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Is my noble friend aware, as I am sure he is, that many believe that unless the end-year fiscal crisis in the US is averted, involving as it does some hundreds of billions of dollars’ worth of tax rises and spending, there is a risk that the US could return to recession, and the prospects for our exporters
to the United States could be very gloomy indeed? Such prospects are already gloomy in the eurozone and other countries where lower growth is anticipated. Is there a specific remedy for that situation, should it develop?
Is my noble friend aware, as I am sure he is, that many believe that unless the end-year fiscal crisis in the US is averted, involving as it does some hundreds of billions of dollars’ worth of tax rises and spending, there is a risk that the US could return to recession, and the prospects for our exporters
to the United States could be very gloomy indeed? Such prospects are already gloomy in the eurozone and other countries where lower growth is anticipated. Is there a specific remedy for that situation, should it develop?
My Lords, I agree with the noble Lord that the US economy is extremely important to our exporters. Last year, we exported £80 billion of goods and services to the US, which amounted to 16% of our total exports. However, perhaps I have watched too many episodes of “The West Wing” but I suspect that a deal on the US budget will be done in time, albeit at the last minute.
To ask Her Majesty’s Government what assessment they have made of the effect on the United Kingdom economy of the outcomes of the “fiscal cliff” discussions in the United States of America.
To ask Her Majesty’s Government what assessment they have made of the effect on the United Kingdom economy of the outcomes of the “fiscal cliff” discussions in the United States of America.
My Lords, the Office for Budget Responsibility, which is responsible for producing independent economic and fiscal forecasts for the UK economy, based its forecasts last week on the assumption that fiscal policy will be tightened in the US by between 1% and 2% of US GDP. This, in turn, assumes that the US Congress will reach a budget settlement by the end of the year and that the fiscal cliff will be avoided.
My Lords, we have appointed children’s commissioners in Wales and England. Is it not time that we reviewed their powers? It seems that
at the moment all they can do is listen to the victims and write about them. They should have more powers of inspection.
My Lords, we have appointed children’s commissioners in Wales and England. Is it not time that we reviewed their powers? It seems that
at the moment all they can do is listen to the victims and write about them. They should have more powers of inspection.
My Lords, perhaps the best way of responding to my noble friend is to refer to a very powerful speech that my right honourable friend the Secretary of State for Education, Michael Gove, made at the end of last week, in which he set out very clearly our great concern about child abuse. He said that although all Governments have tried hard to tackle it, the state is currently failing in its duty to protect children. He made various statements in order to provoke debate and discussion. One of the areas that he focused on was accountability, the structures that are in place and the different roles for different people. He did not refer specifically to the children’s commissioners, but I know that because he feels so strongly about this matter, as we all do, he is very open to proposals which would lead to a greater and more effective approach to dealing with child protection.
To ask Her Majesty’s Government what is their assessment of the International Monetary Fund working paper The Chicago Plan Revisited.[HL2920]
To ask Her Majesty’s Government what is their assessment of the International Monetary Fund working paper The Chicago Plan Revisited.[HL2920]
The Government’s macroeconomic framework includes the Bank of England’s Monetary Policy Committee (MPC), which has responsibility for monetary policy operations. The MPC’s objective is to maintain price stability through an inflation target defined as a 2% annual increase in the consumer prices index. The MPC’s tools include bank rate, or the short-term nominal interest rate, and quantitative easing.
The Independent Banking Commission has stated that:
“A complete move from fractional to full reserve banking would dramatically curtail the lending capacity of the UK banking system, reducing the amount of credit to households and businesses and destroying intermediation synergies”.
To ask Her Majesty’s Government what assessment they have made of the reactions of other Governments and the European Commission to the International Monetary Fund working paper The Chicago Plan Revisited.[HL2921]
To ask Her Majesty’s Government what assessment they have made of the reactions of other Governments and the European Commission to the International Monetary Fund working paper The Chicago Plan Revisited.[HL2921]
The Government’s macroeconomic framework includes the Bank of England’s Monetary Policy Committee (MPC), which has responsibility for monetary policy operations. The MPC’s objective is to maintain price stability through an inflation target defined as a 2% annual increase in the consumer prices index. The MPC’s tools include bank rate, or the short-term nominal interest rate, and quantitative easing.
The Independent Banking Commission has stated that:
“A complete move from fractional to full reserve banking would dramatically curtail the lending capacity of the UK banking system, reducing the amount of credit to households and businesses and destroying intermediation synergies”.
