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My Lords, many emerging markets are relying on the RMB for funding, which will form the cornerstone of the BRICS payment system. Will the Government review this overzealous regulation—which the noble Baroness referred to from the retail side—but from a commercial side, which is forcing British banks to withdraw from funding in emerging markets?
My Lords, many emerging markets are relying on the RMB for funding, which will form the cornerstone of the BRICS payment system. Will the Government review this overzealous regulation—which the noble Baroness referred to from the retail side—but from a commercial side, which is forcing British banks to withdraw from funding in emerging markets?
It is extremely important that British companies are able to engage in emerging markets in the way the noble Lord describes, and I will happily look at the point that he raises.
My Lords, we welcome the positive report by the Bank of England—it has not always been so positive. However, we must be mindful that it did not take into account the extension of the furlough scheme until October and its total cost of £100 billion. Would my noble friend the Minister like to comment on that and perhaps ask the Bank of England to revise its estimation, given the changes to the government handouts that have just happened?
My Lords, we welcome the positive report by the Bank of England—it has not always been so positive. However, we must be mindful that it did not take into account the extension of the furlough scheme until October and its total cost of £100 billion. Would my noble friend the Minister like to comment on that and perhaps ask the Bank of England to revise its estimation, given the changes to the government handouts that have just happened?
I believe that the Bank’s scenario took into account the gradual unwinding of the lockdown and of the support schemes matched to it, completed by the end of quarter 3. However, the Bank makes its
own decisions about any scenarios or forecasts that it produces to inform its own decision-making and policy-making.
My Lords, I declare an interest as the chair-in-office of the Commonwealth Enterprise and Investment Council. Does the Minister agree that it is all very well having these initiatives, but unless the Commonwealth institutions are strengthened to deliver them, they are all for naught? What steps are the Government taking to strengthen those institutions?
My Lords, I declare an interest as the chair-in-office of the Commonwealth Enterprise and Investment Council. Does the Minister agree that it is all very well having these initiatives, but unless the Commonwealth institutions are strengthened to deliver them, they are all for naught? What steps are the Government taking to strengthen those institutions?
At CHOGM, leaders emphasised that the full social, economic and political participation of all—irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status—is essential for a healthy Commonwealth and for democracy and sustainable development to thrive. He may be aware that the UK provided additional funding to the Commonwealth Secretariat to conduct its class-leading electoral observations and engage with Commonwealth electoral management bodies to advise them on improving democratic processes in the Commonwealth.
My Lords, I declare an interest as chairman of the Commonwealth Enterprise and Investment Council. Is not one of the best ways of engaging parliamentarians up to CHOGM to boost the current Prime Minister’s trade envoys network, which is cross-parliamentary and has been very successful? Would not my noble friend the Minister agree that a dedicated Commonwealth trade envoy should be appointed, as suggested by the Maltese chair-in-office of the Commonwealth?
My Lords, I declare an interest as chairman of the Commonwealth Enterprise and Investment Council. Is not one of the best ways of engaging parliamentarians up to CHOGM to boost the current Prime Minister’s trade envoys network, which is cross-parliamentary and has been very successful? Would not my noble friend the Minister agree that a dedicated Commonwealth trade envoy should be appointed, as suggested by the Maltese chair-in-office of the Commonwealth?
Again, those are important points. On the trade envoys, eight envoys currently cover 10 Commonwealth countries. The programme has been recently reviewed and recommendations on the future direction of the programme, including suggested new markets, are with No 10 for consideration. We will certainly take the proposal for a trade envoy or ambassador into consideration.