Local Authorities: Fossil Fuel Holdings

Debate between Baroness Williams of Trafford and Lord Lawson of Blaby

Wednesday 24th February 2016 Lords Chamber

[Lord Lawson of Blaby (Con)]

My Lords, may I thank my noble friend for saying quite clearly that trustees of pension funds have a single duty, which is to do what is best for the pensioners for whom they are responsible? The political considerations paraded today are neither here nor there. This is a complicated issue and scene, and it is for the pension fund trustees to do what is best for their pensioners.

[Baroness Williams of Trafford]

My noble friend is absolutely right. I am glad that he said it is complicated because, as a humble junior Minister, I find it quite complicated. Maximising the returns for the investors is the prime responsibility of any pension fund.

Northern Powerhouse: Lancashire

Debate between Baroness Williams of Trafford and Lord Lawson of Blaby

Wednesday 14th October 2015 Lords Chamber

[Baroness Williams of Trafford]

My Lords, the Bill that is currently going through the other place and has just gone through this House is a framework Bill which allows bespoke devolution deals to take place in areas according to local need and their plans for growth. To prescribe would be the wrong way forward for government. I do not agree with the noble Lord’s point about the piecemeal nature of this approach. The north-west, the north-east and Yorkshire are doing very well economically—in fact, Yorkshire has created more jobs than the whole of France.

[Lord Lawson of Blaby (Con)]

My Lords, is it not clear that what would offer the best possible prospects for the economy of the north-west and Lancashire in particular is developing the immense natural gas resources of the Bowland Shale? Is it not deplorable that the Labour-led Lancashire County Council has prevented this from happening so far?

[Baroness Williams of Trafford]

My noble friend makes an excellent point. This is a one-off opportunity for the areas of Lancashire to maximise their assets and to be self-sufficient in how they derive energy, so I could not agree more with my noble friend.