My Lords, last Friday, Professor Venkatraman Ramakrishnan—known as “Venki”—the winner of the Nobel Prize in chemistry 2009, joint chair of the structural studies centre at the University of Cambridge and a fellow of Trinity College, received an award at the Asian Awards at the Grosvenor House Hotel for outstanding achievement...

My Lords, last Friday, Professor Venkatraman Ramakrishnan—known as “Venki”—the winner of the Nobel Prize in chemistry 2009, joint chair of the structural studies centre at the University of Cambridge and a fellow of Trinity College, received an award at the Asian Awards at the Grosvenor House Hotel for outstanding achievement...

My Lords, in his 2007 book The Black Swan Taleb was at pains to point out that the trick in dealing with black swans was not predicting them—as outliers, they frankly defy prediction of any sort—but rather with ensuring that you can cope with them and have the resilience to...

My Lords, in his 2007 book The Black Swan Taleb was at pains to point out that the trick in dealing with black swans was not predicting them—as outliers, they frankly defy prediction of any sort—but rather with ensuring that you can cope with them and have the resilience to...

My Lords, when the United States was formed in 1776, it took 19 people on a farm to produce enough food for 20 people, so most people had to spend their time and effort in growing food. Today, it is down to 1% or 2% to produce the food. So...

My Lords, when the United States was formed in 1776, it took 19 people on a farm to produce enough food for 20 people, so most people had to spend their time and effort in growing food. Today, it is down to 1% or 2% to produce the food. So...

My Lords, in 2008, soon after Tata took over Jaguar Land Rover, I visited its factory. At that time, it faced huge challenges. Today, Jaguar Land Rover is making more in profits than it paid for the company six years ago. I was with the chief executive, Dr Ralf Speth, last week, who said that the most important thing to them is innovation. What are the Government doing to promote, support and encourage innovation in the automotive industry and in manufacturing?

My Lords, in 2008, soon after Tata took over Jaguar Land Rover, I visited its factory. At that time, it faced huge challenges. Today, Jaguar Land Rover is making more in profits than it paid for the company six years ago. I was with the chief executive, Dr Ralf Speth, last week, who said that the most important thing to them is innovation. What are the Government doing to promote, support and encourage innovation in the automotive industry and in manufacturing?

My Lords, the noble Lord, Lord Harrison, mentioned Bentley, which is now moving the manufacture of all its 12-cylinder engines from Germany to the UK. Is that not marvellous news? In declaring my interest in my own business, we used to manufacture the vast majority in Europe and then reshored because Burton-on-Trent is capable of producing the best beer in the world. The Chancellor mentioned manufacturing in great positive terms in his speech today. What are the Government specifically doing to encourage manufacturing in this country that will help reshoring and help our exports?

My Lords, the noble Lord, Lord Harrison, mentioned Bentley, which is now moving the manufacture of all its 12-cylinder engines from Germany to the UK. Is that not marvellous news? In declaring my interest in my own business, we used to manufacture the vast majority in Europe and then reshored because Burton-on-Trent is capable of producing the best beer in the world. The Chancellor mentioned manufacturing in great positive terms in his speech today. What are the Government specifically doing to encourage manufacturing in this country that will help reshoring and help our exports?

My Lords, the Minister mentioned studio schools in both his responses. I have recently been appointed a patron of studio schools. Since they were first started in 2010, how many schools have opened and what progress has there been on this excellent initiative that encourages employability skills and a more hands on approach? The CBI says that employers want employability skills. Will the Government be funding more studio schools?

My Lords, the Minister mentioned studio schools in both his responses. I have recently been appointed a patron of studio schools. Since they were first started in 2010, how many schools have opened and what progress has there been on this excellent initiative that encourages employability skills and a more hands on approach? The CBI says that employers want employability skills. Will the Government be funding more studio schools?

My Lords, over the past weeks, I have received numerous requests by journalists from around the world because one of the seven schools that I attended was the Hyderabad Public School. The 46-year-old chief executive officer of Microsoft, Satya Nadella, also attended the Hyderabad Public School. He then went to...

My Lords, over the past weeks, I have received numerous requests by journalists from around the world because one of the seven schools that I attended was the Hyderabad Public School. The 46-year-old chief executive officer of Microsoft, Satya Nadella, also attended the Hyderabad Public School. He then went to...

My Lords, the leading Cambridge historian, Dr Clare Jackson, says that politicians on both sides of the Scottish independence debate could learn from King James VI of Scotland, who also became King James I of England. He dedicated his life to creating a truly united kingdom that would see Scotland,...

My Lords, the leading Cambridge historian, Dr Clare Jackson, says that politicians on both sides of the Scottish independence debate could learn from King James VI of Scotland, who also became King James I of England. He dedicated his life to creating a truly united kingdom that would see Scotland,...

My Lords, I thank the noble Lord, Lord Berkeley, for bringing this debate before the House at this crucial time for our economy, particularly with regard to SMEs. I have started a business from scratch. There were two of us and we were even smaller than an “S”; then we...

My Lords, I thank the noble Lord, Lord Berkeley, for bringing this debate before the House at this crucial time for our economy, particularly with regard to SMEs. I have started a business from scratch. There were two of us and we were even smaller than an “S”; then we...

My Lords, I know that we will be debating the Immigration Bill very shortly, but I should like to comment on this matter of fees and the premium services that are being offered—presumably to try to make it easier. Speaking as the founding chairman of the UK India Business Council,...

