North of England: Investment

Lord Ravensdale Excerpts

Tuesday 23rd February 2021 Lords Chamber

[Lord Greenhalgh (Con)]

My Lords, my noble friend is right that pension assets are an important source of finance for investment in infrastructure. I note that the CPS report proposes updating rules covering UK pension schemes so that we can encourage investment in northern infrastructure.

[Lord Ravensdale (CB) [V]]

My Lords, although the paper is entitled A Northern Big Bang, many of the problems described and the possible solutions identified are as relevant to the Midlands as they are to the north—a point the authors stress throughout the report. Does the Minister agree that measures to level up our country are just as, if not more, urgently needed in the Midlands as they are in the north, and will he comment on what plans the Government have to work with the Midlands Engine, the APPG of which I am co-chair, in that regard?

[Lord Greenhalgh (Con)]

My Lords, I point out that the commitment to levelling up also includes the Midlands. Earlier this month, my right honourable friend the Housing Secretary met the Midlands Engine Business Council and numerous business leaders to work on precisely how we should drive forward the agenda to ensure growth in the Midlands as well as in the north.