Debates between Baroness Finlay of Llandaff and Lord Hendy during the 2019-2024 Parliament

Tue 6th Oct 2020
Trade Bill
Grand Committee

Committee stage:Committee: 3rd sitting (Hansard) & Committee: 3rd sitting (Hansard) & Committee: 3rd sitting (Hansard): House of Lords

Trade Bill

Debate between Baroness Finlay of Llandaff and Lord Hendy
Committee stage & Committee: 3rd sitting (Hansard) & Committee: 3rd sitting (Hansard): House of Lords
Tuesday 6th October 2020

(4 years ago)

Grand Committee
Read Full debate Trade Bill 2019-21 View all Trade Bill 2019-21 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 128-IV(Rev) Revised fourth marshalled list for Grand Committee - (6 Oct 2020)
Baroness Finlay of Llandaff Portrait The Deputy Chairman of Committees (Baroness Finlay of Llandaff) (CB)
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My Lords, we will now resume the Committee. I call on the noble Lord, Lord Hendy, to complete his remarks.

Lord Hendy Portrait Lord Hendy (Lab)
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My Lords, I will make two final points in respect of the Minister’s speech. My second point is that he said that ISDS cannot force the privatisation of public services. That is absolutely right, of course, but we cannot overlook the fact that ISDS permits a challenge to taking previously privatised services back into public ownership—something that Governments of all persuasions have done from time to time in the past, especially in times of emergency.

Finally, the Minister said that the Government were considering the merits of a multinational investment tribunal in place of the secret arbitration under ISDS. Of course, one accepts immediately that the EU’s proposal for an MIT gives transparency instead of secrecy, which is very desirable. But it does not resolve the central evil that ISDS challenges, on very broad terms, parliamentary decisions by the chilling effect of a threat of compensation which is measured in billions—a disincentive for any Government.

The issue of ISDS is obviously controversial and the Minister is plainly aware of the concerns of members of the Committee. I hope that those concerns, and those reflected in other amendments, will cause the Government further reflection. In those circumstances, I beg leave to withdraw the amendment.