To ask Her Majesty’s Government whether Regional Development Fund grants are available to companies in the devolved nations; and, if not, what similar funds exist in Northern Ireland, Scotland and Wales to assist development.[HL2613]
To ask Her Majesty’s Government whether Regional Development Fund grants are available to companies in the devolved nations; and, if not, what similar funds exist in Northern Ireland, Scotland and Wales to assist development.[HL2613]
The regional growth fund (RGF) is a £2.4 billion fund operating across England from 2011 to 2015.
The provision of financial support to business is a fully devolved matter and regional growth fund grants are not therefore available to companies in the devolved nations. However, the devolved Administrations run similar schemes. For example:
http://www.scottish-enterprise.com/fund-your-business/rsa.aspx
http ://wales.gov.uk/funding/fundgrantareas/?lang=en
http://www.investni.com/guide_to_investni_ support_ccmu_may-2011.pdf
I thank my noble friend for his Answer and, of course, compliment him on his elevation to the Front Bench on this auspicious day, when unemployment has fallen by 50,000. Bearing in mind the fact that the unemployment rate in those devolved government areas is higher than the UK average, and bearing in mind their dependence on the state and the public sector, does my noble friend agree that special measures should be taken by the Government to encourage the private sector in these areas? Can he assure me that the Department for Business, Innovation and Skills is collaborating closely with the devolved Administrations to that end, although they are of different political persuasions? That is very much in the interests of the United Kingdom as a whole.
I thank my noble friend for his Answer and, of course, compliment him on his elevation to the Front Bench on this auspicious day, when unemployment has fallen by 50,000. Bearing in mind the fact that the unemployment rate in those devolved government areas is higher than the UK average, and bearing in mind their dependence on the state and the public sector, does my noble friend agree that special measures should be taken by the Government to encourage the private sector in these areas? Can he assure me that the Department for Business, Innovation and Skills is collaborating closely with the devolved Administrations to that end, although they are of different political persuasions? That is very much in the interests of the United Kingdom as a whole.
My Lords, first, I thank my noble friend for his very generous and kind remarks. He is a great champion of Wales. I am delighted by the news this morning that employment has grown to its highest levels since records began in 1971. Indeed, in Wales, there has been an increase in total employment since April 2010 of 67,000.
The Government’s objective is to make the UK the best place to start, run and expand a business. The success of the private sector in all parts of the UK is key to the recovery, and 900,000 private sector jobs
have been created in the past two years. I reassure my noble friend that we are working closely with the devolved Administrations. Regardless of political colour, the national interest comes first.
To ask Her Majesty’s Government whether their industrial strategy is fully supported by the three devolved Governments.
To ask Her Majesty’s Government whether their industrial strategy is fully supported by the three devolved Governments.
My Lords, the Government’s industrial strategy sets out a long-term, whole-government approach to delivering economic growth. Although some measures will be UK-wide, economic development, including financial assistance to industry, is a devolved matter. Her Majesty’s Government lead regular discussions with the devolved Administrations to ensure that the strategy reflects this. This involves consulting devolved Administrations on key policies as well as sharing information and good practice on a regular basis. The Government support growth across the whole UK by introducing ultrafast broadband into Belfast, generating new investment in Scotland for North Sea oil fields, and bringing mobile coverage to 60,000 rural homes in Wales.
Will my noble friend take on board the fact that Wales, too, would like to have the power to give variable rates of corporation tax?
Will my noble friend take on board the fact that Wales, too, would like to have the power to give variable rates of corporation tax?
My Lords, of course, considerations of consequentials to Wales are always uppermost in the Government’s mind.
To ask Her Majesty’s Government in which regions of the United Kingdom the successful applicant bids in rounds one and two of the regional growth fund process located.[HL2336]
To ask Her Majesty’s Government in which regions of the United Kingdom the successful applicant bids in rounds one and two of the regional growth fund process located.[HL2336]
The tables below provide the regional allocation of successful bids from round 1 and 2 of the regional growth fund. 57 per cent of the successful bidders now have contracts and are able to draw down funding. We
now have a firm and agreed position with nine in 10 bids; six out of 10 projects or programmes have started. Our priority now is to agree a way forward with the final few bidders who have yet to agree terms with us; this will be done during the autumn.
