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Cameron of Chipping Norton, Lord
Type
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Prime Minister's questions (10)
House
Session
Year
Department
Member
Primary member
More
Cameron of Chipping Norton, Lord (15)
Answering member
Legislative stage
Legislation
Subject
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Publisher
My Lords, does the Minister agree with me that we should not give up on the idea that the frozen Russian assets themselves should be used, rather than just making loans or payments on their behalf? They should be seen as a downpayment on the reparations that Russia will one day rightly have to pay.
While at the moment we clearly do not see the United States giving this conflict as much attention as we would like, I am sure the Minister has seen that the Ukrainians are inflicting record casualties on Russian troops through their brilliant use of drones. Does she agree that this proves this is a cause worth investing in and supporting, because the Ukrainians are in the right?
My Lords, does the Minister agree with me that we should not give up on the idea that the frozen Russian assets themselves should be used, rather than just making loans or payments on their behalf? They should be seen as a downpayment on the reparations that Russia will one day rightly have to pay.
While at the moment we clearly do not see the United States giving this conflict as much attention as we would like, I am sure the Minister has seen that the Ukrainians are inflicting record casualties on Russian troops through their brilliant use of drones. Does she agree that this proves this is a cause worth investing in and supporting, because the Ukrainians are in the right?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
23 March 2026
Absolutely. We have all declared many times in this Chamber and elsewhere our admiration and respect for the people of Ukraine, and our determination to stand by them. The noble Lord’s last point was really quite important; we must remain focused on Ukraine, despite what is happening elsewhere. The innovation and learning that the Ukrainian fighters have been able to glean from their heroic efforts will be absolutely vital in defending against drone attacks in other parts of the world.
Subjects
Compensation; Armed conflict; Cultural heritage; Finance; Loans; Refugees; Middle East; Ukraine; Russia; Freezing of assets
Date
23 March 2026
Reference
854 c1241
Chamber / Committee
House of Lords chamber
House
House of Lords
Statement on last week's European Council.
Statement on last week's European Council.
Lead member
Lord Cameron of Chipping Norton
Department
Prime Minister
Type
Ministerial statements
Subjects
EU budget; Economic and monetary union; Euro; Loans; European Council; Economic recession
Date
20 December 2010
Reference
520 c1187-200
Chamber / Committee
House of Commons chamber
House
House of Commons
Given, as the Prime Minister says, that we are trying to save the banking system not as an end in itself, but to save the wider economy, would he agree that the real test of success of these measures is not just, as he said, whether banks starting to lend to each other, but whether small business can get loans again and whether home owners can get mortgages again? Are they not the real tests that need to be met? Can he explain how he will measure whether they are met?
Given, as the Prime Minister says, that we are trying to save the banking system not as an end in itself, but to save the wider economy, would he agree that the real test of success of these measures is not just, as he said, whether banks starting to lend to each other, but whether small business can get loans again and whether home owners can get mortgages again? Are they not the real tests that need to be met? Can he explain how he will measure whether they are met?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
8 October 2008
I am grateful to the right hon. Gentleman for giving me an opportunity to say, in addition, what we are doing to help small businesses. The key issues for small and medium-sized enterprises are cash flow, and, to some extent, access to finance, as I have just said. They need to be helped through this critical period. Late payment problems, which have intensified, with all firms on average lengthening the time it takes to pay their suppliers, including SMEs, go beyond agreed terms. The Government can ease the situation, and we will help cash flow through prompt payment. The Government have already agreed to move their procurement rules from payments within 30 days to a commitment to pay as soon as possible. In the current climate, we need to go further, with a harder target. We will therefore aim to make SME payments within 10 days. The Government will pick up the cost of that, but it is a small price for greatly increasing cash flow associated with £8 billion of contracts for SMEs.
