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Private Equity (Transfer of Undertakings and Protection of Employment) Bill

Once again, the hon. Gentleman is clearly not listening to what I am saying in the round. I made it clear that this industry is a success story in the UK economy—despite, rather than because of, the Government. I repeat, for his benefit, the point I made showing where the problem lies. Whereas 53 per cent. of total investment by UK private equity companies last year was abroad, in the previous year it was only 42 per cent., so private equity companies are increasingly investing money abroad rather than in this country. The trend is going in the wrong direction, which is why I argue that the Government must do more to attract private equity investment in this country.