Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Thursday 29th February 2024 Commons Chamber

[John Glen]

Conversation about this is taking place all the time across Whitehall. That will continue at pace as we move towards the 20 May publication. My determination is to bring forward as substantive a response as possible on the compensation issue as soon as possible after that. Obviously, those conversations happen over time, but I undertake to update the House at the next opportunity when there is something substantive to say.

[Mr Speaker]

I call the shadow Minister.

[Nick Thomas-Symonds (Torfaen) (Lab)]

In his second interim report, of 5 April 2023, Sir Brian Langstaff set out:

“I recommend that a compensation scheme should be set up now and it should begin work this year.”

Now we are into the next year, 2024, and the scheme has not been set up. We have no timetable from the Government on when work will begin. The Minister does not need to wait until 20 May for the final report. Can the Minister tell the victims’ groups, who have waited for so long, whether he has persuaded the Chancellor to include the funding for the scheme in next week’s Budget, and when will the first substantive payments be made?

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Thursday 18th January 2024 Commons Chamber

[John Glen]

I take the will of the House very seriously. That vote was on 4 December as part of the Victims and Prisoners Bill, which will now be working through its next stage in the other place the week after next. I have been working with colleagues across Government to ensure that we are able to respond appropriately at that time.

[Mr Speaker]

I call Father of the House.

[Sir Peter Bottomley (Worthing West) (Con)]

The House understands that it is the Minister’s Department that has to co-ordinate government, and that is not an easy thing to do. Does he understand that Sir Robert Francis and Sir Brian Langstaff have made it absolutely clear that the final report will say nothing more about compensation? It is not just the victims of the infected blood scandal who matter; so do the families of those who have already died—they are dying as well. May I say, on behalf of the all-party parliamentary group on haemophilia and contaminated blood—I am sure that the right hon. Member for Kingston upon Hull North (Dame Diana Johnson) would say the same—that 25 days after the report is published in May is too long to wait? People want certainty and need support.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Thursday 23rd November 2023 Commons Chamber

[Dame Diana Johnson]

Eight months ago, recommendation 12 of the final report on compensation called for interim payments of £100,000 to be

“paid to recognise the deaths of people to date unrecognised and alleviate immediate suffering.”

The “Cambridge Dictionary” describes the word “interim” as something

“temporary and intended to be used or accepted until something permanent exists”.

I know the Minister is a good man and will want to do his best, so can he tell the House when those interim payments will start to be paid?

[Mr Speaker]

May I welcome the Minister to his new Front-Bench role?

[John Glen]

I cannot tell the right hon. Lady that today, but in the seven days that I have been in this post I have recognised this to be my highest priority in the role. There are a number of complex issues that I need to come to terms with, but I am familiar with the whole issue from my previous role as Chief Secretary to the Treasury. This might be a matter of gamekeeper turned poacher, but I understand the mindset of the Treasury and how we can get a solution that deals with the range of recommendations. I cannot say anything more of substance today, but I will be having further meetings across Whitehall, with more this morning, and I am determined that this Government will respond as comprehensively as we can as soon as we can.

--- Later in debate ---

[John Glen]

The best answer I can give the hon. Lady is that it will be

“as quickly as reasonable thoroughness permits”,

as the inquiry chair said in his response. I am totally aware and sincere in my appreciation of the frustration that exists on this issue. As I say, seven days in, I am doing everything I can to move things forward and to gain assurances from across Whitehall so that I can update the House as quickly as possible. I sense the palpable frustration, and I realise that this issue needs action as soon as possible.

[Mr Speaker]

I call the shadow Minister.

[Dame Nia Griffith (Llanelli) (Lab)]

I welcome the Minister to his new role. He will know that time is of the essence, with a victim of this scandal dying every four days. He also knows that there is nothing to stop the Government setting up a compensation scheme now. The failure to do so is weighing heavily on the minds of those affected. The cynical would think that the Government are just kicking the issue into the long grass. Can the Minister tell us when he hopes to report on preparations for compensation and appoint a chair for an appropriate body to run the scheme?

