Speaking in the House of Lords on Tuesday, Lord Bilimoria’s addressed a number of issues emerging from the Second Reading of the SME. Touching on matters ranging from the pub tie, to entrepreneurship, to tax relief – his speech was well received and gained positive comments from the Business Minister, Baroness Neville-Rolfe, and from other members of the House including the former Energy Secretary, Lord Wakeham.

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Lord Bilimoria was recently interviewed by ‘London Loves Business’ – a leading publication for the financial and commercial community in London – regarding his stance on the government’s immigration policy, his advice for succeeding in business and his thoughts on the future of British politics.

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My Lords, I declare my various interests in this area. I congratulate the noble Lord, Lord MacGregor, on initiating the debate. I also congratulate my friend the noble Lord, Lord Leigh of Hurley, on his excellent maiden speech. He is a fellow chartered accountant and we have known each other for many years. As he humbly said in his speech, he is also a fellow entrepreneur and a successful one at that. I read a book by a Wharton professor about givers and takers: in life you have givers, takers and matchers. It is not necessarily the case that the givers will get further in life, but when they do get there they always get there in a much better way and have a more sustainable, happier future. The noble Lord, Lord Leigh, is a giver. He has given to this House today his expertise as an entrepreneur, as an expert in corporate finance and as a chartered accountant. We welcome him here.

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My Lords, I declare my interests in this area. I remember when qualifying as a chartered accountant it was very clear that tax avoidance was legal and tax evasion was illegal. Recently, there has been a huge public outcry about avoidance having escalated to abuse and companies operating within the law have been vilified.

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My Lords, I thank the noble Lord, Lord Harris, for initiating this debate. He said right up front that London is the greatest city in the world and I could not agree more. It is the greatest of the world’s great cities. He congratulated the London Finance Commission on its report, Raising the Capital. I had the privilege of serving on mayor Boris Johnson’s Promote London Council, which was a great experience. It came up with what ended up being London & Partners and had huge success. It really understands London and looks at its competitiveness.

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