Small and Medium-sized Enterprises: AI Sector

Lord Sharpe of Epsom Excerpts

Thursday 29th October 2026 Lords Chamber

[Lord Leong (Lab)]

I am very proud to co-chair a women in industry taskforce. I work with women leaders every day to encourage them to start their businesses, especially in tech. I am sure my noble friend will appreciate and welcome yesterday’s Budget, in which the Chancellor said that he will work with the Women in Tech Taskforce to find ways that women founders can access available finance. If we empowered women in tech in the same way as men, it would generate £300 billion for the economy. We must support women tech founders.

[Lord Sharpe of Epsom (Con)]

My Lords, I have a nice, short question: AI investors have told the Government that energy costs are the barrier to investment here, so can the Minister say why yesterday’s Budget found room to cut tariffs on gherkins but not cut the energy costs holding back our AI capacity?

[Lord Leong (Lab)]

Perhaps the noble Lord should read the entire Red Book. We are supporting AI companies in many ways. As far as data centres are concerned, we are ensuring that our national grid is linked up to them. At the same time, we are supporting the entire AI ecosystem, in every aspect of a company within that system. There is a lot more to do, and we are doing it.