Future of Financial Services
Baroness McIntosh of Pickering Excerpts(3 years, 6 months ago)
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Lord Agnew of Oulton (Con)
To reassure the noble Baroness, full disclosure will be made on any further progress with equivalence. The new Finance Bill, just starting its progress through both Chambers, will give opportunities to noble Lords to contribute.
On the issue of pension fund asset allocation, I agree that we have been too focused on pushing too many assets into government gilts or equivalent instruments and that enormous opportunity exists for investment in UK infrastructure.
Baroness McIntosh of Pickering (Con)
My Lords, I take this opportunity to welcome the Statement from my noble friend today, in particular the part relating to the issuing of the green sovereign bond. Among my interests on the register, I am vice-president of the Association of Drainage Authorities. I urge him to consider that a fundamental shift of thinking is required on environment issues at the heart of the Treasury, relating to spending on environmental projects and more especially flood defences, which will increasingly become a challenge given the threat of climate change. Will the Government ensure that revenue and maintenance activities receive a greater balance of spending than those on capital work? So often when flood defences fail, it is due to the lack of maintenance. Given the pressure of climate change, I hope that my noble friend will agree to review this urgently.
Lord Agnew of Oulton (Con)
I take on board my noble friend’s comments. In relation to flood defences, I must declare an interest: my farm runs down to the sea and I have some three miles of coast, which is under continual attack by the elements. But we have increased the commitment of funding for flood defences; I think it was in the Budget in March, and it certainly recognised that this is a major element of our national infrastructure. In terms of seeing an allocation into these kind of assets, this falls partly into the previous question about ensuring that we get a wider allocation into infrastructure and of course into sea defence and indeed flood defence.
Civil Servants: Public Procurement
Baroness McIntosh of Pickering Excerpts(3 years, 6 months ago)
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Lord True (Con)
My Lords, the Government’s policy is to adopt and encourage greater transparency in commercial activity. Central government buyers must publish all tender documents and contracts with a contract value of over £10,000 on the Contracts Finder site. I am not commenting on press allegations. The Government are certain that the proper procedures have been and are being followed.
Baroness McIntosh of Pickering (Con) [V]
My Lords, in the absence of a register, can my noble friend explain who checks that appropriate measures have been taken, in particular if it is a close friend or family member who may have benefited from such a contract? Also, what is the sanction if a breach is found to have occurred?
Lord True (Con)
My Lords, any breach of the Civil Service Code will be dealt with by the appropriate procedures within the Civil Service. Every department is expected to develop and set up its approach under the central framework. Each department is responsible for defining the standards of conduct it requires and for ensuring that those are carried out. Internal guidance and procedures must be followed in all cases.
EU Exit: Negotiations and the Joint Committee
Baroness McIntosh of Pickering Excerpts(3 years, 6 months ago)
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Lord True (Con)
My Lords, I stand by the words of the Prime Minister in reaction to that. It was disappointing. I referred to it in my speech yesterday. It seemed to restate the opening position. As we understand it, the communiqué was hardened from the text that was before the Council, which was disappointing. We have expressed our disappointment and set out our position and feelings on the matter. I repeat to the House, because I do not want to make an entirely negative point, that we will carefully study everything that is said by EU representatives. As I have said, there will be further conversations.
Baroness McIntosh of Pickering (Con)
My Lords, I turn to customs and tariffs. The definition of goods at risk of onward movement into the EU is a sensitive decision for the joint committee to take. When does my noble friend think it will take that decision? As regards the UK’s listing as an authorised third country for agri-food exports into the EU, what assurances is the EU asking for to proceed with third-country listing of the UK and what assurances have we offered?
Lord True (Con)
My Lords, we are more hopeful. The position on third-country listing was extraordinarily disappointing. The statements and threats made in that respect were unacceptable. Goods at risk is an area of discussion in the appropriate committee. I will not foresee the outcome of those discussions.
EU Exit: End of Transition Period
Baroness McIntosh of Pickering Excerpts(3 years, 7 months ago)
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Lord True (Con)
My Lords, I did mention the Welsh ports in an earlier answer. I assure the noble Lord that the interests of those ports are well in mind. I am surprised by what he said he was told. Of course, I absolutely accept what he says, but an additional multifunctional inland site is being progressed to serve Holyhead. As I also told the House, there will be a statement very shortly on the Port Infrastructure Fund as a whole—I mentioned Holyhead because the noble Lord did. I will check the claim that there have been no contacts with Holyhead and report back to him.
