Budget Statement

Lord Vaizey of Didcot Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Vaizey of Didcot (Con)]

My Lords, I draw attention to my entry in the registry of Members’ interests. I congratulate noble Lords on their maiden speeches, particularly my noble friends Lord Benyon and Lord Cruddas, who are sitting in front of me, and the noble Lord, Lord Bellingham, who are all great friends of mine. This was an excellent Budget and today is extremely important, because it is my daughter Martha’s 13th birthday. This naturally made me think about the future and in particular the focus on technology in the Budget, which is very welcome.

I particularly welcome the Kalifa review, although it was not technically in the Budget. Ron Kalifa has focused on the UK’s important lead in fintech. I encourage the Government to implement the findings of the Kalifa review and to continue our leadership in financial services, alongside my noble friend Lord Hill’s important review of listings—in particular, there is perhaps the opportunity to leap ahead of Amsterdam on the listing of SPACs in the future. There is also the continuation of the future fund to invest in early-stage technology companies during this difficult time; a focus on visas for tech entrepreneurs to continue to come here, and on portable apprenticeships to allow the more eclectic creative industries to take advantage of apprenticeships; and the forthcoming consultation on employee management incentives, which is absolutely vital for entrepreneurial companies.

May I simply ask the Government to keep a watchful eye on how they implement the Help to Grow digital scheme, as it is important that this is not a deadweight cost, and on businesses having the flexibility to invest in the appropriate software including, for example, subscription software? I hope that the review of capital gains tax will not penalise entrepreneurs who invest their time and energy in their companies. On the forthcoming digital tax, while I have no truck with Amazon paying no tax, it perhaps seems unwise to penalise consumers for their change in behaviour. Finally, will they look carefully at how the central digital and data office will work with the Government Digital Service?