Cost of Living Increases

Angela Richardson Excerpts

Tuesday 25th April 2023 Commons Chamber

[Angela Richardson (Guildford) (Con)]

Thank you for calling me to speak so early in this debate, Mr Deputy Speaker.

The fact is that unprecedented international conditions have led to instability in our economy. Given the global world in which we live, any international crisis can and will have an impact at a national level sooner or later. I am proud that the UK has long been at the forefront of work to forge an international system characterised by stability and co-operation. This Government have always taken very seriously their responsibilities as a member of the G7, the G20 and the Commonwealth of Nations. This Government proudly took on the leadership of COP26 and rallied the world’s Heads of State and Government to take action on climate change.

Despite all those commendable efforts, there are some things that this or any other Government cannot predict or control. The Government cannot predict when a potentially deadly virus will cause a pandemic; they cannot control when a dangerous autocrat marches his troops into a neighbouring country; and they most definitely cannot control the weather. However, when listening to the Labour Front Bencher’s speech, one got the sense that had Labour been in power there would, magically, have been no pandemic, war or adverse weather. The public are listening and they are not stupid. They have experienced those things with us and they will not be taken in by what the Opposition say.

From the covid pandemic to Putin’s senseless war in Ukraine, and bad weather conditions in north Africa and Spain, this Government have been tested time and again. Our constituents across the country are feeling the squeeze caused by those events, but this Government have been there to help them deal with the burden of high energy bills, soaring inflation and uneven food availability. Actions always speak louder than words, and the actions of this Government are clear: we have provided £94 billion in cost of living support, helping the most vulnerable in our society; the energy price guarantee has been extended for three months; and three cost of living payments totalling £900 are going directly into the bank accounts of those on means-tested benefits, starting today.

But what about the words? The words of Labour’s motion are nothing but a smokescreen for its past and present lack of grip on the economy. The party that casually left a note saying that there was “no money left” now criticises the Conservative Government who have grown our economy at a faster rate than those of France, Japan and Italy since 2010, and at the same rate as Germany since the Brexit referendum. The party under which youth unemployment rose by nearly 45% criticises the party under which the total unemployment rate has fallen to a near 50-year low. When it comes to the economy, it is only the Conservative party that the British people can trust. The Labour party has never left government with unemployment lower than when it took office or with the economy on a better footing.

Even in opposition, Labour advocates for the same disastrous recipe of unfunded spending commitments and yet more borrowing. So far, the bill that Labour would saddle taxpayers with stands at £90 million in spending commitments that are plucked out of thin air—that is roughly £3,000 per household. All that comes with a good serving of borrowing, to the tune of £28 billion each year until 2030.

Going back to the motion before the House, I advise the Labour party to get on with understanding the people’s priorities and how the economy actually works. Labour should stop using the non-dom tax status as a cheap political attack under the guise of economic policy and stop going on about a windfall tax, which this Government introduced last May and increased as part of the autumn statement last November.

Health and Social Care Levy

Angela Richardson Excerpts

1st reading
Wednesday 8th September 2021 Commons Chamber

[Angela Richardson (Guildford) (Con)]

It is a pleasure to follow a typically well-informed speech from my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake).

I stood for election to be a Member of this Parliament because I want to be part of a party and Government who strive to improve the lives of all of our constituents. I am Conservative because I believe in being pragmatic and realistic, not stuck in ideological thinking, but willing to find solutions to seemingly intractable problems and, more importantly, making sure that those solutions are fit for the times in which we find ourselves. As other hon. Friends have mentioned, I will not shy away from making difficult decisions, which our constituents elect us to take.

When Labour was in power, it failed to fix the roof when the sun was shining. Now the pandemic has clouded our bright skies, but we are determined to grip this issue and to fix the social care crisis once and for all, as we promised. What are we promising to do with the NHS and social care levy? This £12 billion average annual investment over the next three years means that we will invest the largest amount of any Government to upskill the social care workforce, strengthen the adult social care system, tackle the elective backlog in the NHS as it recovers from coronavirus, fund nurses a 3% pay rise as the independent pay review body recommended, build resilience for future pandemics, ensure that the NHS has the resources it needs throughout this Parliament, and, finally, implement a Dilnot solution to cap social care costs.

