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My Lords, when the Chancellor took office, she made economic growth founded upon fiscal stability her priority to escape the fiscal straitjacket that she had inherited. She has made a good start by raising and then maintaining public investment to 2.7% of GDP throughout the forecast. That is 18% above...
My Lords, when the Chancellor took office, she made economic growth founded upon fiscal stability her priority to escape the fiscal straitjacket that she had inherited. She has made a good start by raising and then maintaining public investment to 2.7% of GDP throughout the forecast. That is 18% above...
My Lords, I congratulate my noble friend Lady Warwick on initiating this debate and making such a powerful speech, ranging across the complex issues that we have heard about. The noble Lord, Lord Bird, reminded me of the terrible situation that homeless families are in and how difficult it is...
My Lords, I congratulate my noble friend Lady Warwick on initiating this debate and making such a powerful speech, ranging across the complex issues that we have heard about. The noble Lord, Lord Bird, reminded me of the terrible situation that homeless families are in and how difficult it is...
Lords motion to take note of the second report of the Industry and Regulators Committee on Who watches the watchdogs? Improving the performance, independence and accountability of UK Regulators (HL 56 2023-24). Agreed to on question.
Lords motion to take note of the second report of the Industry and Regulators Committee on Who watches the watchdogs? Improving the performance, independence and accountability of UK Regulators (HL 56 2023-24). Agreed to on question.
My Lords, I am pleased to introduce this debate on the Industry and Regulators Committee report. I thank our committee members and staff for their valuable contribution to the committee’s work, particularly my noble friend Lady Taylor, who has taken over from me as chair of the committee. Over the...
My Lords, I am pleased to introduce this debate on the Industry and Regulators Committee report. I thank our committee members and staff for their valuable contribution to the committee’s work, particularly my noble friend Lady Taylor, who has taken over from me as chair of the committee. Over the...
I thank noble Lords for their contribution today. I think it has been a very good debate. There is clearly a strong appetite to be a good and effective watchdog, or guide dog, and I believe that some of the points that have been made and some of the recommendations...
I thank noble Lords for their contribution today. I think it has been a very good debate. There is clearly a strong appetite to be a good and effective watchdog, or guide dog, and I believe that some of the points that have been made and some of the recommendations...
My Lords, I am pleased to introduce this debate on the affluent and the effluent. I thank our staff for their valuable contributions to the committee’s work, and the many contributors who gave evidence to the inquiry.
In May last year, we launched our inquiry into water and sewage regulation following...
My Lords, I am pleased to introduce this debate on the affluent and the effluent. I thank our staff for their valuable contributions to the committee’s work, and the many contributors who gave evidence to the inquiry.
In May last year, we launched our inquiry into water and sewage regulation following...
I thank all the speakers in today’s debate. The Minister can be in no doubt about the anger about what has happened in the water industry and the fury of consumers. He talked about companies not being prepared to reveal what their price increases will be. Well, they have just...
I thank all the speakers in today’s debate. The Minister can be in no doubt about the anger about what has happened in the water industry and the fury of consumers. He talked about companies not being prepared to reveal what their price increases will be. Well, they have just...
Lords motion to take note of the first report of the Industry and Regulators Committee on The affluent and the effluent: cleaning up failures in water and sewage regulation (HL 166). Agreed to on question.
Lords motion to take note of the first report of the Industry and Regulators Committee on The affluent and the effluent: cleaning up failures in water and sewage regulation (HL 166). Agreed to on question.
Lords motion to take note of the first report of the Industry and Regulators Committee on The net zero transformation: delivery, regulation and the consumer (HL 162 2021-22). Agreed to on question.
Lords motion to take note of the first report of the Industry and Regulators Committee on The net zero transformation: delivery, regulation and the consumer (HL 162 2021-22). Agreed to on question.
My Lords, I am pleased to introduce this debate. I thank our team, Matthew Manning, Holly Woodhead, Dominic Cooper and Itu Osupeng, for their valuable contribution to the work.
Our work started 18 months ago and our report was published a year ago, just as Russia invaded Ukraine, sparking an energy...
My Lords, I am pleased to introduce this debate. I thank our team, Matthew Manning, Holly Woodhead, Dominic Cooper and Itu Osupeng, for their valuable contribution to the work.
Our work started 18 months ago and our report was published a year ago, just as Russia invaded Ukraine, sparking an energy...
I thank all speakers today for their contributions. There is a theme of “Get on with it. Don’t go down the pub”. I think the Government have indicated—the Minister did in his remarks—that
after a regrettable delay, we will receive a letter responding to the queries we made. I hope...
I thank all speakers today for their contributions. There is a theme of “Get on with it. Don’t go down the pub”. I think the Government have indicated—the Minister did in his remarks—that
after a regrettable delay, we will receive a letter responding to the queries we made. I hope...
I rise to speak to Amendment 242A, which my noble friend has just introduced. In the course of our inquiry into the net zero transformation, the Industry and Regulators Committee, which I chair, took extensive evidence about Ofgem’s remit and whether it should be amended to include a specific requirement...
I rise to speak to Amendment 242A, which my noble friend has just introduced. In the course of our inquiry into the net zero transformation, the Industry and Regulators Committee, which I chair, took extensive evidence about Ofgem’s remit and whether it should be amended to include a specific requirement...