Baroness McIntosh of Pickering (Con) [V]
My Lords, the situation on the Irish border is desperately unclear. The EU Environment Sub-Committee concluded in July that the matter of qualifying status for Northern Ireland goods and businesses that will benefit from unfettered access to the rest of the UK market, taking into account all-island supply chains, is still unclear. What message does my noble friend have today for the agri-food producers, farmers and freight operators in Northern Ireland about what the status will be on 31 December this year?
Lord True (Con)
My Lords, as my noble friend knows, there are continuing discussions in relation to Northern Ireland, but we are taking all available steps to support trade readiness in Northern Ireland, including establishing a new and unprecedented trader support service. That is backed by funding of up to £200 million and will provide end-to-end support for businesses engaged in new processes. The importance of the state of Northern Ireland within our union and customs territory is undoubted.
Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020
Baroness McIntosh of Pickering Excerpts(3 years, 8 months ago)
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Baroness McIntosh of Pickering (Con) [V]
My Lords, I am grateful to my noble friend the Minister for setting out so clearly the ramifications of these technical regulations, as he describes them. I have just a couple of questions, which are not dissimilar to those raised by other noble Lords. On page 1 of the Explanatory Memorandum, paragraph 2.3 states:
“At present equivalence functions are performed by the European Commission and the European Securities and Markets Authority ... At the end of the Transition Period these functions will be transferred to HM Treasury and the UK regulators as provisions in retained EU law.”
Clearly, they will be the regulators and will apply the equivalence regime but, in the event of an alleged breach being raised by a financial services company in the UK, which body will provide a remedy? My understanding is that currently, the EU Commission is the watchdog and recourse can be had to the European Court of Justice. Which body do the Government imagine will provide an appeal and a remedy in the event of the regulations being breached?
My second question relates to my noble friend’s clear statement that the regulation before us today deals with retained EU law. As other noble Lords, not least the noble Lord, Lord Bruce, have said, the current regime is a matter of ongoing interest in the EU Commission. Concerns were raised in the Financial Times in the middle of August that it may take longer for firms based in London to gain access after Brexit. My final question to the Minister is: what will be the position on 1 January 2021 for any future changes to the equivalence regime in Brussels? Will firms based in the UK—any part of the UK, either Edinburgh or London—have blanket access to the whole of the European Union or will the Commission insist that negotiations take place on a country-by-country basis? The noble Lord, Lord Bruce, accurately stated that only a small number of questionnaires have been returned. They will obviously take some time to complete fully and accurately.
Finally, I say on a note of disappointment that, while it is excellent that we have the equivalence regime under retained EU law, it will not provide anything like the prosperity and excellence that has made the City of London the most successful global financial centre.
Finance Bill
Baroness McIntosh of Pickering ExcerptsFriday 17th July 2020
(3 years, 10 months ago)
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Baroness McIntosh of Pickering (Con) [V]
My Lords, I join the Deputy Speaker in congratulating my noble friend Lady Gardner of Parkes on her birthday. I am delighted to follow the noble Baroness, Lady Bennett. I will focus my remarks primarily on how the Budget will impact rural communities and, in particular, make a plea to the Minister for rural communities to benefit from the shared prosperity fund.
I am involved in a number of charities in rural North Yorkshire and I declare my interests as in the register. Primarily, I am honorary president of the North Yorkshire Moors Railway and a member of the Yorkshire Agricultural Society. I also work closely with the charities FCN and RABI that do outstanding work with the farming community. These organisations have obviously had their fundraising activities slashed and I hope that as small charities they will benefit from the Government’s proposals for charitable organisations set out in the Budget. The impact on volunteers has been great. Many in rural areas fall into the category of self-isolation and it will be extremely difficult to re-engage with them in the future. But without them, the charities heavily rely on the staff, many of whom have been furloughed. The full impact will really be felt only when the furlough scheme ends in October. Do my noble friend and the Government recognise that the tourist season in rural areas of North Yorkshire and across the north of England and other parts of the UK is, by necessity, very short and those areas need to be treated as a special case in this regard?
The Government have set out a big homebuilding programme. On support for alternative home heating systems, I hope my noble friend will ensure that every new home has a boiler that is fit for purpose for the 21st century and that will not need to be replaced in the next five or 10 years. Will my noble friend also ensure the provision of funds to improve 4G mobile phone coverage, and that broadband will be rolled out to the hardest-to-reach areas, which currently have poor mobile signals and broadband connectivity?
I shall end with the two sectors, aviation and automotive, which have been hardest hit. The aviation industry simply asks that its furlough scheme be extended, and for a very modest 12-month air passenger duty wavier. The automotive industry is the only industry across the five EU markets in this category that does not have a scheme in place, and I hope my noble friend will set one up in the near future.