--- Later in debate ---

[John Glen]

The Foreign Secretary has accounted for his conduct in relation to Greensill Capital, and independent reviews by the Registrar of Consultant Lobbyists and the Advisory Committee on Business Appointments confirm that no rules were broken. His ennoblement was also approved by the House of Lords Appointments Commission. I have referred to the process that is under way with the independent adviser for all new Ministers and the updates that will be forthcoming in due course from him. That is all I can say on the matter.

[Mr Speaker]

I call the shadow Minister.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I welcome my old friend and sparring partner, the right hon. Member for Salisbury (John Glen), to his post. Questions have been raised about whether all benefits in kind received by the Foreign Secretary while he acted as a lobbyist for Greensill Capital have been properly declared. Will the Minister confirm whether his tax affairs were examined and considered by the House of Lords Appointments Commission before approving his appointment? If not, will the Government now investigate to see if all such matters, including any use of offshore trusts, were properly declared and taken into account before the appointment was made?

--- Later in debate ---

[John Glen]

With the greatest respect, I do not think the hon. Gentleman understands that the independent adviser on Ministers’ interests has wide-ranging powers. Within two weeks of appointment, a Minister will have to fill in a form which was recently changed—two months ago—and has over 30 pages covering a wide range of aspects of their interests. There is then a process where the permanent secretary of the relevant Department comments on that and the independent adviser will then publish an update of relevant interests. This is a thorough process. I met the independent adviser yesterday. I suggest to the hon. Gentleman that he writes to the independent adviser to seek the correspondence he wishes.

[Mr Speaker]

I call the SNP spokesperson.

[Kirsty Blackman (Aberdeen North) (SNP)]

When will the list of ministerial relevant interests next be published and will the interests of all the new Ministers be included in it?

--- Later in debate ---

[Mr Speaker]

Order. Many Members wish to speak, but they will not get in if we are not careful.

[John Glen]

Yes, I acknowledge that the Maude report had some very useful contributions. I am reflecting on that and will give a more substantial response and comment in due course.

--- Later in debate ---

[John Glen]

I do not have that number for the hon. Gentleman, but the point he makes illustrates the urgency of the work in which I am engaged and the need to ensure that over the next 10 to 12 working weeks—by the expected date for the report’s publication—the Government can bring forward a comprehensive response.

[Mr Speaker]

We will now suspend until 10.30.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 20th June 2023 Commons Chamber

[John Glen]

I am happy to take up my right hon. Friend’s case. We have expanded the OFSI resources. We have a monthly monitoring and efficiency dashboard. I accept how frustrating it can be for constituents’ businesses when such situations arise, and I am happy to take the matter away and get back to him swiftly.

[Mr Speaker]

I call the shadow Minister.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 9th May 2023 Commons Chamber

[John Glen]

I think the whole House will agree that the hon. Gentleman must be the most effective advocate for his constituents. We will see what happens. There will be a rigorous process, including wide consultation, and we expect to have an outcome that benefits his constituents and people across Northern Ireland.

[Mr Speaker]

I call the SNP spokesperson.

[Stewart Hosie (Dundee East) (SNP)]

The incentives offered by investment zones include 100% business rates relief and enhanced capital allowances. With the exception of reduced national insurance contributions, it is hard to see the difference between an investment zone and an enterprise zone. What additional fiscal support are the Government providing to differentiate these investment zones from enterprise zones?

--- Later in debate ---

[John Glen]

Absolutely. It is right that we continue support for the cost of living challenges. I have mentioned the energy price guarantee; we are also sticking to that plan to avoid unnecessary inflationary pressure. [Interruption.] On average this year, as a result of Government decisions made from—[Interruption.]

[Mr Speaker]

Order. Members will have to continue their conversations at another time. Carry on, Minister.

[John Glen]

As a result of Government decisions made from autumn statement 2022 onwards, households in the bottom half of the income distribution will see, in cash terms, twice as much benefit from Government support as households in the top half of the income distribution.