My Lords, I know that we will be debating the Immigration Bill very shortly, but I should like to comment on this matter of fees and the premium services that are being offered—presumably to try to make it easier. Speaking as the founding chairman of the UK India Business Council,...

I thank the Minister for giving way. I wish to make two points. He said that the number of overseas students has increased. However, if I may correct him, according to the Times Higher Education Supplement of 16 January, the number of non-EU students at UK universities fell by 1%...

I thank the Minister for giving way. I wish to make two points. He said that the number of overseas students has increased. However, if I may correct him, according to the Times Higher Education Supplement of 16 January, the number of non-EU students at UK universities fell by 1%...

My Lords, I returned today from India, having attended the UK-India Round Table. We started our meeting on 6 December with two minutes’ silence for Nelson Mandela. In fact, India has declared state mourning for five days. We could not even consume alcohol at the meeting.

I was born and brought...

My Lords, I returned today from India, having attended the UK-India Round Table. We started our meeting on 6 December with two minutes’ silence for Nelson Mandela. In fact, India has declared state mourning for five days. We could not even consume alcohol at the meeting.

I was born and brought...

My Lords, I congratulate the Government on the start-up loans scheme. It is an excellent initiative and I am delighted that the Minister, a fellow entrepreneur himself, is answering these questions from personal knowledge. I started a business from scratch. I know how difficult it was to raise those first...

My Lords, I congratulate the Government on the start-up loans scheme. It is an excellent initiative and I am delighted that the Minister, a fellow entrepreneur himself, is answering these questions from personal knowledge. I started a business from scratch. I know how difficult it was to raise those first...

My Lords, Sir Bob Worcester, the chairman of the Magna Carta 800th anniversary commemoration committee, in a recent speech, summed it up really well—foundation of human rights, father of all constitutions, basis of our civil liberties, rights of free men and now women and of legal tradition, the bedrock of...

My Lords, Sir Bob Worcester, the chairman of the Magna Carta 800th anniversary commemoration committee, in a recent speech, summed it up really well—foundation of human rights, father of all constitutions, basis of our civil liberties, rights of free men and now women and of legal tradition, the bedrock of...

My Lords, I declare my various interests in this area. I congratulate the noble Lord, Lord MacGregor, on initiating the debate. I also congratulate my friend the noble Lord, Lord Leigh of Hurley, on his excellent maiden speech. He is a fellow chartered accountant and we have known each other...

My Lords, I declare my various interests in this area. I congratulate the noble Lord, Lord MacGregor, on initiating the debate. I also congratulate my friend the noble Lord, Lord Leigh of Hurley, on his excellent maiden speech. He is a fellow chartered accountant and we have known each other...

My Lords, I join in wishing the noble Lord, Lord Barnett, a very happy 90th birthday. He has asked an excellent question in that it relates to forward guidance. For a long time I have been saying that when setting interest rates the Governor of the Bank of England and the Monetary Policy Committee should look not just at inflation targeting but at the wider economy. This is excellent news. However, is it wise that the governor should tie himself down to a specific level of 7% unemployment, after which interest rates are to be raised, unless inflation is going out of control? When does the Minister think that the 7% will be achieved? Secondly, would it not have been wiser to have had a wider remit taking into account other aspects of the economy, not just inflation targeting?

My Lords, I join in wishing the noble Lord, Lord Barnett, a very happy 90th birthday. He has asked an excellent question in that it relates to forward guidance. For a long time I have been saying that when setting interest rates the Governor of the Bank of England and the Monetary Policy Committee should look not just at inflation targeting but at the wider economy. This is excellent news. However, is it wise that the governor should tie himself down to a specific level of 7% unemployment, after which interest rates are to be raised, unless inflation is going out of control? When does the Minister think that the 7% will be achieved? Secondly, would it not have been wiser to have had a wider remit taking into account other aspects of the economy, not just inflation targeting?

My Lords, in the summer of 2003 my late father, Lieutenant-General Bilimoria, was here in the UK on a visit. It was his last visit to the UK

because he passed away a couple of years later. At an event he was approached by a prominent journalist who said: “General,...

My Lords, in the summer of 2003 my late father, Lieutenant-General Bilimoria, was here in the UK on a visit. It was his last visit to the UK

because he passed away a couple of years later. At an event he was approached by a prominent journalist who said: “General,...

The Minister started off by saying that this was not Iraq II. He then spoke about the 10 to 14 times that this had happened before. According to the report, it has happened exactly 14 times. The Minister then said that we do not know whether it was a senior...

The Minister started off by saying that this was not Iraq II. He then spoke about the 10 to 14 times that this had happened before. According to the report, it has happened exactly 14 times. The Minister then said that we do not know whether it was a senior...

My Lords—

My Lords—

My Lords, today the former Governor of the Bank of England has taken his seat, and we welcome him. His successor is a Canadian. How many other countries would have a foreign national as the governor of their national central bank? We do. Do not the Minister and the Government think that we should be proud that we are one of the most open economies in the world, and that that is a great strength to this country? Regardless of that, and on the other hand, how much longer are the Government going to dither and procrastinate about increasing our airport capacity in London?

My Lords, today the former Governor of the Bank of England has taken his seat, and we welcome him. His successor is a Canadian. How many other countries would have a foreign national as the governor of their national central bank? We do. Do not the Minister and the Government think that we should be proud that we are one of the most open economies in the world, and that that is a great strength to this country? Regardless of that, and on the other hand, how much longer are the Government going to dither and procrastinate about increasing our airport capacity in London?