North of England: Investment

Lord Holmes of Richmond Excerpts

Tuesday 23rd February 2021 Lords Chamber

[Lord Greenhalgh (Con)]

I am not exactly in the right department when it comes to individual transport projects, but there is a huge commitment to increasing investment in transport infrastructure. The organisation Transport for the North has received funding to develop the strategy so that we can get the right investment into the north.

[Lord Holmes of Richmond (Con)]

My Lords, I declare my interests as set out in the register. The big bang of the 1980s was driven by the right regulatory framework and the technologies of the time. Fast forward 35 years and we have a leading position in many of the technologies of our time—AI, distributed ledger technology, cyber and fintech. Does my noble friend agree that if we deploy those technologies, not least in proposed fintech clusters in the north and other regions, it will have a profoundly positive impact on jobs and skills and—if combined with the right regulatory framework rooted in consistency, clarity, competitiveness and innovation—it will truly transform our nation?

[Lord Greenhalgh (Con)]

My noble friend is right that we need to look at the emerging economy and encouraging fintech clusters so that we get more high-skilled jobs located in the north. That is why the Chancellor’s decision to locate the national infrastructure bank in the north is also helpful in this regard.