--- Later in debate ---

[John Glen]

Our priority was clear throughout the covid crisis, and that was to get PPE to the frontline as quickly as possible. Due diligence was carried out on all companies that were referred to the Department. Despite all those steps being taken, some instances of fraud did occur with unscrupulous suppliers taking advantage of the situation. This Government take that fraud seriously, and the Department of Health and Social Care is exploring every available option to bring those who commit fraud to account. We have also made a number of other interventions, including investment in the taxpayer protection taskforce to normalise higher compliance activity in HMRC, alongside other measures to deal with fraud elsewhere in some of the emergency schemes that we set up to help this economy and this country get through covid.

[Mr Speaker]

I call the shadow Minister.

[Tulip Siddiq (Hampstead and Kilburn) (Lab)]

Last week, the Public Accounts Committee revealed that our country lost £9 billion-worth of tax revenue during the pandemic because HMRC redeployed 4,000 staff members whose jobs were to chase down tax avoiders. The Prime Minister was Chancellor at the time and presumably signed off that decision. Can the Minister tell me whether the Prime Minister did that as a deliberate act to give the green light to tax avoiders, or is it just another example of Tory incompetence?

[John Glen]

I think that is a ridiculous suggestion, to be honest. HMRC received £863 million to modernise the tax system, and that included £136 million invested over the spending period to deliver improvements in terms of a single customer record and account. On what happened over covid, I have already set out the investment we made, including the £100 million in the taxpayer protection taskforce. We take fraud very seriously. Now it is about HMRC looking at financial records of excessive trading to come to terms with those businesses that used some of those schemes fraudulently. We will continue to work on that.

[Mr Speaker]

I call Carla Lockhart. She is not here.

[Ashley Dalton (West Lancashire) (Lab)]

T2. If he will make a statement on his departmental responsibilities.

--- Later in debate ---

[John Glen]

I could not agree more. Responsible public spending is at the core of getting our economy into a state where it can grow, and the £90 billion of unfunded spending pledges made by Opposition Members will be scrutinised very carefully, I am sure, by many in the months ahead.

[Mr Speaker]

I call the shadow Chancellor.

[Rachel Reeves (Leeds West) (Lab)]

The Conservatives have now had 13 years in office—wages lower, the weekly food shop astronomical, energy bills unprecedented, 24 Tory tax rises and the national debt has ballooned —so can I ask: after 13 years of Conservative Government, does the Minister think that people feel better off, or worse off?

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 21st March 2023 Commons Chamber

[The Chief Secretary to the Treasury (John Glen)]

I am grateful to my hon. Friend, who has met me on a number of occasions to make the case for the Dartford crossing. Obviously, in the current difficult circumstances with inflationary pressures, we have had to make some tough choices, but I want to be very clear with my hon. Friend: we remain committed to delivering it. This is a two-year delay on construction, not a cancellation, and I will continue to update him in due course.

[Mr Speaker]

I call the shadow Chancellor.

--- Later in debate ---

[The Chief Secretary to the Treasury (John Glen)]

Further to that point of order, Mr Speaker. I can confirm that we have always been ready to sign the MOU, from two years ago—[Interruption.] Well, we have made it very clear to the EU that we are ready to sign. It is a matter for it to come to the table, and we very much hope it will be able to do that. What happened was that as the Financial Secretary came to the Dispatch Box she did not quite hear exactly what I said, and for that I apologise on behalf of the Government. It was my fault.

[Mr Speaker]

I think that clears it up. The answer was no.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 7th February 2023 Commons Chamber

[John Glen]

There is a constant dialogue at a central and local level to evaluate projects and look at what can be done to maximise delivery in the anticipated timeframe. Obviously, inflation affects the whole economy and every Secretary of State who comes to see me raises the same issue. That is why the Government are so determined to halve inflation and set the conditions for growth.

