Regulatory Approval for New Products and Services

Debate between Lord Johnson of Lainston and Lord Lamont of Lerwick

Monday 22nd January 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I am grateful for that comment; of course, I would contact the Treasury about it, since that is its specific focus. I totally agree that we need to have trust in financial markets for them to function properly. That also entails significant responsibilities towards the consumer.

[Lord Lamont of Lerwick (Con)]

My Lords, what my noble friend the Minister has said is extremely encouraging and very much to be welcomed, particularly on the strong track record on investment into this country and small tech start-ups. However, I draw his attention to large tech companies, where the picture is slightly more mixed. Is he aware that the London Stock Exchange and the FTSE 100 are having great difficulty in attracting internationally mobile big tech companies for listing and, indeed, have recently lost a number of listings to New York? Is this not something that the Government ought urgently to have a look at?

[Lord Johnson of Lainston (Con)]

It is always intimidating for a junior Minister to receive questions from someone as significant as my noble friend. He is absolutely right: over the past year, the Government have been working extremely hard, through the Edinburgh reforms and the Mansion House compact, to ensure that domestic pension fund money flows back into the markets. My noble friend is also completely right that we need to look extremely closely at how the LSE functions in order to attract the new type of modern company that lists in a different way. Work is ongoing at the moment; it is a complete priority. On venture capital and private equity, I am glad to say that, at the new start-up level, the funding is doing extremely well. We are having a very strong year—perhaps one of the best years we have ever had—in those new start-up and investment areas in this country. We should celebrate that. We are too down on ourselves; it is time that we start rejoicing in our position as one of the key venture capital hubs not just in Europe but in the whole world.

UK Car Production Since 2016

Debate between Lord Johnson of Lainston and Lord Lamont of Lerwick

Tuesday 14th March 2023 Lords Chamber

[Lord Johnson of Lainston (Con)]

I am grateful, as always, for the prompting on the importance of achieving net zero and sustainability over the next so many years. I draw this House’s attention to the broadness of our attempts to build a sustainable automotive sector in this country, with Johnson Matthey announcing in July an £80 million hydrogen gigafactory at its existing site in Royston. So this is not simply about EVs; it is important that we want to have a diversified strategy to ensure that we are sustainable for the future. That requires effort, finance and the businesses themselves to be successful, and we are supporting all those three.

[Lord Lamont of Lerwick (Con)]

My Lords, is the European-wide nature of the problems facing the car industry not illustrated by the fact that Germany in 2021 produced fewer car passenger vehicles than it did 30 years ago? The German Ministry for Economic Affairs has prophesised that there will be loss of 100,000 jobs in the car industry because of the transition. Has my noble friend the Minister noted the intention announced by both the German and Italian industry Ministers that they may veto the previous decision of the EU to phase out CO₂-emitting cars by 2035? If that were to happen, what would the impact be on Britain, with its different target?

[Lord Johnson of Lainston (Con)]

I appreciate my noble friend’s point on this subject. We are committed to our targets, and it is absolutely right to achieve net zero by the date we have set. I am glad that he mentioned the other European car manufacturers, because this past week alone the Prime Minister travelled to Paris for a summit with President Macron to work on the very important task of rebuilding our links with Europe, to ensure we can have sensible conversations with our European partners. I call that Project Grand Amour, and it has been enormously successful. If we look ahead at some of the problems facing us, particularly in our automotive industry—and at the importance of ensuring we have strong trading relationships with our European neighbours, which is the essence of this point—we should be extremely grateful for, and indeed celebrate, the Prime Minister’s wonderful and marvellous actions last week in the new Belle Alliance.