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Queen’s Speech

It is a shame; that is absolutely right. It is a chronic shame that a person is able to spend that much money—that quantitative easing is being used in that way. In response to the noble Lords, Lord Bilimoria and Lord Rowe-Beddoe, we have ensured that businesses have access to the finance that they need to prosper and invest, both in supporting the financial system, enhancing cash flow through targeted schemes such as the enterprise finance guarantee, which has provided guarantees of £1.3 billion, and through the working capital scheme, which is offering up to £10 billion to SMEs. The noble Lord, Lord Sugar, in a well received speech, spoke about the advice that he intends to give to small businesses. We welcome that, and we look forward to his continuing contributions to debate in the House. A stable and efficient financial market is critical for the UK’s recovery and future growth, but we must not forget that the UK is the world’s sixth largest manufacturer, as the noble Lord, Lord Bhattacharyya, reminded us. The Government acted quickly to support the auto industry through the scrappage scheme and the automotive assistance programme. In addition to taking these temporary support measures, the Government are determined to ensure that the UK has a strong platform for future growth. The OECD ranks the UK’s labour market regulation as the second most flexible in the world, and the World Bank rates the UK fifth in the world for ease of doing business. We will ensure that we have a world-class competition regime to drive productivity in UK businesses. We will create a skills system that is responsive to the needs of business, such as by creating flexibilities for SMEs in Train to Gain. The noble Lord, Lord Martin of Springburn, spoke about the vital importance of apprentices. We reflected that in our recent White Paper, Skills for Growth, which announced not only 35,000 additional apprenticeship places, but 20,000 public sector apprenticeships to be delivered through procurement. The noble Lord, Lord Martin, is a welcome new Member of our House. He is a grand parliamentarian and a wise voice, and we will welcome his contribution to many debates. We will drive innovation. The measures will include the £150 million a year Higher Education Innovation Fund to support knowledge transfer in universities and additional support for the Technology Strategy Board. I echo the wise words of the noble Lord, Lord Bilimoria, about the importance of education, enterprise and responsibility and the observation by the noble Lord, Lord Patten of Barnes, about the importance of investment in higher education. Innovation is a key driver of productivity, and we are significantly increasing the investment in science and education. We will meet the infrastructure changes through measures including the foundation of Infrastructure UK and the implementation of the Digital Britain programme. We have heard many considered and knowledgeable interventions on the Digital Economy Bill, including from the right reverend Prelate the Bishop of Manchester and my noble friends Lord Puttnam and Lady McIntosh of Hudnall. They made technical points, and I shall reply to them in writing. The Bill supports a competitive communications infrastructure and our creative industries, enhances public service broadcasting and protects children through new age ratings for computer games. Throughout these measures that we have laid before Parliament there is the central aim of fairness and equality in the workplace, to which my noble friend Lady Prosser referred. We will work with unions to raise employer investment in and ambition for the workforce. Equal treatment for agency workers marks another important step forward. The IMF and G20 Governments agree that prematurely withdrawing support from our economies would undermine recovery. The noble Lord, Lord Eatwell, reminded us of the remark by Mr David Cameron that he would withdraw support now. I thought it was chilling. The noble Lord, Lord Skidelsky, was devastating in his analysis of and commentary on the Conservative policy. The noble Baroness, Lady Billingham, talked about turning the clock back. As I listened to the Conservatives talk about economic policy, I heard remarks that made me think that they are planning to turn the clock back. I am delighted to see the noble Lord, Lord Northbrook, in his place. I imagine that the Whips are also delighted to see him there because he is clearly struggling. He tells us that he reads the New Statesman and the Guardian and also referred to the National Australia Bank. I am not familiar with that organisation, but I will take out a subscription immediately. The noble Lord said that it would be scandalous at this time to help the elderly in their homes because it is not affordable. He went on to ask whether we do not already have enough consumer protection for people in the financial services sector. This is the vision of what a Conservative Government would do. A Conservative Government would care little for those who are denied opportunity or who are poor, disadvantaged or who look to the state for support. Contrary to the suggestion made by my noble friend Lord Eatwell that the Government should redistribute to the poor as part of a fiscal stimulus—