My Lords, there are two pillars to the Government’s financial framework: monetary policy and fiscal policy. Monetary targets were introduced in the late 1970s, being replaced by inflation targets in 1992. Since 1998, the MPC has been given responsibility to adjust interest rates when the inflation rate target is not...

My Lords, there are two pillars to the Government’s financial framework: monetary policy and fiscal policy. Monetary targets were introduced in the late 1970s, being replaced by inflation targets in 1992. Since 1998, the MPC has been given responsibility to adjust interest rates when the inflation rate target is not...

My Lords, we have two related debates in successive weeks. Next week we will debate the issue of long-term debt and, this week, we are addressing one of its main drivers: an ageing population. The main elements of this are well known. Older people are putting less into the Exchequer...

My Lords, we have two related debates in successive weeks. Next week we will debate the issue of long-term debt and, this week, we are addressing one of its main drivers: an ageing population. The main elements of this are well known. Older people are putting less into the Exchequer...

My Lords, I share the premise of this debate that all is not well within the triangle of relationships between Ministers, civil servants and special advisers, but the term “politicisation” may be a misdiagnosis. The problem is not so much that civil servants are being appointed on the basis of...

My Lords, I share the premise of this debate that all is not well within the triangle of relationships between Ministers, civil servants and special advisers, but the term “politicisation” may be a misdiagnosis. The problem is not so much that civil servants are being appointed on the basis of...

My Lords, I consider that this Bill is an abuse of power. When the Government take something away from one group of people, who have for 120 years had access to this park, and give it to another group without compensation, we call that confiscation. We could even call it...

My Lords, I consider that this Bill is an abuse of power. When the Government take something away from one group of people, who have for 120 years had access to this park, and give it to another group without compensation, we call that confiscation. We could even call it...

My Lords, that brings me to the starting point of my remarks. I have no issues with the Bill—indeed, I welcome most of its provisions—although I am unclear on the impact on the sovereign grant if a more highly geared Crown Estate manages to increase net revenue. At face value...

My Lords, that brings me to the starting point of my remarks. I have no issues with the Bill—indeed, I welcome most of its provisions—although I am unclear on the impact on the sovereign grant if a more highly geared Crown Estate manages to increase net revenue. At face value...

My Lords, I thank the noble Lord, Lord Bridges, for his skilful chairmanship of the committee and the support we had from the start. I congratulate the noble Lord, Lord Moynihan, on shoehorning so many interesting insights into the conventional constraints of a maiden speech.

In many ways, this was a...

My Lords, I thank the noble Lord, Lord Bridges, for his skilful chairmanship of the committee and the support we had from the start. I congratulate the noble Lord, Lord Moynihan, on shoehorning so many interesting insights into the conventional constraints of a maiden speech.

In many ways, this was a...

My Lords, in the seven or so years since I joined the Economic Affairs Committee, it has produced a number of excellent reports such as those on education, training and skills for the half of the school leavers who do not go to university, building more homes, the operation of...

My Lords, in the seven or so years since I joined the Economic Affairs Committee, it has produced a number of excellent reports such as those on education, training and skills for the half of the school leavers who do not go to university, building more homes, the operation of...

My Lords, I am now a member of the Economic Affairs Committee, but I was not when this report was published. Had I been, I would have endorsed it for bringing a measure of realism and proportion to the debate about net zero. It is helpful that the report recognises...

My Lords, I am now a member of the Economic Affairs Committee, but I was not when this report was published. Had I been, I would have endorsed it for bringing a measure of realism and proportion to the debate about net zero. It is helpful that the report recognises...

My Lords, I am sorry that I was not able to speak at Second Reading; I found out that it was scheduled only after the speakers’ list had closed. However, I have read the Hansard for that debate.

Like others, I am now struggling to find a rationale for choosing which...

My Lords, I am sorry that I was not able to speak at Second Reading; I found out that it was scheduled only after the speakers’ list had closed. However, I have read the Hansard for that debate.

Like others, I am now struggling to find a rationale for choosing which...

My Lords, I have not spoken before in this Committee, but as one of the surviving members of the Parliamentary Commission on Banking Standards, I want to address an instance where an amendment directly challenges one of the proposals that was incorporated following the commission’s report. Earlier in proceedings—on day...