National Risk Register
Baroness McIntosh of Pickering Excerpts(3 years, 11 months ago)
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Lord True
My Lords, the role of local authorities—I speak as an old hand—is absolutely fundamental and I agree with the noble Baroness on that. I thank them for what they have done. Their role remains fundamental and I assure her that it will be considered carefully going forward.
Baroness McIntosh of Pickering (Con)
My Lords, my noble friend has in effect experienced two civil emergencies this year: flooding and extreme weather, which we saw in the winter, and now the pandemic. There is a potential third civil emergency, which is a Brexit with no trade deal impacting on the flow of medicines into this country. As we have already seen supplies in short measure, owing to the fact that factory production in third countries has reduced, and with the potential for supply chains to firm up and be distorted after Brexit, what measures are the Government taking to ensure the supply of essential medicines in the event of no trade deal on 31 December this year?
Northern Ireland Protocol
Baroness McIntosh of Pickering Excerpts(3 years, 11 months ago)
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Lord True
My Lords, first, the Government hope that we will conclude a free trade agreement; that is our policy and our objective. I am not sorry to say—but from the noble Baroness’s point of view, I would be sorry to say—that it is our intention to end the transition period. Of course, the Government are planning for all eventualities and possibilities, but I assure the House that our objective is to reach a free trade agreement and to have a practical way forward on the protocol, on the basis of the Command Paper.
Baroness McIntosh of Pickering (Con)
My Lords, the Government have rightly stated that they want to protect the disease-free status of the island of Ireland. Can my noble friend explain how that can be achieved without having physical checks on animals moving from Great Britain to Northern Ireland?
Lord True
My Lords, there are currently checks on animals in Belfast. The island of Ireland has a special epidemiological status and both parties on this side wish to safeguard that. There will be provision for agri-food and animal product movement, which has been referred to in the Command Paper. However, we have said that no new infrastructure will be put in place, and that is the policy of the Government.
EU: Future Relationship
Baroness McIntosh of Pickering Excerpts(3 years, 11 months ago)
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Lord True
My Lords, I do not think there is any distinction between the two. The Government wish to see good relations between this Parliament—both your Lordships’ House and the other place—and other parliaments around the world, including the European Parliament. But it remains the Government’s view that while we are of course supportive of dialogue between parliamentarians, it is for your Lordships and those in the other place to determine how they wish to engage; it is not for a Government to bind this and future Parliaments to a particular methodology by a treaty.
Baroness McIntosh of Pickering (Con)
My Lords, the Sherpa’s letter states that the draft fisheries agreement put forward by the UK is very close to the EU-Norway agreement, yet surely the success of an EU-UK fisheries policy will be that our produce—particularly that coming from a long distance, such as shellfish from Scotland—will have access to the French, Belgian and Dutch markets. How does my noble friend the Minister think that will be achieved by what is set out in the letter?
Lord True
My Lords, we have published a framework text to assist the negotiations on fisheries. It is based on precedent, but arrangements obviously will differ, as it is usual for those sorts of agreements to be tailored to the specific fisheries interests of the coastal states. That will be so in this case.
Income Equality and Sustainability
Baroness McIntosh of Pickering Excerpts(4 years ago)
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Baroness McIntosh of Pickering (Con)
My Lords, it is a privilege for me to serve on the Rural Affairs Group of the Church of England. I take this opportunity to pay a personal tribute to the most reverend Primate the Archbishop of York, who is both loved and revered in equal measure in York and North Yorkshire. He brings a very special, very vibrant presence and appears utterly humane at every opportunity. Two particular references come to mind: when he came to pray and preach for us at my invitation in Thirsk, Malton and Filey, and the comfort that he has shown to, among others, Joan, the mother of Claudia Lawrence, who has been missing from York for a number of years now.
The most reverend Primate is absolutely right to focus on inequalities at this time. Government does not usually employ people, except now, through the furlough scheme. I want to refer to the plight of small businesses and the self-employed—those who do employ people. Currently, the self-employed, especially tradesmen such as plumbers, electricians, hairdressers and cleaners, are really struggling. I would like to see them treated on the same basis as employed people at this time of emergency measures. Discrimination is also suffered by older workers, often volunteers, who are struggling for the hours and the recognition that they deserve, and some younger workers are finding it difficult at this time to get on to the employment ladder. Most of all, I make a plea for the Minister to look really closely at how zero-hour contracts can be justified; they must be addressed.
In conclusion, my plea to the Minister is that the length of the furlough scheme should match the length of the closure experienced by charities and businesses during the lockdown and that he will address, and perhaps terminate once and for all, the practice of zero-hour contracts. We all wish the most reverend Primate a long, happy and busy retirement.