[Mr Speaker]

I call the shadow Minister.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

Following the recent levelling-up round 2 announcements, in which all five bids from Birmingham were refused, as were both bids from the great city of Wolverhampton, but, miraculously, the one from the Prime Minister’s constituency was approved, the Conservative Mayor of the West Midlands Combined Authority, Andy Street, said:

“Fundamentally this episode is just another example as to why Whitehall’s bidding and begging bowl culture is broken”.

What is the Chief Secretary’s response to the Conservative Mayor’s comments?

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 20th December 2022 Commons Chamber

[John Glen]

I am very happy to look at that question further. The Government previously considered, but rejected, asking Ofgem to implement a relative rather than an absolute price cap in energy markets, which would have similarly prevented energy suppliers from charging those large differentials, because it was judged that it was more likely to distort competition in the fixed-term tariff market. As ever, I am happy to continue the conversation with my hon. Friend and I know he will take the matter up further with the regulator.

[Mr Speaker]

We now come to the SNP spokesperson.

[Stewart Hosie (Dundee East) (SNP)]

Subsequent to the changes to the insurance market to protect people from the loyalty payment, the Chancellor announced his Edinburgh reforms to wider financial services regulation and a great many consultations. At a quick glance, many of them closed very quickly—on 5 February, 17 February, 3 March, 5 March and 17 March. Given that the Treasury Select Committee warned over a decade ago that the Government

“needs to take the time required to get its reform of financial regulation right”,

how can we be convinced that the rather painful lessons of the financial crash have not been forgotten?

--- Later in debate ---

[John Glen]

I can be very open with my hon. Friend today. We are absolutely committed to driving forward productivity across the economy and in the public sector. I will look into the specific question he has not had answered. That will involve conversations with the Secretary of State for Health and Social Care, as well as across the Cabinet.

[Mr Speaker]

I just remind everybody that Members’ letters must be answered when they put requests in, please. We now come to the shadow Minister.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I echo the good wishes to you, Mr Speaker, to the Minister and to the whole House for a very happy Christmas.

Last year, the then Prime Minister and the then Chancellor, who is now the Prime Minister, announced a star chamber to crack down on waste and fraud in public expenditure. How often has the star chamber met, and how much of the £6.7 billion estimated to have been lost to covid fraud and error has been recovered?

Covid-19: Government Support for Business

Debate between John Glen and Lindsay Hoyle

Thursday 16th December 2021 Commons Chamber

[Mr Speaker]

The Minister will answer the question, and then you can say your piece.

[The Economic Secretary to the Treasury (John Glen)]

It is clear that omicron is much more transmissible than other coronavirus variants, which is why, as the Prime Minister announced on Sunday, we are offering every eligible adult a booster dose before the end of the year. To get more jabs in arms, we have taken the proportionate and responsible step of moving to plan B in England to slow the spread of covid-19.

The rapid spread of omicron means this is a challenging time for a number of sectors, including hospitality. The Chancellor will be speaking to UK hospitality representatives this afternoon to understand their concerns. The Government continue to offer considerable support to businesses that might require extra assistance into next spring, as part of the £400 billion of direct economic help that we have provided during the pandemic.

For instance, we have reduced the VAT rate for hospitality and tourism businesses to 12.5% until March. Eligible retail, hospitality and leisure businesses in England are also benefiting from 66% business rates relief until March. And at the recent autumn Budget the Chancellor introduced a further 50% business rates relief for eligible businesses into the 2022-23 tax year.

Businesses can continue to apply for the additional restrictions grant until March 2022, as part of more than £2 billion of discretionary business grant funding during the pandemic. Businesses can benefit from our extension to the recovery loan scheme, which helps small and medium-sized enterprises to build back from the crisis by providing guarantees to lenders on finance of up to £10 million. Firms are also protected from eviction until March 2022 if they fall behind on their rent.

Firms in the arts and culture sector, meanwhile, can access the £2 billion culture recovery fund, the sports recovery package and the film and television production restart scheme until the end of April 2022. And our £800 million live events reinsurance scheme is giving event organisers confidence to plan ahead. Furthermore, the devolved Administrations have received an extra £12.6 billion this year, including an additional £1.3 billion in the autumn Budget.