In addition, we promised to deliver 50,000 more nurses, 50 million more GP appointments and build 40 new hospitals. The Conservatives are the party of the NHS and it is frankly unbelievable that the Labour party will not vote this evening to give the NHS the funding that it needs.

This £36 billion investment to reform the NHS and social care is a responsible, fair and necessary plan. Many of my constituents in Guildford, Cranleigh and our villages will be feeling a sense of relief today for the genuine anxiety they feel. We know that the pandemic has created an enormous backlog in the NHS, with more than 300,000 now having waited over a year for non-urgent care. We know that our constituents have wanted a plan for social care for decades, as many colleagues have mentioned today. Importantly, we know that our constituents understand fairness, which is why I will be supporting the Government today.

Oral Answers to Questions

Angela Richardson Excerpts

Tuesday 22nd June 2021 Commons Chamber

[Steve Barclay]

The hon. Gentleman will know, as we have discussed it on many occasions, how we have absolutely bent over backwards to attempt to include as many people as possible and have leant into considerable discussion, both with excluded groups and with other related groups. As he will know, it is not a single picture; different groups are not included for different reasons. As a result, we have in part been able to evolve and extend the programmes, and he will be aware that we did so in the last iteration of the self-employed scheme.

[Angela Richardson (Guildford) (Con)]

  I welcome the launch of the national infrastructure bank. Road infrastructure projects are needed in my constituency to meet the additional 14,000 homes to be delivered in our local plan, which is why I am calling for the A3 to be tunnelled under Guildford to ease congestion. As we move towards our target of net zero and transition our vehicles to being electric and hydrogen-run, there will be a decrease in revenue raised by fuel duty. Will my right hon. Friend outline what steps he is taking to replace that revenue and to help fund road infrastructure projects such as my tunnel?

[The Exchequer Secretary to the Treasury (Kemi Badenoch)]

My hon. Friend is absolutely right to say that the Government will need to ensure that revenue from motoring taxes keeps pace with the change away from petrol and diesel vehicles so that we can continue to fund infrastructure such as the A3, which she mentions. I am sure that colleagues in the Department for Transport can speak about her petition specifically, but I would like to reassure her and her constituents that this Government will continue to focus on record, unprecedented investment in the strategic roads network over this Parliament, through the £27.5 billion road investment strategy, which will deliver about 70 major upgrades.

Financial Services Bill

Angela Richardson Excerpts

Report stage & 3rd reading & 3rd reading: House of Commons & Report stage: House of Commons
Wednesday 13th January 2021 Commons Chamber

[Madam Deputy Speaker (Dame Rosie Winterton)]

We come to Angela Richardson on a three-minute limit.

[Angela Richardson (Guildford) (Con) [V]]

It was an honour to serve on the Financial Services Bill Committee and it is a privilege to speak on Report today.

I will speak to specific amendments, but first I would like to say that last century—well before the global financial crisis of this century—I was cutting my teeth in this sector, settling trades, including derivatives, for a US investment bank in New Zealand. We watched in shock as the actions of a lone trader in Singapore caused the collapse of Barings bank. I worked through the subsequent insertion of Chinese walls between departments, saw the creation of compliance and risk management roles and the impact of a change in culture on the institution. I therefore understand the importance of proper regulation and confidence in our regulators. I was pleased to hear the Minister confirm in his opening statement that this corporate governance continues to be strengthened today.

It is only appropriate that the scope of the Bill extends to effectively tackling money laundering and providing clear, streamlined procedures for dealing with entities that engage in this type of activity. As more aspects of our lives, including financial activities, move online, so do illicit activities such as money laundering. Therefore, legislation aiming to prevent and deal with illegal financial activity must have as broad a scope as possible, bolster existing legal provisions and be as clear and as easy to enforce as possible.

New clause 6 rightly aims to broaden the scope of the Bill to prevent money laundering in the context of electronic money institutions. However, the language of the new clause is inconsistent with legislation already in place, potentially generating confusion that could result in diminished enforcement ability. The Government’s new clauses 27 and 28 and new schedule 1 better achieve the desired effect of a more robust and comprehensive enforcement regime, which is why I will support them today. I am pleased that the Opposition Front-Bench team will not move new clause 6.

