Speech in Lords Chamber - Tue 08 Sep 2020
Trade Bill
"My Lords, I too congratulate the Minister, the noble Lord, Lord Grimstone, and the right reverend Prelate the Bishop of Blackburn on their excellent speeches. I also thank the Minister for introducing the Bill, which puts in place measures that support the UK in achieving an independent trade policy, ensuring …..."Baroness Redfern - View Speech
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Speech in Lords Chamber - Mon 07 Sep 2020
Post Office: Horizon Accounting System
"My Lords, so many careers have been ruined and reputations destroyed because of the failings of the Horizon system. How has the Post Office been encouraged to strengthen its relationship with postmasters? Has there been postmaster training to help build a commercial partnership?..."Baroness Redfern - View Speech
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Written Question
Tuesday 16th June 2020
Asked by:
Baroness Redfern (Conservative - Life peer)
Question
to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government whether companies who take out new Government-backed loans will be banned from paying dividends and cash bonuses; and if so, when.
Answered by Lord Callanan
- Shadow Minister (Foreign, Commonwealth and Development Office)
Under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) to ensure that loans backed by taxpayers’ money are being used in the right way to support businesses and jobs through this difficult time, loans come with restrictions on dividend payments:
- For facilities of up to £50m, dividend payments can continue but may not be increased for as long as any facility under CLBILS remains outstanding.
- For facilities of more than £50 million businesses must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. These restrictions were introduced on 26 May, when the maximum loan size under CLBILS was extended to £200 million.
For facilities of more than £50 million, until the facility has been repaid in full, borrowers and members of their group cannot:
- Make dividends or other shareholder payments that were not declared before the borrower entered the facility other than in very restricted situations.
- Pay any cash bonuses to senior management, or award any pay rises to senior management except where such pay rise was (i) agreed in writing before the facility was taken out, or (ii) is in keeping with similar payments made in the preceding 12 months, and (iii) does not have a material negative impact on the borrower’s ability to repay the facility. The restriction does not need to apply to pay awards or cash bonuses to be paid to new members of senior management joining the group after the date of the facility but must apply to any subsequent cash bonuses or pay rises awarded to such persons after they have joined the group.
Under the Future Fund, loans advanced under a Convertible Loan Agreement (CLA) cannot be used to pay dividends, pay bonuses or discretionary payments that are non-contracted or not in the ordinary course of business for 12 months, or pay advisory, placement or similar corporate finance type fees in relation to that CLA.
Written Question
Thursday 28th May 2020
Asked by:
Baroness Redfern (Conservative - Life peer)
Question
to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what assessment they have made of the difficulties faced by businesses that apply and receive the Bounce Back Loan Scheme if those businesses do not stay with their existing lenders.
Answered by Lord Callanan
- Shadow Minister (Foreign, Commonwealth and Development Office)
The Bounce Back Loan Scheme (BBLS) has been introduced to help small and medium-sized businesses to borrow between £2,000 and £50,000. Businesses are not required to bank with a lender in order to apply for a Bounce Back Loan with them.
There are now 18 accredited lenders of the scheme and the British Business Bank is working at pace to accredit more lenders to further extend the Scheme’s reach and provide more choice for businesses. A full list of accredited lenders can be found on the British Business Bank website.
Written Question
Wednesday 27th May 2020
Asked by:
Baroness Redfern (Conservative - Life peer)
Question
to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what assessment they have made of how quickly banks will be able to make a decision on applications to the Bounce Back Loan scheme
Answered by Lord Callanan
- Shadow Minister (Foreign, Commonwealth and Development Office)
The Bounce Back Loan Scheme (BBLS) was launched on 4 May to help small and medium-sized businesses to borrow between £2,000 and £50,000.
More than 69,000 Bounce Back Loans worth over £2 billion were approved during the first 24 hours of the scheme. As of 24 May, this has increased to 608,069 loans issued to businesses, worth £18.49 billion.
In order to apply for the scheme, businesses complete a short, simple, online application form, meaning that applications can be submitted and processed rapidly, and loans can be accessed within a matter of days. The Government is providing lenders with a 100% guarantee on each loan to give them the confidence they need to support the smallest businesses in the country.
Speech in Lords Chamber - Thu 21 May 2020
Covid-19: Businesses and the Private Sector
"My Lords, I thank the noble Lord, Lord Dobbs, for initiating this debate, reflecting on how businesses and the private sector are collaborating to address this Covid pandemic, which is cutting across people’s lives and livelihoods, and—we hope—to formulate a pathway for businesses not only to survive but to thrive …..."Baroness Redfern - View Speech
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Speech in Lords Chamber - Thu 05 Mar 2020
Sub-postmasters: Compensation
"My Lords, it has been acknowledged this morning that the PM said a few days ago that we need to get to the bottom of the matter. Does the Minister agree that an inquiry needs to begin sooner rather than later and that its scope should include the possibility of …..."Baroness Redfern - View Speech
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Speech in Grand Committee - Tue 25 Feb 2020
Post Office: Horizon Accounting System
"My Lords, I thank the noble Lord, Lord Berkeley, for tabling this important debate to highlight the long campaign that has gone on and the response to the out-of-court settlement heard on 11 December last year. Following that announcement, I will speak about the dark intervening years since the first …..."Baroness Redfern - View Speech
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Speech in Lords Chamber - Wed 24 Jul 2019
British Steel
"I thank the Minister for his response and for the work being done behind the scenes. Does he agree with me that the new Government need to continue the momentum around the national industrial strategy, and that the recovery of British Steel is a top priority, as it is one …..."Baroness Redfern - View Speech
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Speech in Lords Chamber - Tue 09 Jul 2019
Rural Post Offices
"To ask Her Majesty’s Government what steps they are taking to ensure that rural post offices are able to (1) continue, and (2) extend, the services they provide to rural communities...."Baroness Redfern - View Speech
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