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

My hon. Friend is absolutely right. I was nervous when he said that he was hesitant about disagreeing with me, but he is certainly not disagreeing with me at all. That is precisely the point I am trying to make—that we want the Government to create the economic climate that will encourage people to invest here rather than overseas. I certainly do not argue for any regulation to make them invest here, which would be unenforceable as well as undesirable. I simply want people to feel that they will get the best returns in this country rather than abroad. The private equity industry is extremely important to our regions. Although London and the south-east without doubt attract by far the most investment—about 60 per cent. of the UK total—quite a lot of money is invested in other parts of the country. For the benefit of my hon. Friend the Member for Ribble Valley, let me say that the north-west is one of the regions that benefit most, as 146 companies received £614 million of investment last year, representing 11 per cent. of companies and 6 per cent. of the total invested in the UK. In my area of Yorkshire and the Humber, £1.2 billion was invested in 83 companies, accounting for 12 per cent. of the overall UK total. I certainly do not want to pass Bills that might have a negative effect on the economy or the work force in Yorkshire, so I view my opposition to this measure as being important to my constituents.