Economic Update

Angela Richardson Excerpts

Monday 11th January 2021 Commons Chamber

[Rishi Sunak]

The testing capacity that we have in this country has considerably increased from where it was. The House will remember that at the start of this crisis it was 10,000, and now we are doing several hundred thousand a day, so that is a substantial increase, and testing can play a part in reducing the spread of transmission. Obviously, given the new strain of the virus, we have had to put in place new restrictions, which is disappointing, but I still believe that test and trace can play a role in suppressing the spread of the virus, especially as we come out of this crisis. The hon. Lady is right to hold me and others accountable for every pound of taxpayers’ money that we spend and I am sure will continue to do so.

[Angela Richardson (Guildford) (Con) [V]]

I have exciting, innovative companies of tomorrow located in Guildford, and they will be crucial to our economic recovery. Will my right hon. Friend ensure that these companies remain at the centre of his future plans?

[Rishi Sunak]

My hon. Friend is right: our innovative companies are a great strength of the UK economy compared with others and they will help drive our recovery. That is why we put in place the future fund, which was an unprecedented intervention to help 1,000 of our fastest-growing start-up companies with match funding. Innovate UK also made available £500 million of additional grants and loans through its innovation schemes, and most recently, we have committed extra funding for our start-up loans scheme next year. Taken together, it is a significant vote of confidence in those innovative companies, and I look forward to hearing from her other ways that we can support them to help drive our recovery.

Spending Review 2020 and OBR Forecast

Angela Richardson Excerpts

Wednesday 25th November 2020 Commons Chamber

[Angela Richardson (Guildford) (Con)]

I welcome my right hon. Friend’s statement this afternoon. He will know that affordable housing is needed in my constituency, but that development is constrained by green belt, which we are rightly enhancing and protecting as a manifesto commitment. Therefore, will he outline what fiscal steps he is taking to support councils like mine to regenerate brownfield sites?

[Rishi Sunak]

My hon. Friend is absolutely right about the importance of going to brownfield first. Today’s spending review makes available an additional £100 million for non-mayoral combined authorities to access remediation funding. My right hon. Friend the Housing Secretary will be able to talk to her in more detail about that, but it is exactly the kind of thing that I think could make a difference in her constituency.

Financial Services Bill (Second sitting)

Angela Richardson Excerpts

Committee stage & Committee Debate: 2nd sitting: House of Commons
Tuesday 17th November 2020 Public Bill Committees

[Alison Thewliss]

Thank you very much.

[Angela Richardson (Guildford) (Con)]

Q Adam, in your earlier comments you said that London is the financial services hub of the EU and that it has been a strong voice in shaping the EU’s regulatory framework. First, do you believe that we will continue to be a strong voice in global regulator-to-regulator discussions? Secondly, do you agree that the Financial Services Bill will increase the UK’s resilience to economic shocks, while meeting our international commitments on protecting the global financial system?

Adam Farkas: Answering the first question involves a bit of speculation into the future. Given the importance of the City of London as a global financial centre, and given the weight and experience of UK authorities in global standard-setting bodies, I would be inclined to confirm that yes, the United Kingdom is expected to remain a strong voice in multilateral standard-setting bodies and in multilateral discussions on financial stability, as well as in micro-financial regulation, markets, insurance and prudential banking regulation.

There is probably no conclusive answer to your second question, but the Bill certainly opens up the possibility of creating a framework within the United Kingdom that will delegate a lot of rule-making powers to the respective authorities—the PRA and the FCA. It will provide a well-defined, clear and transparent framework, and it will also define an accountability regime with that framework. In my view, that will establish the possibility—subject to the detailed rules that will then be adopted—that financial regulation as a whole will continue to ensure financial stability in a global financial centre.

[Angela Richardson]

Thank you.

[Gareth Davies]

Q My understanding is that the British Government have so far filled out something like 2,500 pages of questions from the European Union, all of them to strict deadlines. What do you think has caused the delay in the EU granting equivalence or making any public statement on that? Clearly the UK is equivalent, so what is causing the delay?