As I announced last weekend, we propose that the European Investment Bank increase its loans worth up to £4 billion to United Kingdom banks for use by small and medium-sized enterprises. We are now pressing for further additional funding to be advanced, and for UK banks to be able to ensure that they take up the full funding available for SMEs. The Government will, of course, review the impact of any regulatory measures already agreed, but let me make it clear that we are doing, and will do, everything we can to assist SMEs throughout this period. Our restructuring of the banks is designed to ensure that, although it is difficult to achieve, credit lines can remain open to SMEs on a commercial basis. We will not accept that banks should cull their credit lines to eliminate their own exposure to risk, so we will do everything we can to help the 4 million small businesses of this country.
Subjects
Banks; Finance; Economic situation; Mortgages; Loans; Small businesses; Regulation
Date
8 October 2008
Reference
480 c268-9
Chamber / Committee
House of Commons chamber
House
House of Commons
The Prime Minister will not tell us how much the taxpayer is in for, but the figure is £55 billion. Effectively, he has lumped every household in the country with a second mortgage. Taxpayers want to know how long it will be before they are off the hook, so will he say how many years it will be before the bonds are repaid?
The Prime Minister will not tell us how much the taxpayer is in for, but the figure is £55 billion. Effectively, he has lumped every household in the country with a second mortgage. Taxpayers want to know how long it will be before they are off the hook, so will he say how many years it will be before the bonds are repaid?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
23 January 2008
We would be the first to be repaid under the scheme. The loans and the bonds are secured against the assets of Northern Rock. I think that the right hon. Gentleman should think very carefully about what he has been saying about Northern Rock. In September, he said that he was wholeheartedly behind our proposals to save the company. Then, in the last few weeks, he and his shadow Chancellor have toyed with nationalisation, administration and a private sale. Is it not about time that the Opposition were consistent in their thinking about Northern Rock?
Subjects
Government securities; Loans; Northern Rock
Date
23 January 2008
Reference
470 c1489
Chamber / Committee
House of Commons chamber
House
House of Commons
I join the Prime Minister in paying tribute to Corporal Darryl Gardiner, who was killed in southern Afghanistan on Sunday. He died serving our country.
Taxpayers have the right to know what their total exposure is under the Prime Minister's latest plan for Northern Rock. Let us be clear: the rescue package is as much for his reputation as it is for the business. If the bonds are not paid back, and if Northern Rock fails to meet its obligations, what is the total exposure? How much?
I join the Prime Minister in paying tribute to Corporal Darryl Gardiner, who was killed in southern Afghanistan on Sunday. He died serving our country.
Taxpayers have the right to know what their total exposure is under the Prime Minister's latest plan for Northern Rock. Let us be clear: the rescue package is as much for his reputation as it is for the business. If the bonds are not paid back, and if Northern Rock fails to meet its obligations, what is the total exposure? How much?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
23 January 2008
The loans and bonds are secured against the assets of Northern Rock, which, as everyone understands, has a high-quality loan book. It is our intention to get the best deal for taxpayers: they will get their money back, and make a profit.
Subjects
Government securities; Loans; Northern Rock
Date
23 January 2008
Reference
470 c1489
Chamber / Committee
House of Commons chamber
House
House of Commons
The Prime Minister talks about changing positions, but last week he was all in favour of nationalisation. Then, he gets a tough time at Prime Minister's questions, he gets on an aeroplane with Richard Branson and he drops the whole plan. The Prime Minister will not tell us how much taxpayers are in for or how long they will have to wait to get their money back. It is like a used car salesman who will not tell someone the price, will not tell them the mileage, and will not give them a warranty. He has gone from prudence to Del Boy without even touching the ground. This deal depends on a massive effective subsidy from the British taxpayer to Northern Rock shareholders through either lower borrowing or a guarantee. So can the Prime Minister tell us how much that taxpayer subsidy is?
