Industrial Strategy Consultation

Lord Scriven Excerpts

Monday 23rd January 2017 Lords Chamber

[Lord Prior of Brampton]

That is a good question, and I am sure that the answer will emerge over the next three months of consultation. To be realistic, there is no magic in these things. If you look around the world at countries which have got their industrial strategy right, whether it is Germany and technical education, Singapore and advanced manufacturing, or Switzerland and advanced pharmaceuticals, I am not sure that there is any magic. It is a combination of great research, great technical skills, efficient capital markets and an efficient competition policy. Actually, the UK has not done that badly. Let us not do ourselves down too much. If you look at science, between Oxford, Cambridge and London it is fantastic—absolutely world-class—and we do world-class things in many parts of the UK. However, on the noble Lord’s point, we need to refine this industrial strategy over the next three months, and the six months until the White Paper comes out, so that we are absolutely clear about what really makes a difference. That takes us back to the objectives that the noble Lord, Lord Mendelsohn, mentioned earlier on. We must have very clear objectives.

[Lord Scriven (LD)]

My Lords, pillar 9 is about driving growth across the whole country, which is welcome. However, it will take more than words—it will take actions. What change will be made in infrastructure investment where, at present, on the DfT figures, investment in transport infrastructure right up until 2021 will be £1,870 per head in London and only £280 per head in the whole of the north? Based on this strategy, how will this change?

[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.