Adam Farkas: I do not know. What I can say is that the equivalence determination process consists of two stages. One is a technical assessment that involves a detailed assessment of the rule book for the set of regulations, with questions and interactions. In every jurisdiction there is a second stage, which is the determination itself after the technical assessment. That stage is a much more political decision, or is a decision of a more political nature; it considers other aspects in addition to the interests of the jurisdiction making the determination. The answer probably lies there, but I have no information on why equivalence decisions have not yet been made on the EU side. It is not true to say that no equivalence decisions have been made; some have been determined and published, even if on a temporary basis.

Black History Month

Angela Richardson Excerpts

Tuesday 20th October 2020 Commons Chamber

[Angela Richardson (Guildford) (Con)]

It is a pleasure to follow the hon. Member for Croydon Central (Sarah Jones) and the many excellent speeches in what has been a pretty good-natured debate so far. I congratulate the hon. Member for Erith and Thamesmead (Abena Oppong-Asare) on securing this debate, along with her colleagues.

It is wonderful that time in the main Chamber has been given to debate Black History Month. It is an opportunity to celebrate the contribution of black people to our history, with a particular focus this year on public services. I particularly acknowledge the contribution of our BAME community to the national response to covid, especially those who work in our NHS. We are grateful for their service and their sacrifice.

One of the petitions relevant to today’s debate is about teaching Britain’s colonial past in schools. The hon. Member for Brent Central (Dawn Butler) and others have called for our history to be decolonised. I recognise our difficult colonial past, but there are positives, too. As a proud colonial, I stand here today to highlight my own history, which I would not want to see rewritten or whitewashed. In the 1851 census, my great-great-grandfather, Levi Stanton, is recorded, aged 13, as a chimney sweep in Lincolnshire. In 1883, he boarded the Rangitikei with his family, including my very young great-grandfather, who nearly did not survive the journey. He took an enormous risk to find a better life for his family. That is not a unique story—it is a global story—and it is not limited to race, gender or class. He was part of building his country, New Zealand, by laying drains and being a member of the voluntary fire brigade. What does that mean for me, five generations later? A childhood in a rich, diverse melting pot of culture in economically challenged west Auckland.

The hon. Member for Newcastle upon Tyne Central (Chi Onwurah) said that black people have the best music—I agree. My musical heroes of the ’80s and ’90s came from the US and the UK, and many were black. I spent hours in my bedroom as a teenager trying to sound like Whitney Houston or Sade and singing along to Stevie Wonder and Boyz II Men—I am afraid I am probably showing my age. The moment when I really felt like I had made it and felt most included as a teenager was when my Maori and Pacific Island friends let me sing with them. Everyone is looking to feel like they belong, regardless of gender or social class, and enjoying culture and music is a fine way to achieve that inclusion.

I am now a British citizen and a Member of Parliament—a journey from chimney to Chamber—and I am regularly asked by women out there who my female role models are. Without fail, I always mention Rosa Parks, and I am pleased that children in key stage 1 have the opportunity to learn about her. History tells us the impact of her actions on the civil rights movement. I see a woman who, in a moment, exercised great courage and strength of will against a gross injustice. She was a hero.

Today, let us remember our black heroes of history and our current heroes, including right hon. and hon. Members in this place, and let us work together to create equality of opportunity for us all as we continue to build our nation of tolerance and respect for those to come.

Covid-19 Economic Support Package

Angela Richardson Excerpts

Wednesday 14th October 2020 Commons Chamber

[Anneliese Dodds]

Unfortunately, the hon. Gentleman does not appear to be aware that the windows are already broken and that, in a quarter of this country, we see those businesses having been subject to additional restrictions. None of them has moved out of that, aside from in Luton, which appears, sadly, to be in a difficult situation again now.

We see the Government’s own expert advisers saying that they are likely to be forced into a position where additional restrictions have to be applied in the future, when they will be less effective, because by that point infection will have been spread further across this country. So the question is whether action is taken decisively when it can be most effective or whether we push this back, the costs increase, business confidence continues to erode, people continue to lose their jobs and businesses continue to go to the wall. That is the question this Government need to answer.

If we are to avoid the bleakest of winters, this Government have to get a grip. We need a national reset. For that to work, we need an economic package that acknowledges reality and gets ahead of the problems we face; a wage support scheme that works properly; a safety net worthy of the name; and financial support that goes hand in hand with the imposition of extra restrictions.

[Angela Richardson (Guildford) (Con)]

Will the hon. Lady give way?

