Mike Martin

That is an excellent point. It is very much something that the Government can do, because they understand where capital can be found and how to create the legal and regulatory ecosystem that enables these companies to thrive. Let me touch briefly on access to capital—I am thinking of slightly larger amounts than those the hon. Gentleman just mentioned. Pension funds are a huge source of capital. In the UK, trillions are under management in our pension funds. This is something that Canada does very well. Canada’s pension funds operate almost like specialist investors, pumping billions of dollars into AI, infrastructure and software. To pick another example that is dear to my constituency, South East Water, which many hon. Members will have seen me rail against, is 25% owned by NatWest pensions—our favourite cuddly UK bank—which makes its money by selling debt to South East Water at a rate of 10% interest. That is not pension fund investment that is driving growth in the UK. We must do better. We must think about how we can push and guide our pension funds, and all those millions that are under investment, to invest in growth sectors in the UK, rather than going abroad. Let me turn to reforming public procurement. At the worst end of the spectrum is probably the Ministry of Defence, where it takes six years from first contact to signing a contract. That is just to sign the contract, not to deliver the piece of military hardware and test it or have it in service. The stories out of MOD procurement would not be out of place in an episode of “The Thick of It”. That is the worst case, but then there is the Department for Work and Pensions. Andrew in my constituency founded Adzuna, which is effectively a super-duper job search thing that uses AI to match people’s profiles to the skills needed and so on. It took him two and a half years from approaching the DWP to signing a contract. Andrew started out with a laptop at his kitchen table, and businesses that size cannot wait two and a half years. Cash is king—and they will either have gone out of business or decided to go somewhere else by the time that contract is offered. Whether in defence, where people actually need to contract much more quickly because of the pace of technological change, or Government, who actually need an effective job search tool on their websites, these timescales need to be compressed. In that way the Government will open themselves up much more to small firms instead of just the big firms that are able to take two and a half years on a punt for a contract with the DWP. To sum up, there are a number of things that the Government could do around information sharing—I thank the hon. Member for Weston-super-Mare (Dan Aldridge) for making that point—and access to capital, particularly encouraging pension funds to invest. They should also look at procurement and focusing that on small businesses, because small businesses are the ones that deliver growth. That is where we get growth in our economy—much more so than from big businesses. The Government have a huge set of levers to pull, so I implore the Minister, “Could we perhaps start pulling them?”. I look forward to his remarks.