Lord Pitkeathley of Camden Town (Lab)

My Lords, I pay tribute to the noble Lord, Lord Horam, not only for his long service but for the delicate way in which he stepped around the debate between the monetarists and the Keynesians—a debate I always enjoy observing. I pay tribute to some other contributions. The noble Lord, Lord Stoneham, reminded us of the world-class skills and reputation that we have in this country, which we must value. There cannot be many in this House who have as good an understanding of our relationship with the EU and its benefits as my noble friends Lord Murphy and Lord Liddell. I also pay tribute to my noble friend Lord Barber, who reminded us that public value and delivery matter a great deal. I am also sure that we will all continue to heed the wise words of my noble friend Lord Robertson. I always approach debates on economic growth with a certain humility. As a musician, regeneration chief executive and now a Member of your Lordships’ House, I have managed to experience three industries not universally associated with rapid productivity growth. However, one of the advantages of your Lordships’ House is that we are sometimes able to take a longer view than the immediacy of daily politics allows elsewhere. From that perspective, it seems to me that many of the challenges facing Britain today are cumulative rather than sudden: the productivity weakness, underinvestment, uneven regional growth, fragile infrastructure and declining public confidence that have developed over time. That is why I broadly welcome the strategic tone of this King’s Speech. Having spent much of my professional life working in and around regeneration, business improvement and economic development, I have seen at close quarters both the strengths and frustrations of the British economy. We remain an extraordinarily creative and entrepreneurial country, as many have noted today. But too often we make it unnecessarily difficult for that potential to flourish consistently. I therefore welcome the emphasis on economic security, industrial resilience and infrastructure investment. I also, along with many in the House, welcome the proposed European partnership Bill. Without revisiting old arguments, it is surely sensible to seek the most constructive and friction-reducing relationship possible with our nearest trading partners—particularly for the benefit of smaller businesses, which are often least able to absorb complexity and uncertainty. Similarly, the focus on late payments and protections for small firms may appear technical, but such matters have significant cumulative effects across the wider economy. I also hope that we will continue to think carefully about the implications of technological change, especially AI, of which many in the House are already acutely aware. Britain should indeed seek to lead in innovation, as well as look at long-term economic resilience, which depends not simply on technological capability but on an awareness of public confidence, social cohesion and widespread opportunity. If citizens feel excluded from the benefits of economic transformation, political consent for change itself will weaken. For that reason, I particularly welcome the Speech’s emphasis on opportunity, skills and inclusion, alongside growth. Economic policy succeeds most sustainably when people feel that they have a meaningful stake in the future being created. No legislative programme can resolve every challenge immediately, but I believe that this Speech reflects a serious attempt to address long-term structural issues with greater realism and strategic intent. It is in that spirit, and in support of my noble friends the Ministers, that I support the Motion.