Autumn Statement

Lord Rose of Monewden Excerpts

Thursday 4th December 2014 Lords Chamber

[Lord Rose of Monewden (Con) (Maiden Speech)]

My Lords, I speak, for the first time in this House, with both nervousness and trepidation. Before addressing the House from the perspective of a lifetime in shopkeeping, I offer heartfelt thanks to everyone for the very warm welcome that I have received in the few weeks since my introduction. Like many newcomers to this House, I, too, have found myself on more than one occasion being gently intercepted and redirected on my second or third passage round a particular place, always in the most courteous and helpful way. I also extend my sincere thanks to my two sponsors who introduced me to this House: the noble Lord, Lord Myners, and the noble Baroness, Lady Lane-Fox. Particular thanks are also due to my noble friend Lady Noakes, who has been endlessly generous with her time and both wise and firm in her advice.

That I am in this House at all is a matter of amazement to me, and of considerable amazement to my friends and colleagues. It is a matter of amazement also to my father, but one of considerable pride; for I am one of those who would not have been here at all if my father had not been plucked from war-torn China in 1938 by a Quaker spinster lady. She brought him to England at her own expense, educated him and sponsored his British citizenship.

People often ask me how I planned my career. In truth, I did not. Following a failed attempt to enter medical school I wrote to more than 50 companies seeking employment. Only one replied—Marks & Spencer. It also offered me a job, so there was no margin for error there. My new employer set about instilling in me most of the business values that I have tried to follow over the past 40-plus years It was not all plain sailing and it was not all fun, but it must have been pretty effective because it worked for me and for the four other Peers from the same stable at Marks & Spencer who have preceded me. After 17 years I moved on to various other retail chains in other pastures, learning new skills under some very inspirational leaders, returning to my old employer at the end of my full-time career.

Your Lordships know that retail is a competitive and dynamic trade and a very important part of our economy. Indeed, it is the largest private sector employer in the country. Attention to detail, quality, value, service, innovation and trust are the keys to success, and we forget them at our peril. Staying close to our customers in this fast-changing world is also important. Successful retailing is about having your finger on the pulse of every trend, behavioural change and new technology, and anticipating what changes they will bring. The ability to react to these changes, in a world which is itself changing at an ever faster rate in a truly global economy, requires boldness, imagination and investment.

We in the United Kingdom are once again enjoying growth, because businesses of every complexion have continued to drive efficiency and deliver goods and services that are innovative and highly competitive. Our economy has seen real recovery, but it is potentially fragile. It is also highly dependent on growth returning to the global economy, particularly to Europe. Consumers and all businesses, be they retail, manufacturing or others, need to be able to plan for the future in an economic climate and landscape that encourages investment and promotes confidence.

I travel frequently throughout the United Kingdom, wearing various business hats, and I see clear signs that confidence is returning—and that is borne out by the statistics. We have had record business start-ups, and unemployment has fallen. These improvements are, in my view, the result of the tough but very necessary measures put in place over the past few years to create a business-friendly environment. However, the job is not done, and it is vital that we continue to keep providing the stable economic backdrop and the incentives necessary to finish the job and return the UK balance sheet to robust health.

Yesterday’s measures announced in the Autumn Statement are most welcome, particularly as we see some further faltering in the global economy. The measures announced further to invest in infrastructure and stimulate small business growth are right. The review of rates is to be welcomed, although here I must declare an even-balanced interest as chairman of Ocado, a wholly online grocery delivery business, and of Fat Face, a purely bricks-and-mortar business.

UK business has done an enormous amount to recover and regroup over the last few years. Now is the time to continue to invest and, to do this, business and government need to work together to ensure that our future prosperity is put in place by having the right incentives, right financing and right regulatory framework.

Confidence has always been a driver of business and investment, and lack of confidence is a big deterrent. Business needs an economic climate that encourages and rewards long-term investment. Investment today is our livelihood tomorrow—our future economic security. We have come a long way, but in this world, where so much of what happens is outside our control, we must have a firm hand on the tiller of what we do control.