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

My hon. Friend makes a valid point: not only would we export jobs but we would abandon the protection for workers in the UK. He, too, made a powerful point, as it is far better to have a job than no job, but that does not mean having a job at any cost. I take on board what the right hon. Member for Coatbridge, Chryston and Bellshill said about workers' rights, but that does not mean that people should be in a job and beaten every half hour and given a bowl of rice. That is totally unacceptable, but no one is arguing that that should be the case. [Interruption.] Even my hon. Friend the Member for Shipley does not argue that; to suggest otherwise is an abuse of his views. However, he can protect himself far better than I can. We have spoken about the importance of the number of jobs employing people directly in private equity firms. The UK is one of the world's financial centres. Time and again, the Opposition are reminded that they opposed the minimum wage, and that all the predicted doom and gloom on the minimum wage has not come about. However, for good measure, may I toss this one back? We were told that if the UK did not join the euro it would be a disaster for our financial institutions. We did not join the euro, and we have some of the strongest financial institutions anywhere in the world. Private equity firms are part of that. The City of London certainly benefits from them, but so too do the regions. I suspect that many people in Scotland work in private equity firms that operate from Scottish cities and towns. Those firms employ people at different levels, and the private equity that they can draw into Scotland benefits that country.