The Prime Minister talks about changing positions, but last week he was all in favour of nationalisation. Then, he gets a tough time at Prime Minister's questions, he gets on an aeroplane with Richard Branson and he drops the whole plan. The Prime Minister will not tell us how much taxpayers are in for or how long they will have to wait to get their money back. It is like a used car salesman who will not tell someone the price, will not tell them the mileage, and will not give them a warranty. He has gone from prudence to Del Boy without even touching the ground. This deal depends on a massive effective subsidy from the British taxpayer to Northern Rock shareholders through either lower borrowing or a guarantee. So can the Prime Minister tell us how much that taxpayer subsidy is?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
23 January 2008
The loans and the bonds are secured against the assets of Northern Rock. It is as clear as that. If I may say so, the reason that we intervened is the reason that we still are intervening: to secure the stability of the economy. I believe that all parties in the House should be in favour of ensuring that what happened at Northern Rock does not spread to the rest of the economy. I believe that all parties in the House would want to ensure that the depositors of Northern Rock and other building societies are protected, but what we are now seeing is the height of opportunism on the part of the Conservative party. One day it favours nationalisation; another day it favours a private sale; then the shadow Chancellor says that his favoured option is now administration. Let me just tell the House what administration means. It means a fire sale of the assets, it means closing down the company and it means the Government losing billions of pounds of money. It is the worst possible solution and the Conservatives are not only guilty of inconsistency, but guilty of putting the stability of the economy at risk.
Subjects
Government securities; Loans; Northern Rock
Date
23 January 2008
Reference
470 c1489-90
Chamber / Committee
House of Commons chamber
House
House of Commons
I will tell you what you did. When it came to the need for a total guarantee of deposits, you dithered and delayed. When it came to the opportunity of pushing for a sale with Lloyds TSB, you dithered and delayed, and when it came to the advice that you were getting to sell the bank straight after the bank run, you dithered and delayed. Why did you dither and delay? It was because you were planning a general election. Will the Prime Minister confirm that he received advice from his financial advisers to push for an immediate sale after the bank run?
I will tell you what you did. When it came to the need for a total guarantee of deposits, you dithered and delayed. When it came to the opportunity of pushing for a sale with Lloyds TSB, you dithered and delayed, and when it came to the advice that you were getting to sell the bank straight after the bank run, you dithered and delayed. Why did you dither and delay? It was because you were planning a general election. Will the Prime Minister confirm that he received advice from his financial advisers to push for an immediate sale after the bank run?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
16 January 2008
No, and there was no offer from Lloyds TSB, as the right hon. Gentleman alleges. He should return to the substance of the issue: if we had not intervened to save Northern Rock, there was a danger that that would spread across the whole economy. He supported our doing that in September. Does he still support us now? If we had not intervened, depositors would have lost their money. Their money has been protected. He supported us in September on that. Does he support us now? I say that we have taken the right, consistent action in the interests of the stability of the economy. To go backwards and forwards as he is doing would put the stability of the economy at risk.
Subjects
Government assistance; Loans; Northern Rock
Date
16 January 2008
Reference
470 c920-1
Chamber / Committee
House of Commons chamber
House
House of Commons
The substance of the issue is that it is the Prime Minister's regulatory system, it is his bank failure, it is his dithering, and it is his failure to deal with this issue. If it is the case, as he says, that he was not advised to go for an immediate sale, can he explain why the Bank of England was quoted as saying that he was"““unable to focus because morale throughout the government is so low””?"
The fact is that we have had months of dithering and billions of pounds of taxpayers' money is at risk. Does the Prime Minister accept that, if nationalisation goes ahead, it will be a massive failure of Government policy and a fresh chapter in the incompetence of this Government?
The substance of the issue is that it is the Prime Minister's regulatory system, it is his bank failure, it is his dithering, and it is his failure to deal with this issue. If it is the case, as he says, that he was not advised to go for an immediate sale, can he explain why the Bank of England was quoted as saying that he was"““unable to focus because morale throughout the government is so low””?"
The fact is that we have had months of dithering and billions of pounds of taxpayers' money is at risk. Does the Prime Minister accept that, if nationalisation goes ahead, it will be a massive failure of Government policy and a fresh chapter in the incompetence of this Government?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
16 January 2008
The Bank of England supports our action, the Financial Services Authority supports our action, and the right hon. Gentleman used to support our action—[Interruption.]
