Budget Statement

Lord Loomba Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Loomba (CB) [V]]

My Lords, I also congratulate all those noble Lords who made their maiden speeches today, and I look forward to hearing from them in the future.

The Chancellor of the Exchequer’s Budget announcements last week to extend Covid-19 support and relief, strengthen public finances and encourage investment are all positive steps. However, I am concerned that the Government have failed to address a fundamental weakness in the UK economy, namely our overreliance on imported goods and an outsourced supply chain.

I declare my interest here, as I started my fashion business in the north of England in 1964. All my supplies were manufactured in Manchester or Leicester. I still remember that, in those days, Marks & Spencer used to sell goods made in the UK only. From the late 1970s, manufacturing shifted to the Far East and factories in this country closed.

I believe that this country has the expertise to create a 21st-century domestic supply chain, and the Chancellor ought to be targeting investment in this area through fiscal policy. I urge the Government to think carefully about how to revive domestic manufacturing, which would increase employment, reduce imports and give us greater opportunities to export our goods around the world.