Climate Risk Models
Debate between Lord Brooke of Alverthorpe and Baroness Vere of Norbiton(3 months, 3 weeks ago)
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Baroness Vere of Norbiton (Con)
No, the Government will not ask the PRA—or indeed anybody else—to do that as a matter of urgency. It is up to those independent regulators to decide the next stage at which CBES may be rerun. However, an important learning experience came out of CBES, which was that many of the capabilities needed to be embedded in the system. It is pointless running a scenario if the underlying information and the risk scenarios and outcomes coming from firms have not been updated to reflect the new scenarios. The independent regulators are very seized of the issue. Obviously, CBES will be run in due course if the Bank of England decides that the results of its previous running have been embedded in the system.
Lord Brooke of Alverthorpe (Lab)
My Lords, the noble Lord, Lord Lilley, said that the Bank of England has to take into account a variety of issues. Can the Minister say what work it is doing on AI? Is it in a better position than we are to see what is happening and the consequences?
Baroness Vere of Norbiton (Con)
The noble Lord raises a very important issue. However, it is slightly beyond the remit of the Question.
Trains: Wifi Provision for Passengers
Debate between Lord Brooke of Alverthorpe and Baroness Vere of Norbiton(12 months ago)
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Baroness Vere of Norbiton (Con)
As I have said many times, business cases will be drawn up by the train operating companies, and those considerations will be top of mind.
Lord Brooke of Alverthorpe (Lab)
Can the noble Baroness let the noble Lord, Lord Berkeley, and the House know just what saving would be made if wifi were withdrawn, and what alternatives might be available to keep it running?
Baroness Vere of Norbiton (Con)
Of course, I cannot say that at the moment because there is no plan to completely withdraw all wifi from across the network. That is the whole point. However, once the business cases have been done and there is an agreement as to which wifi might continue and which might not—one might assume that it would be a prerequisite on longer journeys, but I am not going to prejudge the outcome of the business cases—at that stage we will have a better idea of the future economics.
HS2: Cost
Debate between Lord Brooke of Alverthorpe and Baroness Vere of Norbiton(4 years, 9 months ago)
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Baroness Vere of Norbiton
As I have already tried to explain, the costs are still under review and being finalised. I am certainly not able to give the assurance that my noble friend is after as to the routes in the north because complex rail developments such as these are interrelated and the true benefits—the true value for money for the taxpayer—is achieved only when they are built as one system.
Lord Brooke of Alverthorpe (Lab)
My Lords, is there not a problem with the way we keep the cost of these projects under review? We had the same difficulty with Crossrail and, as I understand it, people have been raising questions from within the HS2 project since as far back as 2015, complaining about how it has been managed financially. Many of them have left and been required to sign nondisclosure agreements. Why are they being required to sign those agreements, and why can we not find a way for people who raise legitimate complaints about the direction in which projects are going to have their say, so that we can hear it?
Baroness Vere of Norbiton
The noble Lord is correct that a number of people who have left have signed settlements with HS2; these are settlements in the normal course of business, on people taking voluntary redundancy or otherwise. However, we do listen to people when they have concerns, financial or otherwise, about any of our infrastructure projects. I go back to what I said at the outset: that is why we need to give the new chairman of HS2 the time and space to do the work we have asked him to do. We will report later on this year.
Honda in Swindon
Debate between Lord Brooke of Alverthorpe and Baroness Vere of Norbiton
Lord Brooke of Alverthorpe (Lab)
My Lords, does the noble Baroness feel, and share, the sadness of the House at our impotence? Does she recognise that making an appeal to the Labour Party to help the Government deliver their policy is probably a waste of time? Does she recognise that she should listen to the noble Lord, Lord Lansley, take his message to the ERG and persuade its members that they are the people who can ensure that we find a solution to the problem the country currently faces?
Baroness Vere of Norbiton
My Lords, some members of the Labour Party already support the Prime Minister’s deal, and I do not think it is out of the question that one or two more might see that it is the way forward for our country. As I have said, and say again, the Government’s position is that we do not want a no-deal Brexit. I agree with the noble Lord that there are certain members of my own party who also need to look very carefully at the potential outcomes. They need to weigh up the options and decide accordingly.