... The Bank of England supports our action, the Financial Services Authority supports our action, and the Opposition used to support our action. I have looked at the policy of the Opposition between Sunday and Wednesday: on Sunday, the right hon. Gentleman said he was against nationalisation; on Monday at his press conference he said, perhaps by mistake, that we should look at nationalisation; and on Tuesday night's ““Newsnight”” the shadow Chancellor said that we should look at administration, which is a route to a fire sale of the asset. They change their position every day; the only change they represent is that they change their positions all the time. We are for stability; they would bring instability.
Subjects
Government assistance; Loans; Northern Rock
Date
16 January 2008
Reference
470 c921
Chamber / Committee
House of Commons chamber
House
House of Commons
Last year, the Government promised that they would get back all the taxpayers' money lent to Northern Rock. Can the Prime Minister tell us the exact amount of both the loans and the guarantees, and will he repeat today the pledge that all the taxpayers' money will be paid back?
Last year, the Government promised that they would get back all the taxpayers' money lent to Northern Rock. Can the Prime Minister tell us the exact amount of both the loans and the guarantees, and will he repeat today the pledge that all the taxpayers' money will be paid back?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
16 January 2008
That is our intention. If I may say so, I welcome the chance to bring the House up to date on what is happening with Northern Rock. Northern Rock shareholders and depositors were let down by bad management. It was a bad business plan.
In September, the Leader of the Opposition was good enough to say that he overwhelmingly supported our action. The action that we took was first to ensure that there was stability in the economy, and we said that to ensure stability we would secure the deposits of all Northern Rock depositors. We also said that we would stand behind the company with support from the Bank of England. In the next few weeks we will consider how we can find buyers for Northern Rock, and I think everyone in the House would say that we should rule out no option in doing so. That is the right course to take.
Let me tell all Members what comes first. We had to intervene to ensure stability, so that the instability of Northern Rock would not spread across the economy. That is what we have achieved over the past four months, and the Opposition should be supporting us, not criticising us.
Subjects
Government assistance; Loans; Northern Rock
Date
16 January 2008
Reference
470 c919
Chamber / Committee
House of Commons chamber
House
House of Commons
For once, I did not ask the Prime Minister for an apology. I just asked him a straight question about the figures and whether he was advised about how bad it could be. He will not give an answer, so we do not know whether he was advised that the taxpayer could be in to the tune of £55 billion.
Let me ask the Prime Minister another specific question and see whether he can answer this one. Can he give an assurance that the level of support required from the taxpayer cannot get any higher than £55 billion?
For once, I did not ask the Prime Minister for an apology. I just asked him a straight question about the figures and whether he was advised about how bad it could be. He will not give an answer, so we do not know whether he was advised that the taxpayer could be in to the tune of £55 billion.
Let me ask the Prime Minister another specific question and see whether he can answer this one. Can he give an assurance that the level of support required from the taxpayer cannot get any higher than £55 billion?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
16 January 2008
It is precisely for that reason that we do not provide a running commentary on figures. Under any Government, including the previous Government, it was not the practice to pre-empt what the Bank of England does, which is to announce the figures itself, but I have to return to this point. We intervened to ensure stability in the economy and to ensure that Northern Rock would not spread across the economy to the rest of the financial system. We also intervened to protect depositors. Both those objectives in the past four months have been achieved. Is the right hon. Gentleman now telling me that, from a position of wholeheartedly supporting that action, he is now against it—yes or no?
Subjects
Government assistance; Loans; Northern Rock
Date
16 January 2008
Reference
470 c920
Chamber / Committee
House of Commons chamber
House
House of Commons
I asked the Prime Minister a specific question about the figures, which he simply could not bear to read out. That is what taxpayers who are worried about supporting the bank and about the extent of the support are asking about.
