My Lords, I thank the noble Lord, Lord Blunkett, for this debate and congratulate him on his excellent introductory speech. In seeking to avoid what has already been said, I will focus on the important role the UK’s higher education sector plays in enhancing the UK’s business credibility and attractiveness to foreign businesses and investors, which is so very important. Like the noble Baroness, Lady Chapman, I intend to base myself on an area I know very well, so I am taking the City of London as a case study.
A recent City of London Corporation report shows that London and the UK ranks highest amongst international financial services centres in the access to talent and skills provided for companies. However, this should not be seen solely in terms of business, law or economics graduates. The wider contribution provided by the higher education sector is essential to maintaining the UK’s status as a place to do business.
The square mile, the heart of the UK’s largest business sector, financial and professional business services, is perhaps not well known as a location for higher education, unlike other parts of London such as Bloomsbury. However, in the wider area there are 70 universities and 130 research institutes. Many of these are business skills focused, such as City, University of London’s Bayes Business School, which is, inter alia, home to the Costas Grammenos Centre for Shipping, Trade and Finance. It offers, if I may mention a slightly specific personal involvement for a moment, in my view the world’s best master’s in shipping, trade and finance, and an excellent master’s in energy, trade and finance. The courses are heavily subscribed by the brightest and best internationally, but sadly with few UK students taking advantage.
The City is blessed with a world class conservatoire, in the form of the Guildhall School of Music and Drama, as well as the first institute of higher education in London, Gresham College. Gresham College is arguably one of the first iterations in Britain of levelling up, providing free public education across the arts and sciences since 1597. Gresham’s executors founded the college to bring the “new learning” to Londoners in English rather than Latin, the language of universities over most of Europe at that time. It was the first institute of higher education in London. The college adds immeasurably to the intellectual life of the square mile, enhancing it as a place to do business. Gresham was a trailblazer in promoting public education, being one of the first higher education establishments outside the ancient universities of Cambridge and Oxford. The college continues to trailblaze: since 2001, all Gresham College lectures have been made available online, and since 2007 they have been uploaded to YouTube, once again increasing public access to education and pre-empting the Covid development of online streaming of events. Lectures are free and open to all.
Similarly, the Guildhall School of Music and Drama enhances wider London’s attractiveness as a business destination. As well as providing world-famous actors and musicians, its production arts department provides the West End and the world with experts in theatre crafts such a prop making, set design and stage lighting, which feeds our creative industries. The school is ranked number one in arts, drama and music by the Complete University Guide 2024, and as one of the top 10 performing arts institutions in the world in the QS World University Rankings 2023.
For international companies thinking about where to base their European office, London’s cultural offer is an important consideration. However, as we have heard, the sector faces challenges. The graduate visa route is an important draw for international students to the UK; however, removal of this route could imperil the attractiveness of courses such as the Guildhall’s music therapy MA. Graduates looking to use their skills in hospitals, SEN schools and care homes would struggle to secure a skilled-worker visa due to their work being based on multiple part-time contracts, making it extremely difficult for them to meet the financial threshold.
The current Lord Mayor of London, Alderman Professor Michael Mainelli, has sought to show the links between business and higher education through
his theme of “Connect to Prosper” and the appointment of the first Lord Mayor’s Fellow at City University, where he is rector. I would encourage the Minister and business community to give greater recognition to the core role that the higher education sector plays in making the UK an attractive business destination.
In conclusion, I have a few words on professional qualifications and training—we have not spoken very much about this, other than in terms of apprenticeships. There are many chartered institutes, such as chartered accountants, ship brokers, et cetera, setting courses and examinations for specialists in London, across the UK and indeed around the globe. These professional bodies contribute immeasurably to professionalism and, importantly, business ethics.
The current Lord Mayor has collaborated with CISI on the 695th Lord Mayor’s ethical AI initiative, introducing a certificate in artificial intelligence. This has been taken up phenomenally across the world. It is hoped that other professional bodies will introduce related certificate courses.
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