[Anneliese Dodds]

I will not, because so many Members want to come in on this debate.

We brought this motion to the House today because the Government have not been doing what it takes to support areas under additional local restrictions. Currently, those are in the north of England and parts of the midlands, Scotland, Wales and Northern Ireland, and Members representing those areas know that that is the case. So I appeal to them to put their constituents’ jobs and livelihoods first, and support this Opposition motion. [Interruption.]

Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill

Angela Richardson Excerpts

2nd reading & 2nd reading: House of Commons
Friday 11th September 2020 Commons Chamber

[Gareth Davies]

I thank my hon. Friend for his intervention. I will not repeat what I said to my hon. Friend the Member for Milton Keynes North (Ben Everitt), but to take an example, the French Government under the leadership of President Emmanuel Macron have now issued more than €22 billion of sovereign green debt. Of their first issuance, I believe that 28% was funded by British investors. So again, I would like to see British investors investing in British renewable infrastructure.

There is an opportunity for co-operatives to issue green debt and bring in private capital, which is exactly what the hon. Member for Cardiff North intends to achieve, but it would also increase the level of pounds sterling issuance in the green bond market, so perhaps that is an idea for her next private Member’s Bill.

As I said, I support the spirit very much of what the hon. Lady is seeking to achieve. However, I do not believe that the Bill is the right tool to help co-operatives and to help us move them forward and address climate change.

[Angela Richardson (Guildford) (Con)]

In the spirit of talking about the climate and all the things we want to do, and building on the excellent point made by my hon. Friend the Member for Clwyd South (Simon Baynes) about the hybrid nature of this Bill, does my hon. Friend agree that by bringing in this outside investment, we are potentially creating a risk for co-operative members?

[Gareth Davies]

I thank my hon. Friend for her intervention. I will comment on the protection of members’ rights shortly. It is not just me who is critical of the detail of this Bill. As my hon. Friend the Member for Hertford and Stortford (Julie Marson) noted, Co-operatives UK said that the Bill is “impracticable and counter- productive”. The hon. Member for Cardiff North did intervene on my hon. Friend to note that Co-operatives UK said that detail should be filled in at a later stage, but I would have liked to have seen the detail at this stage.

--- Later in debate ---

[Angela Richardson (Guildford) (Con)]

It is a privilege to follow so many amazing speeches and contributions today. It is also quite unusual to follow the Minister, so I shall get on with it.

I congratulate the hon. Member for Cardiff North (Anna McMorrin) on introducing the Bill. It is clear that she has invested considerable work and time in the process. It is also clear from their contributions today that other colleagues across the House have invested much time in this, too. The importance of environmental considerations are becoming more widely acknowledged, which is welcome. There is no shortage of need—for example, refitting old housing stock and making for a greener future, as the hon. Lady mentioned in her opening speech.

There is also a growing interest in this area from investors, many of whom recognise that not everything that counts can be counted and that the environmental and social impact of their investments should also form part of the reckoning when assessing the returns they make. This creates an opportunity to bring the two together, but sustainable success will only happen if that is done responsibly, and I have reservations as to whether the Bill will do that.

The Bill raises more questions than it answers. The proposal suggests that these green shares are transferable, as is normally the case with shares, but how are they to be priced? How is a fair price to be determined in the absence of a deep and liquid market? What will shareholders have a share of exactly? What rights will these shares carry, and what governance structures will be in place to allow these shareholders to protect their rights? Who gets to govern the investment? The risk of the potential of this being a mini bond has been outlined. Calling something equity does not make it so. There are accounting regulations to be taken into consideration. If debt is bought back at less than its face value, as may happen here, a gain accrues to the issuer while the holder of the loan may nurse a loss that they can reclaim tax against—the Bill may open new ways for mutuals and co-operatives to recapitalise themselves at taxpayers’ expense.

Finally, say that the money is raised and spent. What does success look like? The challenge and opportunity that this form of finance is designed to deal with—the big environmental problems—also has externalities, which by definition cannot be quantified, so how can co-operatives evidence the extra-financial component of the return? There is a risk that capital raises over-promises, which have been described by other Members as greenwashing, which we have to be careful of. I admire the aims of the Bill, but I cannot support it as it currently stands.