| Regional
Spread Round
1 | ||
| Region | Successful
(no of
contracts) | Amount
(£m) |
| North
West | 9 | 28 |
| West
Midlands | 9 | 107 |
| North
East | 23 | 62 |
| East
Midlands | 4 | 16 |
| Yorkshire
and The
Humber | 8 | 45 |
| South
West | 6 | 9 |
| South
East | 3 | 6 |
| East
of
England | 0 | 0 |
| London | 0 | 0 |
| Nationwide | 5 | 175 |
| Total | 67 | 449 |
| Regional
Spread Round
2 | ||
| Region | Successful
(no of
contracts) | Amount
(£m) |
| North
West | 38 | 206 |
| West
Midlands | 22 | 125 |
| North
East | 55 | 98 |
| East
Midlands | 7 | 72 |
| Yorkshire
and The
Humber | 23 | 119 |
| South
West | 11 | 91 |
| South
East | 10 | 88 |
| East
of
England | 1 | 10 |
| London | 0 | 0 |
| Other
(Nationwide) | 4 | 90 |
| Total | 171 | 899 |
1. Number of bids with a significant impact (>2%) in the given region, bids may cover multiple regions so these figures will not sum to 492
2. Sum of the proportions of employment impact falling in the given region, each bid contributes an impact of 1. Total for table will sum to 492
To ask Her Majesty’s Government to which regions of the United Kingdom the shortlisted bids in round three of the regional growth fund process were related.[HL2337]
To ask Her Majesty’s Government to which regions of the United Kingdom the shortlisted bids in round three of the regional growth fund process were related.[HL2337]
The attached table details the regional breakdown of shortlisted bids from round 3 of the regional growth fund. Announcement on selected bids will be made this month.
| Region | Number
of shortlisted
bids | Amount
(£m) |
| North
East | 46 | 248 |
| North
West | 58 | 367 |
| Yorkshire
and The
Humber | 43 | 251 |
| East
Midlands | 26 | 84 |
| West
Midlands | 45 | 356 |
| Nationwide | 14 | 341 |
| South
East | 15 | 110 |
| South
West | 23 | 210 |
| London | 2 | 10 |
| East
of
England | 6 | 40 |
| Total | 278 | 2,017 |
To ask Her Majesty’s Government whether they provide funding to the Haemophilia Society and pay any of its salaried staff.[HL1551]
To ask Her Majesty’s Government whether they provide funding to the Haemophilia Society and pay any of its salaried staff.[HL1551]
The department has provided the following funding to the Haemophilia Society over the past two financial years.
2010-11—£140,709; and
2011-12—£100,000.
The funding was provided for specific projects, not for the salaries of staff, although the society may utilise the funding on salaries of the staff directly involved in the projects.
To ask Her Majesty’s Government what steps they are taking to encourage demand to promote growth in the United Kingdom economy.
To ask Her Majesty’s Government what steps they are taking to encourage demand to promote growth in the United Kingdom economy.
My Lords, the Government have set out a comprehensive strategy to deal with the challenges we face. Fiscal, monetary, financial, tax and structural reform all play a role to deliver our objective of lasting economic recovery and sustainable public finances. That strategy has reduced the deficit and helped to deliver near record low interest rates.
I am grateful to my noble friend for that reply. I am sure that the entire House would like to welcome the 65,000 fall in unemployment, which was announced today. Welcome as that news is, we must face the fact that demand for goods and services is slackening, if not falling, worldwide. It is reducing growth prospects in many countries, including our own. Does my noble friend agree that in these circumstances the best that we can do is concentrate on those sectors of industry that have full order books, especially of exports, and on the key areas of housing and infrastructure at home where we can be sure of a return in the longer term? Can we get on with it as soon as possible?
I am grateful to my noble friend for that reply. I am sure that the entire House would like to welcome the 65,000 fall in unemployment, which was announced today. Welcome as that news is, we must face the fact that demand for goods and services is slackening, if not falling, worldwide. It is reducing growth prospects in many countries, including our own. Does my noble friend agree that in these circumstances the best that we can do is concentrate on those sectors of industry that have full order books, especially of exports, and on the key areas of housing and infrastructure at home where we can be sure of a return in the longer term? Can we get on with it as soon as possible?