This Government are helping businesses in every region and nation of the UK during these difficult times. We are speaking to the most affected sectors, and we will continue to respond proportionately to the virus’s changing path to support jobs, businesses and individuals, just as we have since the start of this pandemic.

[John Glen]

I thank the right hon. Gentleman for his questions. The Chancellor has been deeply engaged with business representatives throughout this pandemic and he will continue to be so. He was on a long-planned business trip to the United States, conducting Government business, and he will continue to engage today with other Ministers, with representatives of the hospitality sector and others, to hear their concerns about what further support should be required.

However, I will not be taking lessons from the right hon. Gentleman on some of these measures. Last year, when we put in place the bounce back loans, it was the shadow Chancellor at the time, the hon. Member for Oxford East (Anneliese Dodds), who specifically engaged constructively with the Chancellor to agree the basis for those loans. We have continued to work constructively throughout on a range of interventions for multiple sectors. We put in a package of measures at the Budget offering additional support and as of yesterday the covid additional relief fund will provide £1.5 billion for those in the supply chain to deal with some of the additional challenges. Of course the Government recognise the additional pressures that these measures and this strain of the virus bring, and of course we will engage carefully and listen carefully to those business representatives this afternoon.

[Mr Speaker]

I call the Father of the House, Sir Peter Bottomley.

[Sir Peter Bottomley (Worthing West) (Con)]

The Minister has talked about some of the costs that will be reduced. The problem with the reduction of Christmas cheer, especially in the hospitality and entertainment industries, is revenues.

If I listen to my publicans, restaurateurs and hoteliers, I know they will want to hear after the meeting this afternoon how their revenues can be lifted, how they can treat their staff properly and how the loss of revenue from those events that cannot be postponed will in some way be made up to them. That is what matters most in most constituencies, including mine.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 7th December 2021 Commons Chamber

[John Glen]

I do not agree with my hon. Friend’s characterisation of the causal relationship, but I recognise that the Bank of England continues to be responsible for monetary policy. My hon. Friend has always held distinct views that represent a particular school of economists, and I will continue to listen carefully to what he has to say to the House.

[Mr Speaker]

We now come to the shadow Minister; welcome to the Front Bench, Tulip Siddiq.

[Tulip Siddiq (Hampstead and Kilburn) (Lab)]

There is a cost of living crisis, temperatures are falling and Ministers are ignoring average households, who are struggling to pay enormous bills. Household energy bills have increased by more than £230 since last winter and are set to increase even more early next year, and we have recently seen higher tax receipts from energy bills. Will the Minister back Labour’s policy of using this money to cut VAT on people’s energy bills to zero over the next six months?

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 22nd June 2021 Commons Chamber

[John Glen]

I can commit that we will look very carefully at the evidence on the best possible interventions to make. I am pleased that, as of March 2020, 98% of the population could access free cash within 3 km, but we have to come to terms with the fact that from 2009, when 56% of transactions were by cash, we were down to 17% by last year. We have to come up with appropriate legislation to meet that change.

[Mr Speaker]

We now come to the Chair of the Public Accounts Committee, Dame Meg Hillier.

[Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

Thank you, Mr Speaker.

More than 1 million people still use only cash, and approximately 4 million use cash regularly, so it is vital that they have access to it. This is now the second consultation that the Treasury is going through, but as the PAC has seen, all the distribution of cash is in the hands of private providers. Can the Economic Secretary give any indication of the type of legislation that he can introduce to ensure that if people are very poor, they can get cash? That does not mean going to the supermarket and getting it out when they do not even know what is in their own account.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 9th March 2021 Commons Chamber

[John Glen]

The Government are committed to encouraging business investment in Doncaster and its surrounding area, and at the Budget we confirmed £23 million funding for Goldthorpe’s town deal—just due west of the town—and that will boost economic growth and encourage business investment in the area. MHCLG is currently assessing the remaining 49 towns fund bids, including those from Doncaster and Stainforth; we will make further announcements on those in due course.

