Middle East: Economic Update

Debate between Lord Livingston of Parkhead and Lord Livermore

Thursday 26th March 2026 Lords Chamber

[Lord Livermore (Lab)]

No, but I am certain that it will lead to lower food prices, just as I am certain that the Brexit that the noble Lord championed has led to all manner of difficulties for consumers, households and businesses. I am sorry that he is still unable to concede that very important point. As I have said before, at a time of global instability, getting closer to and building a deeper economic relationship with our closest partners is in our national, security and economic interest.

[Lord Livingston of Parkhead (Non-Afl)]

My Lords, in coming back to the comment on oil and gas made by the noble Baroness, Lady Neville-Rolfe, the growth of green energy and the growth of oil and gas are often described as somehow at odds with each other. It is quite clear that we need both for our energy security. We should grow our green energy while oil and gas remain transitional fuels. Therefore, as Norway is doing, the UK should grow its energy and gas supplies so that we can support our tax base and improve our energy security. It may not affect prices, but it is an important role that the UK can play not just for itself but for other countries, and it is not at odds with the energy transformation.

[Lord Livermore (Lab)]

I agree with every word that the noble Lord said. We will ensure that North Sea oil and gas play an important role in our economy for years to come. Last week, the Chancellor met with North Sea industry leaders to discuss their role in jobs, investment, growth and energy supply. As the noble Lord and I have said, and I agree with him, we are investing in renewables at the same time. We are lifting the ban on onshore wind and streamlining grid connections. We ran the biggest ever floating offshore wind auction last year and have brought forward the next renewables auction to this July, and we are driving forward negotiations on the UK’s participation in the EU internal electricity market.

Stablecoin Ownership

Debate between Lord Livingston of Parkhead and Lord Livermore

Thursday 16th October 2025 Lords Chamber

[Lord Livermore (Lab)]

There is definitely something worth considering in that. I have learnt a lot in preparation for this Question. I know very little about the subject, but much more than I did when I started. The noble Baroness raises an important question, in terms not only of financial education—obviously we should look at what she proposes—but of keeping consumers safe. The FCA financial promotion rules require promotions to be clear, fair and not misleading, with risk warnings displayed prominently, especially for high-risk investments. Firms must ensure promotions accurately reflect benefits and risks and consider the target audience, to help consumers make well-informed decisions. The FCA has also been cracking down on unlawful financial promotions by influencers as part of the regulatory regime being developed. The Treasury is working closely with the FCA to set conduct standards for firms.

[Lord Livingston of Parkhead (Non-Afl)]

My Lords, first, I thank the Lord Speaker for all his service—a good fellow Scotsman and football fan. I also ask the House to note my interest as chairman of S&P Global. Does the Minister agree that stablecoin is like most other financial instruments: it depends on what is backing it and what is behind it? The important thing is not pace but the right regulation that creates the right environment for the UK to succeed and that ensures that people are protected by making sure that the assets that back stablecoin are there, available, and understood by consumers and businesses that use it.