Future of Financial Services

Lord Flight Excerpts

Wednesday 11th November 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

I am not able to give specific answers to the noble Baroness, Lady Wheatcroft, on those subjects at the moment. They will, no doubt, be included in the ongoing negotiations. If we receive clarity on that in the next few weeks, I will happily write to her.

[Lord Flight (Con) [V]]

My Lords, I apologise that my screen has gone wrong while waiting. I first declare my interest. [Inaudible.]

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

Lord Flight, could you come closer to your microphone? Do not worry about your screen.

[Lord Flight (Con) [V]]

Is that better?

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

No. Let us try again: one more time, Lord Flight.

[Lord Flight (Con) [V]]

Is this better?

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

No, you are cutting in and out.

[Lord Flight (Con) [V]]

Is that better now? Hello, hello? Can you hear me?

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

Let us move to the next speaker and we will come back. Apologies, Lord Flight, but you were breaking in and out.

Home Secretary: Allegations of Bullying

Lord Flight Excerpts

Monday 2nd November 2020 Lords Chamber

[Lord True (Con)]

My Lords, I have nothing further to add to the replies I gave earlier about the ongoing process.

[Lord Flight (Con) [V]]

What sort of behaviour is sufficiently aggressive to be described by the Government as bullying?

[Lord True (Con)]

My Lords, the Government take bullying very seriously. In 2018, the Civil Service undertook a review of the arrangements for tackling harassment and misconduct within the service. The Ministerial Code is clear that

“harassing, bullying or other inappropriate or discriminating behaviour is not consistent with the Ministerial Code and will not be tolerated.”

That is the position of the Government.

Parliament: Restoration and Renewal Project

Lord Flight Excerpts

Wednesday 22nd July 2020 Lords Chamber

[Lord True]

My Lords, I think the second part of the noble Lord’s question is germane to the Question that follows; I am not sure if he has a chance to ask a question on that. The Conservative Party’s donations are declared, permissible and controlled. On the first part of his question, I stand by every word I used last week.

[Lord Flight (Con)]

My Lords, I hope our democratic machinery will get a move on in taking a decision about relocation and will take a wholly common-sense view on what is appropriate, which I personally believe is to stay in Westminster. The great cities of this country have an important local leadership role and a role liaising with Westminster, but I do not think it makes any great sense for them to be considered as a location for our Houses of Parliament. The Minister is not necessarily in a position to support that, but I would be interested in his personal views.

[Lord True]

My Lords, giving personal views from this Dispatch Box is probably not the wisest thing. On the timescale, again, the sponsor body is independent. It will conduct its review on the timescale it has set out, but I understand that it expects and hopes to report this autumn.

Economy: Update

Lord Flight Excerpts

Tuesday 28th April 2020 Lords Chamber

[Lord Agnew of Oulton]

I thank the noble Lord for his question and indeed for his perspicacity in the statements he made on 18 March, and on them becoming policy very shortly afterwards. In that light, if the noble Lord would like to write to me with his ideas, I assure him that I will follow that up with the Chancellor of the Exchequer and see what more we can do. I completely agree that we will need a more flexible and nuanced system as we move into the next phase of this crisis.

[Lord Flight (Con)]

May I add my congratulations to the Chancellor and the Treasury team for the dexterity with which they have brought in imaginative measures? My specific question, where I declare an interest as chairman of the EIS Association, is on whether the Government would consider introducing for the short term an increase in the size of the value of EIS tax credits? I believe that this would stimulate substantial private investment in SMEs; indeed, some £20 billion has been invested as a result of these EIS measures in the past. EIS has played a vital role encouraging the SME sector in this country.

[Lord Agnew of Oulton]

I thank my noble friend for his question and I will certainly take it back to the Treasury. It is worth remembering that the combination of the EIS, SEIS and VC schemes are pretty generous for investors, with the tax reliefs that they get. I suspect that, as an experienced investor, my noble friend Lord Flight will know that valuations will fall pretty dramatically for businesses looking for funding if they are early stage. Therefore, there will be a lot of opportunities for the entrepreneurial investor over the next few months. None the less, I will certainly take my noble friend’s suggestions back for further consideration.

Covid-19: Self-employed

Lord Flight Excerpts

Thursday 23rd April 2020 Lords Chamber

[Lord Agnew of Oulton]

My Lords, delivering a scheme for the self-employed is a difficult operational challenge, particularly in the rapid timescale required. The Government’s priority is to get support to those who need it as quickly as possible, in the fairest way. The design of the scheme, including the £50,000 threshold, means that it is targeted at those who need it most, and who are most reliant on their self-employment income. Some 95% of those who are mostly self-employed will benefit; those who do not meet the eligibility criteria for the SEISS may have access to a range of other support, including the more generous universal credit and deferral of tax schemes. I hope to address the dividend points in answer to a separate question.

[Lord Flight (Con)]

My Lords, will the Government give greater priority to speeding up the provision of financial assistance to SMEs, in particular through the new future fund?

[Lord Agnew of Oulton]

My Lords, the Government are making sure that people and businesses have access to the support they need as quickly as possible. We have tried to design measures that can be made operational quickly and effectively. Lenders have increased the number of loans they are approving every day and staff are working to process applications as quickly as possible. Over 12,000 CBILS loans have been made to businesses so far, meaning benefits of some £2 billion in finance and the rate of approvals is accelerating.