[Mr Speaker]

I am suspending the House for a few minutes to enable the necessary arrangements for the next business to be made.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 7th July 2020 Commons Chamber

[John Glen]

My hon. Friend makes a very good point and case for her constituency. As the Prime Minister set out last week, we will double down on levelling up and give everyone growing up in this country the opportunity that they need. The Prime Minister announced the acceleration of £96 million of investment from the towns fund, including nearly £13 million on kick-start activity in the west midlands.

[Mr Speaker]

Order. May I just say that the Members not reached are pretty upset at others taking too long? They were desperate to get in, but there we are. I am sorry about that.

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Monday 18th May 2020 Commons Chamber

[The Economic Secretary to the Treasury (John Glen)]

The Government have recently allocated up to an additional £617 million to local authorities to enable them to give grants to businesses excluded from existing schemes. That will enable many thousands of businesses in the situation described by the hon. Member to receive cash grants.

[Mr Speaker]

We go over to the wonderful county of Lancashire and Cat Smith.

[Cat Smith [V]]

Will the Minister ask local authorities to report on the extent to which landlords are passing on the grants to tenants, because it is not just in Lancaster and Fleetwood that we are seeing widespread evidence that that is not occurring?

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 24th March 2020 Commons Chamber

[John Glen]

I am very aware of the 1,700 people who work in this area in the right hon. Gentleman’s constituency and across Wales and Scotland. I am also aware that he wrote to the previous Exchequer Secretary, who moved post before he could get a reply. At the moment, renewables are five times more expensive than wind and solar, but the Government will engage in a dialogue with the industry as we look to resolve this and move forward constructively.

[Mr Speaker]

I call Andrew Rosindell. He is not here.

[Paul Bristow (Peterborough) (Con)]

14. What steps he is taking to increase wages for low-paid workers.

Coronavirus: Employment Support

Debate between John Glen and Lindsay Hoyle

Thursday 19th March 2020 Commons Chamber

[Matt Western (Warwick and Leamington) (Lab)]

I am afraid that it is quite evident that the Government have lost support and confidence across the Chamber, and that is echoed by the markets. We have seen a 5% drop in sterling, which will translate into higher food and energy prices for already hard-pressed households. In Warwick and Leamington, we are losing jobs and good businesses. Will the Minister support the comments of the right hon. Members for Chingford and Woodford Green (Sir Iain Duncan Smith) and for Tunbridge Wells (Greg Clark) and introduce some form of universal income support to restore both the supply and demand side?

[Mr Speaker]

We are going to have to speed up.

[John Glen]

I acknowledge the point on the minimum income guarantee, which I have responded to previously. On co-ordination with the Bank of England, we have worked with the Financial Conduct Authority to introduce better forbearance measures for the banks so that they can act effectively and use their flexibilities. Obviously the bridging facility that the Bank of England has brought forward for bigger businesses is also important.

--- Later in debate ---

[John Glen]

I understand the use of the word “desperation”—I recognise that, and that is why we are working urgently to have a package of measures, and extend that package of measures, so that there are a range of options to businesses of different sizes in different situations, based on their sector and the risks that they face.

[Mr Speaker]

Last, but certainly never least, I call Jim Shannon.

[Jim Shannon (Strangford) (DUP)]

The first coronavirus death has been confirmed in Northern Ireland, and I wish, through the House, to convey our commiserations to the family.

I have been contacted by a school bus driver on a zero-hours contract who normally works 45 hours a week but has now been told that there is no work for him until further notice. Does his employer not have an obligation to pay his wages, and the wages of others in the same boat? What is the Minister’s message to help this employee?

