Infrastructure Improvements: Funding

Lord Wallace of Saltaire Excerpts

Wednesday 23rd November 2016 Lords Chamber

[Lord Young of Cookham]

Again, the noble Lord is somewhat harsh in his judgment. I very much hope he will welcome the extra money that has been found at a time of great difficulty for investment in research and development.

[Lord Wallace of Saltaire (LD)]

My Lords, the last Chancellor of the Exchequer suggested that infrastructure for the northern powerhouse could be paid for mainly by the Chinese. As many Ministers now talk about the importance of British independence, should the Government be quite so dependent on China for infrastructure?

[Lord Young of Cookham]

I very much hope that this country will remain open for business and that we will continue to attract private inward investment to help modernise infrastructure. We have a world-class regulatory system and strong financial and capital markets. I see no reason at all why we should do anything to discourage inward investment in our infrastructure from overseas investors.