Let me ask the Prime Minister something else. At the time that the guarantee was given, was he advised that the level of taxpayer support could reach this huge level of £55 billion?
I asked the Prime Minister a specific question about the figures, which he simply could not bear to read out. That is what taxpayers who are worried about supporting the bank and about the extent of the support are asking about.
Let me ask the Prime Minister something else. At the time that the guarantee was given, was he advised that the level of taxpayer support could reach this huge level of £55 billion?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
16 January 2008
I have said that we will do what is necessary to protect the stability of the economy. I do not apologise for taking the action that is necessary because it has ensured the stability of the economy. Perhaps the Leader of the Opposition will answer the question: does he still support our action?
Subjects
Government assistance; Loans; Northern Rock
Date
16 January 2008
Reference
470 c920
Chamber / Committee
House of Commons chamber
House
House of Commons
I asked the Prime Minister a very specific question about the figures. I think that the taxpayers, each of whom is currently lending about £1,800 to this bank, would like the figures to be confirmed in the House of Commons. It has been reported that the taxpayer is exposed to the tune of £55 billion: £26 billion of emergency loans and £29 billion of guarantees. Will the Prime Minister confirm those specific figures?
I asked the Prime Minister a very specific question about the figures. I think that the taxpayers, each of whom is currently lending about £1,800 to this bank, would like the figures to be confirmed in the House of Commons. It has been reported that the taxpayer is exposed to the tune of £55 billion: £26 billion of emergency loans and £29 billion of guarantees. Will the Prime Minister confirm those specific figures?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
16 January 2008
The Governor of the Bank of England announces the figures on what is happening every week, but I have to ask the Leader of the Opposition: he said in September—[Interruption.]
... The Leader of the Opposition wholeheartedly supported our action. He said that it was right to inject ““liquidity to Northern Rock””. Is he changing his mind?
Subjects
Government assistance; Loans; Northern Rock
Date
16 January 2008
Reference
470 c919
Chamber / Committee
House of Commons chamber
House
House of Commons
Finance Bill. New clause 11 (for Report stage) on private equity. Debated and withdrawn 25 June 2007.
Finance Bill. New clause 11 (for Report stage) on private equity. Debated and withdrawn 25 June 2007.
Lead member
Lord Cameron of Chipping Norton
Type
Legislative formal proceedings
Procedure
New clauses
Legislation
Finance Bill 2006-07
Subjects
Interest charges; Loans; Taxation; Venture capital; Private equity; British Venture Capital Association
Date
25 June 2007
Reference
Votes and Proceedings Consideration of Bill 1388
House
House of Commons
1st supplementary on liquefied petroleum gas usage being encouraged by the DTI while the Department for Transport has stopped making Powershift grants to convert cars. - Inc figure.
1st supplementary on liquefied petroleum gas usage being encouraged by the DTI while the Department for Transport has stopped making Powershift grants to convert cars. - Inc figure.
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Department of Trade and Industry
Oral questions - 1st Supplementary
Status
Answered
Answered on
26 February 2004
Subjects
Garages and petrol stations; Motor vehicles; Loans; Liquefied petroleum gas; Alternative fuels; Small businesses; Repairs and maintenance
Date
26 February 2004
Reference
418 c398-9
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask the Secretary of State for Trade and Industry, what steps her Department has taken to help small businesses in the motor repairs industry.
To ask the Secretary of State for Trade and Industry, what steps her Department has taken to help small businesses in the motor repairs industry.
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answered by
Nigel Griffiths
(Labour)
Answering body
Department of Trade and Industry
Oral questions - Lead
Status
Answered
Tabled on
23 February 2004
For answer on
26 February 2004
Answered on
26 February 2004
Subjects
Garages and petrol stations; Motor vehicles; Loans; Liquefied petroleum gas; Alternative fuels; Small businesses; Repairs and maintenance
Date
26 February 2004
Reference
418 c398-9; 156254
Chamber / Committee
House of Commons chamber
House
House of Commons