Mansion House Accord

Lord Lee of Trafford Excerpts

Wednesday 14th May 2025 Lords Chamber

[Lord Livermore (Lab)]

The noble Lord is absolutely right about the importance of the pipeline that he speaks about. The Government are playing our part in that, with £100 billion of additional public investment over the course of this Parliament. Our job as the Government is also to support the pipeline of investable projects, which is why we are getting the country building through our planning reforms; why we have ended the ban on the development of onshore wind; why we have set up the National Wealth Fund; and crucially, why we will be publishing, at the time of the spending review, the 10-year infrastructure strategy and modern industrial strategy.

The noble Lord is also right when he talks about the long-standing problem in the UK economy of the ability for growing firms to get hold of scale-up finance, which this accord will help to address. The accord will provide investment for infrastructure but also provide growth capital to a much wider range of firms. These are often smaller-ticket items, and pension funds will need them to be aggregated to a higher level, which is exactly the work of the British Business Bank.

[Lord Lee of Trafford (LD)]

My Lords, if the Government are keen, quite rightly, to encourage more investment into the United Kingdom, why do they still give tax relief to those with ISAs who invest in overseas equities?

[Lord Livermore (Lab)]

The Government of course want to see more consumers participate in capital markets and benefit from the long-term financial security that investing can provide. We are committed to incentivising greater saving and investment, and we recognise that ISAs play a very important role in helping households to build a financial buffer for a rainy day.