North of England: Investment Debate
Full Debate: Read Full DebateDepartment: Ministry of Housing, Communities and Local Government
Lord Sikka
Main Page: Lord Sikka (Labour - Life peer)Department Debates - View all Lord Sikka's debates with the Ministry of Housing, Communities and Local Government
(3 years, 9 months ago)
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Lord Greenhalgh (Con)
My Lords, I point out that the commitment to levelling up also includes the Midlands. Earlier this month, my right honourable friend the Housing Secretary met the Midlands Engine Business Council and numerous business leaders to work on precisely how we should drive forward the agenda to ensure growth in the Midlands as well as in the north.
Lord Sikka (Lab) [V]
My Lords, history shows that major industries, such as gas, water, electricity, engineering, petrochemicals, airlines, biotechnology, telecommunications, computers and medicines, were built or rejuvenated by the state because the private sector showed little appetite for the risks and investment. Does the Minister agree that direct state investment is vital to secure prosperity for the north? If not, why not?
Lord Greenhalgh (Con)
My Lords, we recognise the importance of direct government investment, but we must also ensure that the £4 billion of the levelling-up fund leverages in private sector investment. It is those two working in harness that provides the solution.