Queen’s Speech — House of Lords, 2022-05-16
Topic: Macroeconomics
Questions: 2050—I am just 100 years out. Even if we get to that, a lot of countries in the world will not. Two things follow from that. The first is that climate change will not be significantly improved. We in this country produce 1% of the world’s emissions, so if we have all the struggles and make the vast expenditures but other countries do not, we will not have achieved anything so far as climate change is concerned Secondly, if we have spent an enormous amount of money improving our electricity and getting it all done, our electricity will almost certainly be more expensive than it is in other countries. There is a danger we have to watch, as the heavy industrial users of electricity will build their factories in other countries, not in those that have spent all that money on this. We have the time to deal with this, but we have to be very careful that that is not the end result of what we do.
Kevin Shinkwin (Conservative, Centre-right): My Lords, I will focus my remarks on an issue that is so pivotal to the economy that our failure to address it strategically makes no sense to me at all. The costs to the Treasury—and ultimately the taxpayer—of continuing to do so are astronomical. Before I elaborate, perhaps I can share some figures that will help place it in context. Business success, and thus economic growth, depend on many factors, and growing new markets is surely one of them. So, imagine a global market worth an estimated $8 trillion, of which the UK share alone is worth more than a quarter of a trillion pounds. I am part of that market—yet within a mile of this building, I am constantly reminded of why it remains largely untapped Some noble Lords may have gone to Prêt à Manger to get a sandwich this lunchtime. I did not because I could not: even in 2022 I cannot get into its nearest outlets in my wheelchair. They might as well stick a sign in the window saying, "Wheelchair users not welcome. Your money is worthless". Just imagine if that happened on grounds of gender, ethnicity or sexual orientation. But that is the day-to-day economic reality for many disabled people in one of the most advanced countries and economies in the world: ours. But then there are only 14 million of us, so who cares? I say we should all care. Businesses should care and the Government should care. My noble friend the Minister mentioned our debt interest payments in her opening remarks; with debt interest spending forecast to reach £83 billion next year, the Treasury should definitely care Two stats highlight the serious amount of tax revenue that the Treasury is missing out on. First, 75% of disabled people and their families have turned away from a business because of poor accessibility or customer service. Secondly, at least 4 million people in the UK have clicked away from a retail website because it was inaccessible, taking with them an estimated combined spend of almost £12 billion. By 2019, that lost business—the "click-away pound"—had grown to £17.1 billion So this is a seriously expensive problem, yet as soon as the Government hear the word "disability", they seem to lose the power of rational, strategic thinking. All sense and ambition are lost in a policy dead end otherwise known as the DWP—a department that takes not being fit for purpose to new heights. I will give one example: according to the Government’s own figures, only 1.3% of British employers are signed up to Disability Confident, its flagship disability employment scheme. If that is success, I hate to think what failure looks like Whether it is lost tax revenue, the 30% disability employment gap or the £60 billion spent on disability benefits alone in the last year, the numbers are so big that we can no longer afford to pretend that this is not a massive economic issue. In conclusion, that is why, as the cost of living gets ever higher, it is vital that the Treasury ensures that the outcomes of the DWP’s employment programmes represent taxpayer value for money; that the DWP’s approach to closing the disability employment gap matches the scale and urgency of the challenge; and that the market shares I have highlighted, and the tax revenues, are tapped. No business can afford to think in silos, and neither can we.