I hope that I do not have the decimal point wrong on that figure but, if I have, I will write to him. We are looking at a massive investment in physical and digital infrastructure. The critical thing is that we use that purchasing power to direct it towards great British companies which are investing in quality and in their workforce.

[Lord Cormack (Con)]

My Lords, does my noble friend agree that any industrial strategy that is to be successful must not neglect the rural economy—farming, horticulture, and the service industries? Would it therefore not be deeply unfortunate if, during the next six months, as we develop our strategy, we inadvertently undermine many of our rural industries by the swingeing increase in business rates that threatens them? Will my noble friend please bear that carefully in mind?

[Lord Prior of Brampton]

We will certainly bear that in mind. Clearly, the rates of tax, whether that is corporation tax, business rates or any other costs to business, are critically important. I take on board his comments about the importance of the rural economy.