Oral Answers to Questions

Debate between John Glen and Lindsay Hoyle

Tuesday 11th February 2020 Commons Chamber

[John Glen]

Yes, I will. There are 7,000 co-ops across the United Kingdom, employing nearly a quarter of a million people. I have had numerous meetings over the past two years with representatives of co-ops and mutuals, and we had a mutuals workshop last July. I am very happy to meet the hon. Gentleman to discuss the recent Manchester mutuals report and to see what we can do together.

[Mr Speaker]

I call Mike Wood.

[Mike Wood (Dudley South) (Con)]

Thank you, Mr Deputy Speaker—[Interruption.] I am sorry, Mr Speaker—it has been so long!

Perhaps I should declare an interest as a member of the Midcounties co-operative. Will my hon. Friend consider broadening the eligibility for social investment tax relief so that more mutuals and social enterprises can deliver excellent services and outstanding social value?

Exiting the European Union (Financial Services)

Debate between John Glen and Lindsay Hoyle

Monday 18th February 2019 Commons Chamber

[The Economic Secretary to the Treasury (John Glen)]

I beg to move,

That the draft Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019, which were laid before this House on 21 January, be approved.

[Mr Deputy Speaker]

With this we shall take the following motion:

That the draft Money Market Funds (Amendment) (EU Exit) Regulations 2019, which were laid before this House on 24 January, be approved.

[John Glen]

As the House will be aware, the Treasury has been undertaking a programme of legislation under the European Union (Withdrawal) Act 2018 to ensure that if the UK leaves the EU without a deal or an implementation period, there continues to be a functioning legislative and regulatory regime for financial services in the United Kingdom. The two statutory instruments being debated today are part of this programme. The disclosure regulations, as corrected by the corrections slip published on 12 February, will address deficiencies related to the UK’s implementation of EU rules that govern the exchange of confidential information between European economic area and third country regulatory and supervisory authorities. Once the UK is outside the single market and the EU’s joint supervisory framework for financial services, amendments will be needed to these rules so that they continue to operate effectively in a scenario where the UK leaves the EU without an agreement. The money market funds regulations will fix deficiencies in UK law on money market funds and their operators to ensure they continue to operate effectively post exit. The approach taken in these pieces of draft legislation aligns with that of other statutory instruments being laid under the 2018 Act, providing continuity by maintaining existing legislation at the point of exit but amending it where necessary to ensure that it works effectively in a no-deal context.

Let me deal first with the Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019. As Members across the House will know, an important function performed by financial services regulators is the gathering of supervisory information from firms. Regulators use this information so that they can ensure that regulated firms are operating in a way consistent with regulatory requirements and so they are alerted to any development that may need supervisory intervention. As a great deal of financial services activity takes place across borders and across regulatory regimes, the ability of national regulators to co-operate with each other and to exchange information is vital if they are to discharge their supervisory functions effectively.

The information gathered by regulators is often confidential and often commercially or market sensitive, so it is right that there are strict rules and safeguards on how regulators share such information with other regulatory authorities. EU law currently plays an important role in setting these rules. In order to ensure the effective functioning of the single market in financial services, the EU has developed a joint supervisory framework for national regulators and supervisory bodies in the EEA. This makes co-operation and the sharing of certain supervisory information between EEA national regulators mandatory.

In addition, the EU has established the European supervisory authorities—ESAs— which are responsible for co-ordinating the approach of EEA national regulators. Co-operation and sharing of certain information with the ESAs is also mandatory for EEA national regulators. As well as setting out what information should be shared, EU rules also include restrictions and safeguards. In the UK, these rules are implemented in Part 23 of the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001.

For third country authorities, there are additional restrictions when disclosing confidential information. The UK regulator may need to be satisfied that the third country authority has protections for confidential information in place that are equivalent to those of the EU. There may also be a requirement to enter into a co-operation agreement with the third country authority. In addition, if the UK regulator is disclosing confidential information to a third country authority which originated from an EEA authority, the UK regulator may need to seek the consent of the EEA regulator which originally disclosed the confidential information.

