Enterprise Act 2002 (Specification of Additional Section 58 Consideration) Order 2008

My Lords, I congratulate the noble Lord on his appointment and on a super maiden speech. Having accompanied him in his previous role on visits to India, I look forward in my role as the chair of the UK India Business Council to working closely with him in the future. The order before us concerns the global financial crisis, which we all noticed rapidly unfolding during the summer Recess. I could not help but think that to the world at large, we in Parliament may have appeared to look like Nero fiddling while Rome burned. I felt very frustrated and helpless. We have now been back for almost two weeks. Earlier this week the noble Lord, Lord Peston, asked why we have not had a major debate lasting a whole day on the global financial crisis. The noble Lord, Lord Davies, said that we have had three Statements and that Questions had been tabled. Yesterday, at the weekly meeting of the independent Cross-Bench Peers, this issue was brought up again. There was a unanimous request not just for one major debate lasting a day but for a series of regular debates. I ask the noble Lord to institute such debates. One of the greatest strengths of this House is that we have experts in every field. What more could we ask for when considering global business? We have some of the world’s most famous economists, academics, captains of industry, entrepreneurs and chairs of banks, former Chancellors, Chief Secretaries to the Treasury and a former Secretary of State for business. We are not tapping into all the expertise of this House enough. During a debate on just one of the Statements made last week, the issue of using preference shares to support the banks was raised. Three noble Lords instinctively, on the spot and without preparation, said that the Government might have to consider convertible preference shares and that they might have to consider equity. That sort of instant expertise is available in this House, so why do the Government not use it more? The Government are to be congratulated on offering £500 billion-worth of support; indeed, the whole world is congratulating our Government and looking to them, which is fantastic. But I ask the Minister to use this House. Today in Switzerland, that bastion of financial stability, we heard that two of the most famous banks in the world require support. A debate that I tabled on the reform of global institutions has been waiting in the pipeline for months, while just this week the Prime Minister said that we need a new Bretton Woods. That suggestion should be debated right now. With unemployment rising and the possibility of a long and deep recession, what could be more important to this House than business? We have other matters to discuss, but this is the priority now, otherwise we in Parliament could be accused of being ostriches with our heads in the sand or of living in an ivory tower and wearing tinted glasses, and thus not looking out at the real world. At long last we have a Secretary of State for business who is a Member of this House. I urge the noble Lord as Secretary of State and all noble Lords to make the most of it and to put business at the top of the agenda.