I am sympathetic to that argument. There is a lot more we can do, when we create our own immigration system after we leave the European Union, to attract the most talented people from the rest of the world, including entrepreneurs. The examples of Israel and Australia, which have different systems for attracting entrepreneurs, are good ones to look at. I urge the Minister to give some consideration to them, particularly the Israeli example which has had a lot of success at luring successful entrepreneurs back to Israel from places like silicon valley.
It is incumbent on this House to place creating an entrepreneurial culture at the heart of everything we do. That includes tax rates. I am afraid it includes having to find a reward for enterprise. It means considering the 45p rate of tax and making other difficult political choices. But if we want to inspire a generation to innovate to create businesses, we have to ensure that they feel fully rewarded here, particularly versus our competitors. Many of our competitors in the modern economy are not the competitors of five or 10 years ago. They are Dubai, Singapore and parts of the world that have no capital gains tax, limited corporation tax, if any, and where entrepreneurs are able to keep the lion’s share of the profits. I am not for a moment suggesting that we go as far as that, but I think we have to view our competitors much more widely than we do today.
I am grateful for this opportunity to speak in the debate and thank the Select Committee for its continued work on these issues.