Private Equity (Transfer of Undertakings and Protection of Employment) Bill

I hope I am making it clear that I am not in favour of the Bill at all, so I do not want it to apply to any funds, including sovereign wealth funds. I am grateful to my hon. Friend for allowing me to make that point clear. We all agree that we must upskill the UK work force. The UK currently has far too many unskilled jobs. There will always be unskilled jobs in any economy, but because of the globalisation of our economy, our reliance on unskilled jobs will decrease as other countries can provide those jobs much more cheaply. Private equity and venture capital companies are among the best providers of skilled jobs in the country. We must attract such jobs into the country, rather than rely on unskilled work—something we cannot rely on too far into the future.