Oral Answers to Questions

Baroness McIntosh of Pickering Excerpts

Thursday 30th October 2014 Commons Chamber

[Dan Rogerson]

As I set out to the hon. Lady, there are a number of schemes in place. Some are still paying out and will do so until the end of the financial year. If she has particular concerns about issues in her part of the world, I would be happy to meet her, as ever, to discuss them, but those schemes are available to all those affected by flooding during the period of extreme weather from early December last year through to the end of April.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

More homes were flooded in 2012-13 across the Yorkshire region, so I hope the Minister might meet a delegation of Yorkshire MPs to consider how our roads and bridges might best be recovered. What progress has been made with the Treasury on having one fund—one budget—between capital expenditure and revenue expenditure for total expenditure on flood spending? That would help communities to recover more quickly and end the senseless rows about the size of the pump and which budget it should come from.

[Dan Rogerson]

I thank the Chair of the Environment, Food and Rural Affairs Select Committee for her question, raising issues to do with transport recovery, which have been well supported by the Department for Transport. I encourage my hon. Friend and other colleagues from Yorkshire to continue to discuss that with Ministers from that Department. On the distribution of the maintenance, revenue and capital money that we have invested in flood defences and coastal risk management—a record amount of money—we continue to discuss with the Treasury whether flexibilities might be helpful in this regard. The Select Committee’s work has been of great help.

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[Sir Tony Baldry]

There are a number of very impressive senior women in the Church of England, including cathedral deans such as the one to whom the hon. Gentleman referred. There are also women archdeacons and others who I am sure will be in contention for early appointment as women bishops in the Church of England.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

6. What guidance the commissioners follow when making investments; and if he will make a statement.

[The Second Church Estates Commissioner (Sir Tony Baldry)]

The investments of the Church Commissioners are the responsibility of the assets committee. They are guided by a professional investment team supported by external advisers and the advice of the Church of England ethical investment advisory group.

[Miss McIntosh]

I am grateful to my right hon. Friend, but I still seek what guidance and criteria the Church Commissioners follow. What is the level of investment income from Church of England investments as regards the overall revenue?

[Sir Tony Baldry]

The Church Commissioners have investments of just over £6 billion. From that is generated an annual income of about £100 million, most of which is devoted to clergy pensions, and the rest to helping poorer dioceses across the country, such as Durham and Liverpool, and supporting their mission work. The Church Commissioners are advised by the Ethical Investment Advisory Group. I assure my hon. Friend, and the House, that we take considerable care to monitor any investment that might have an effect in these areas: tobacco, defence, non-military firearms, gambling, pornography, high interest rate lending, stem cell research, alcohol, and genetically modified organisms. For each and every one of those, the assets committee and the Ethical Investment Advisory Group spend hours and hours working to produce detailed policy to try and ensure not only that we do not invest inappropriately but that we use our investments to encourage companies to act responsibly.