My Lords, I congratulate the noble Lord, Lord Forsyth, and his colleagues on their excellent report, which sadly shows that many of the questions raised in our 2015 report remain unanswered.
The two reports from the Economic Affairs Committee and an admirable solo contribution from my noble friend Lord Berkeley earlier...
My Lords, I congratulate the noble Lord, Lord Forsyth, and his colleagues on their excellent report, which sadly shows that many of the questions raised in our 2015 report remain unanswered.
The two reports from the Economic Affairs Committee and an admirable solo contribution from my noble friend Lord Berkeley earlier...
To ask Her Majesty's Government what criteria are applied by the Public Works Loan Board when a local authority seeks to borrow to acquire commercial property for investment purposes.
To ask Her Majesty's Government what criteria are applied by the Public Works Loan Board when a local authority seeks to borrow to acquire commercial property for investment purposes.
To ask Her Majesty's Government which ten local authorities borrowed the most from the Public Works Loan Board for investment in commercial properties in each of the financial years since and including 2014–15.
To ask Her Majesty's Government which ten local authorities borrowed the most from the Public Works Loan Board for investment in commercial properties in each of the financial years since and including 2014–15.
The Public Works Loans Board has no role in monitoring local authority activities. Under the prudential regime, decisions on borrowing are devolved to local authorities who are democratically accountable to their electorates. Information about the purpose of PWLB loans is not centrally held.” The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship of the local government sector in England. Together with the Chartered Institute of Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local authority borrowing and investment. In light of changes in local authority borrowing and investment patterns, CIPFA and MHCLG updated the prudential code and statutory guidance in 2018.
To ask Her Majesty's Government what steps the Public Works Loan Board takes on an ongoing basis to monitor the commercial property investments acquired by local authorities and funded by the Public Works Loan Board.
To ask Her Majesty's Government what steps the Public Works Loan Board takes on an ongoing basis to monitor the commercial property investments acquired by local authorities and funded by the Public Works Loan Board.
To ask Her Majesty's Government whether there is an limit on loans which can be extended by the Public Works Loan Board to a local authority (1) in any one year, and (2) overall.
To ask Her Majesty's Government whether there is an limit on loans which can be extended by the Public Works Loan Board to a local authority (1) in any one year, and (2) overall.
The aggregate amount that may be outstanding in respect of commitments entered into by the Public Works Loan Board is limited, and this limit set out in section 4 (1) of the 1968 National Loans Act. Since December 2017, the limit has stood at £85 billion. There is no separate limit about lending amounts in any one year.
Local authorities are responsible for determining their own limits on the aggregate amount of borrowing that they may have outstanding. The statutory guidance on borrowing and investment was updated in 2018; the updated guidance introduced a new requirement for all English local authorities to set limits for gross debt compared to net service expenditure. Authorities which exceeded their self-assessed limits should, in accordance with the guidance, refrain from making further investments other than short term investments required for efficient treasury management.
To ask Her Majesty's Government what is the extent and nature of the due diligence undertaken by the Public Works Loan Board before extending loans to local authorities to acquire commercial property for investment purposes.
To ask Her Majesty's Government what is the extent and nature of the due diligence undertaken by the Public Works Loan Board before extending loans to local authorities to acquire commercial property for investment purposes.
To ask Her Majesty's Government what was the total amount of funding made available to local authorities to acquire commercial properties for investment purposes in each of the financial years since and including 2014–15 in (1) England, (2) Wales, (3) Scotland, and (4) Northern Ireland.
To ask Her Majesty's Government what was the total amount of funding made available to local authorities to acquire commercial properties for investment purposes in each of the financial years since and including 2014–15 in (1) England, (2) Wales, (3) Scotland, and (4) Northern Ireland.
In England, commercial property investments, like any other asset purchases are categorised as capital expenditure. The decision making process for all capital investment and funding including commercial property investments is devolved to each individual local authority. Central Government sets the framework which local authorities must operate within and it is designed to ensure that the capital expenditure plans of local authorities are affordable, prudent and sustainable.
No direct funding is made available to local authorities for commercial asset acquisitions from Central Government. If a local authority chooses to purchase commercial assets they will have to finance it using one of 3 potential sources. These are:
1. Capital receipts - Statute states that funds generated through the sale of assets must be used for the purchase of future assets or for the repayment of debt
2. Direct revenue transfers - Revenue funds can be used to fund capital expenditure
3. Borrowing - If borrowing is used the local authority must ensure that the amount borrowed is affordable by having regard to statutory guidance. This involves ensuring that all debt servicing costs are funded through available revenue resources.
Local authorities are not required to disclose how they have financed each capital investment, therefore, it is not possible to identify the mix sources that have been used to fund commercial property investments.
As local authority financing is a devolved matter, all questions about commercial property investments by local authorities in Scotland, Wales and Northern Ireland need to be addressed to the devolved administrations.
My Lords, I thank the chairman, the clerk, his team and our specialist adviser for helping the committee to navigate the vast landscape of AI. I will focus on three connected parts of that landscape:
AI’s possible impact on industrial performance and productivity; its impact on the world of work;...
My Lords, I thank the chairman, the clerk, his team and our specialist adviser for helping the committee to navigate the vast landscape of AI. I will focus on three connected parts of that landscape:
AI’s possible impact on industrial performance and productivity; its impact on the world of work;...