Budget Statement

Lord Sterling of Plaistow Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Sterling of Plaistow (Con) [V]]

My Lords, I am sure that the expertise of all our new colleagues will much enrich the deliberations of this House. The Chancellor’s support package during the greatest challenges in our lifetime was a tour de force, but it is now vital that we get back to work as soon as possible, thereby achieving a rapid return to economic well-being.

I have stated before that SMEs and the self-employed are the backbone of the United Kingdom. They are our true entrepreneurs; with the right leadership and encouragement, they will play a crucial role in our economic recovery. They will invest their own moneys and reputations in innovation and research, increase employment and train apprentices, to help and expand both here and in international markets. Our most helpful librarians informed me yesterday that 16.8 million people were employed by SMEs in 2020. These are businesses with less than 250 employees. Some 34.9 million people were employed in the whole of the United Kingdom; SMEs therefore represent 48% of the total. The total turnover of SMEs in 2020 was £2.3 trillion, while that of the whole United Kingdom economy was £4.7 trillion—so SMEs’ turnover represented 49% of the total.

History has shown that immigrant families from all backgrounds have created their own SMEs and have total dedication to the work ethic leading to creativity. Sadly, many people will need government support throughout their lives, but many desperately wish for the dignity of having a job, thereby contributing to the economy. I am sure the Minister will agree that we have an extraordinary wealth of talent in this country in all age groups. This will undoubtedly feed through to create a great future for our children and grandchildren.