I agree with my noble friend: each of these is vital and we are taking important steps in these areas of exports, housing and infrastructure. However, our strategy goes further. What we need to do is encourage the private sector through a competitive tax system; make the UK the best place to start, finance and grow a business; encourage investment in infrastructure; and improve the flexibility and skills of our workforce. As my noble friend will be aware, we have put in place a range of measures to achieve each of these.
My Lords, I return to the Question. What has been the cost of these 1.5 million interviews? Is it true that it has been in the nature of a third of £1 billion? Is it not time that we looked at this situation?
My Lords, I return to the Question. What has been the cost of these 1.5 million interviews? Is it true that it has been in the nature of a third of £1 billion? Is it not time that we looked at this situation?
My Lords, there is a cost. That is why we made changes to the number of interview offices. As a result of that restructuring, we are achieving a saving of some £7.81 million a year. As I said in answer to the original Question, they are a very important part of the authentication process.
Would my noble friend agree that ideally what is required is a formula that is adaptable to the special needs of Wales, Scotland and other national regions?
Would my noble friend agree that ideally what is required is a formula that is adaptable to the special needs of Wales, Scotland and other national regions?
Yes, indeed, I would agree with my noble friend that that should be the objective of any replacement to the formula.
To ask Her Majesty’s Government what percentage of United Kingdom gross domestic product is accounted for by United Kingdom exports to Eurozone countries.[HL549]
To ask Her Majesty’s Government what percentage of United Kingdom gross domestic product is accounted for by United Kingdom exports to Eurozone countries.[HL549]
Exports to the eurozone accounted for 12.3% of gross domestic product in 2010. Exports to the eurozone accounted for 41 .8% of total exports in 2010.
Data for 2011 will be published in July 2012.
To ask Her Majesty’s Government whether they will give shareholders in listed companies a binding vote on senior executives’ and directors’ pay and bonuses.
To ask Her Majesty’s Government whether they will give shareholders in listed companies a binding vote on senior executives’ and directors’ pay and bonuses.
My Lords, the Government have recently consulted on a new model of shareholder voting on directors’ remuneration. This proposes giving the shareholders of quoted companies binding votes on the policy for the remuneration of directors and on exit payments. We are considering the responses and will announce final proposals shortly. These reforms will require primary legislation, and we aim to introduce measures during the Committee stage of the Enterprise and Regulatory Reform Bill in another place.
My Lords, while I appreciate the Government’s proposals in the enterprise Bill, does my noble friend agree that, even after shareholders are enabled to pass a special resolution on a remuneration report to make it binding rather than advisory, they may still have great difficulties in exercising that power effectively? Should we not have an urgent review of the workings of the remuneration provisions of the Companies Act? Shareholders, especially in big companies, feel increasingly that their interests as owners, and the long-term interests of their companies, are not being given proper priority by top management, which appears to put its own interests first.
My Lords, while I appreciate the Government’s proposals in the enterprise Bill, does my noble friend agree that, even after shareholders are enabled to pass a special resolution on a remuneration report to make it binding rather than advisory, they may still have great difficulties in exercising that power effectively? Should we not have an urgent review of the workings of the remuneration provisions of the Companies Act? Shareholders, especially in big companies, feel increasingly that their interests as owners, and the long-term interests of their companies, are not being given proper priority by top management, which appears to put its own interests first.
Yes, my Lords, there is broad agreement among investors and businesses that the link between top pay and performance has grown weak and that the current pattern of growth in directors’ pay is unsustainable. Binding votes will encourage companies to set out a long-term pay policy that is clearly linked to the company’s strategy. Shareholders have been showing a keen appetite for a challenge on remuneration, and it is important that we give them the tools necessary to keep up this momentum.
To ask Her Majesty’s Government whether the National Audit Office is able to examine more than the cost of BBC support services out of the total licence fee spending in 2010-11.[HL192]
To ask Her Majesty’s Government whether the National Audit Office is able to examine more than the cost of BBC support services out of the total licence fee spending in 2010-11.[HL192]
Under the terms of the amended BBC Agreement, the subject matter of National Audit Office (NAO) reviews is at the discretion of the Comptroller and Auditor-General (CAG). In practice, NAO reviews cover a wide range of areas of BBC expenditure and are listed on the BBC Trust website: (http://www.bbc.co.uk/bbctrust/our_work/vfm/ index.shtml).
The CAG is not, however, entitled to question the merits of any editorial or creative judgement of the BBC, nor of any policy objective of the BBC relating to the manner in which BBC services are made or distributed.