If the UK leaves the EU without an agreement, the EU has confirmed that it will treat the UK as a third country and the UK will also need to treat EEA states as third countries. The UK will be outside the single market and the EU’s joint supervisory framework, so references in UK legislation to this framework, and to EU legislation and EU bodies, will be deficient and will need to be corrected so that the UK’s disclosure rules for confidential information will work effectively. In particular, the rules will need to be amended to reflect the third country relationship that will exist between the UK and EEA states. After exit, it would not be appropriate to provide for different rules and protections on the disclosure of confidential information by UK authorities depending on whether confidential information is being shared with EEA authorities or the authorities of non-EEA states. If this is left unamended, the UK would afford additional protections and less onerous restrictions to EEA states compared with other third countries. In addition where there are currently requirements to seek the consent of an EEA authority before the onward disclosure of information, these requirements will be retained only if an equivalent requirement also exists in relation to seeking consent from non-EEA authorities.

This instrument also provides for a transitional arrangement that will ensure that any confidential information received by a UK regulator before exit day will continue to be treated in accordance with the relevant provisions that existed before exit day. While it is necessary to amend the UK implementation of rules around disclosure of confidential information to ensure that they continue to operate effectively once the UK is outside the EU, it must be stressed that these amendments are in no way intended to diminish the level of co-operation that exists between UK and EEA regulators.

The Government and UK regulators believe that effective co-operation and co-ordination is essential for the effective supervision of financial services. UK authorities will be doing everything possible to ensure that effective co-operation continues. UK regulators have always been key players and key voices of sanity in the global supervision of financial services, as is demonstrated by the close and co-operative arrangements we have with regulators in countries outside the EEA. After exit, it will be necessary for the UK regulators to enter into co-operation agreements with EEA national regulators and with the ESAs. These agreements will help ensure that a high level of co-operation and information sharing will continue.

Student Visas

Debate between John Glen and Lindsay Hoyle

Tuesday 24th June 2014 Commons Chamber

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Last but certainly not least, I call John Glen.

[John Glen (Salisbury) (Con)]

To what extent are London campuses opened by universities based many miles from London simply devices to harbour bogus students, and how can we be sure that we will not see many more bogus students siphoned through those campuses in future?

Youth Unemployment and Bank Bonuses

Debate between John Glen and Lindsay Hoyle

Monday 23rd January 2012 Commons Chamber

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

I am listening carefully to the hon. Gentleman, and I do not want to impugn him or any of his colleagues who are genuinely concerned about, for example, the plight of young people in my constituency. I meet college students who are devastated because of the impact of withdrawing education maintenance allowance and trebling tuition fees, and the fact that 10 people are chasing every job. However, all the evidence shows that some of the measures, such as enterprise zones, that the Government have introduced have no effect. Would the hon. Gentleman like to comment on that?

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. Can we have short interventions?

[John Glen]

The Government have not been complacent. They have made, and are making, relentless attempts to deal with the difficulty—the £1 billion investment in the youth contract, 250,000 work experience places and 440,000 apprenticeships demonstrate Government action. The effect is not immediate; things will not change overnight, or in the next three months. We must be realistic about what it takes to rebalance the economy. However, 20,000 extra apprenticeships with £1,500 attached to each will encourage people in the private sector, including small businesses, to take on new people.

We must recognise that there needs to be long-term fundamental change in our economy. We must pay down the debt, reduce the burden of regulations and develop schemes that incentivise private sector employers to make the leap and invest in our young people. We must recognise the reality that we are in an international scenario, and that simply pressing a few buttons in the Treasury will not deliver immediate outcomes. Reheating the flawed logic and instincts of the late 1970s, which said that we could press those buttons and jobs would appear, is flawed.

The most senior economic adviser to the former Prime Minister and Member for Sedgefield said in 1997 that the Government whom he served had a golden economic legacy. That is not what this Government had when they took power nearly two years ago. It will therefore take time, but there is no complacency. There is a determination to face up to the underlying economic challenges. Only when we have done that will we have a sustainable basis for dealing with the problem—the deep and desperate problem—of youth unemployment.