My Lords, I have not spoken before in this Committee, but as one of the surviving members of the Parliamentary Commission on Banking Standards, I want to address an instance where an amendment directly challenges one of the proposals that was incorporated following the commission’s report. Earlier in proceedings—on day...

My Lords, a number of what Jane Austen would have called “truths universally acknowledged” have slipped into public debate about economic policy, but many are fallacies. I start with the contention that it is pointless developing the UK’s oil and gas reserves because this will not reduce the price. It...

My Lords, a number of what Jane Austen would have called “truths universally acknowledged” have slipped into public debate about economic policy, but many are fallacies. I start with the contention that it is pointless developing the UK’s oil and gas reserves because this will not reduce the price. It...

My Lords, as headlines scream “State spending and taxes at the highest since Clement Attlee”, I wonder whether the Budgets of 2021 and the health and social care levy could prove a turning point in our history. With the framework for debt and borrowing set out in the charter, which...

My Lords, as headlines scream “State spending and taxes at the highest since Clement Attlee”, I wonder whether the Budgets of 2021 and the health and social care levy could prove a turning point in our history. With the framework for debt and borrowing set out in the charter, which...

To ask Her Majesty's Government why they are imposing a VAT charge on boats and yachts bought in the UK which are taken abroad and returned after more than three years.

To ask Her Majesty's Government why they are imposing a VAT charge on boats and yachts bought in the UK which are taken abroad and returned after more than three years.

To ask Her Majesty's Government what comparison they have made of the impact on the maintenance of global temperatures until 2100 of adopting (1) net-zero carbon emissions by 2050, (2) net-zero carbon emissions by 2030, and (3) a reduction of 80 per cent carbon emissions by 2050.

To ask Her Majesty's Government what comparison they have made of the impact on the maintenance of global temperatures until 2100 of adopting (1) net-zero carbon emissions by 2050, (2) net-zero carbon emissions by 2030, and (3) a reduction of 80 per cent carbon emissions by 2050.

My Lords, at various times in government, business and private lives we find ourselves faced with a choice when things are not going well. Do we press on, having invested time, money and reputation, or do we step back and rethink? This dilemma was faced by Macbeth:

“I am in blood

Stepp’d...

My Lords, at various times in government, business and private lives we find ourselves faced with a choice when things are not going well. Do we press on, having invested time, money and reputation, or do we step back and rethink? This dilemma was faced by Macbeth:

“I am in blood

Stepp’d...

My Lords, while reading the excellent report by the noble Lord, Lord Heseltine, I was at times overcome by nostalgia, having followed the history of local government finance, functions and boundaries since I joined the Treasury in 1970. I remember in the early 1980s the Treasury was proud to have...

My Lords, while reading the excellent report by the noble Lord, Lord Heseltine, I was at times overcome by nostalgia, having followed the history of local government finance, functions and boundaries since I joined the Treasury in 1970. I remember in the early 1980s the Treasury was proud to have...

My Lords, I start by congratulating Philip Augar and his review team on a thoughtful and comprehensive report on post-18 education and funding. Alongside housing and long-term care, this is one of the three great unresolved issues crowded out by Brexit.

The area they investigated was looked at last year by...

My Lords, I start by congratulating Philip Augar and his review team on a thoughtful and comprehensive report on post-18 education and funding. Alongside housing and long-term care, this is one of the three great unresolved issues crowded out by Brexit.

The area they investigated was looked at last year by...

My Lords, earlier today, the House confirmed my P45 from membership of the Economic Affairs Committee. I greatly enjoyed working under the chairmanship first of the noble Lord, Lord Hollick, and latterly that of the noble Lord, Lord Forsyth. It was also an exquisite pleasure to note the conversion of...

My Lords, earlier today, the House confirmed my P45 from membership of the Economic Affairs Committee. I greatly enjoyed working under the chairmanship first of the noble Lord, Lord Hollick, and latterly that of the noble Lord, Lord Forsyth. It was also an exquisite pleasure to note the conversion of...

The basis on which that was done was that the statistics authority said it was flawed; that, I thought, was sufficient. Anyway, it said it would go on publishing the RPI and no longer designate it as a “national statistic” but rather, treat it as a legacy measure, with no...

The basis on which that was done was that the statistics authority said it was flawed; that, I thought, was sufficient. Anyway, it said it would go on publishing the RPI and no longer designate it as a “national statistic” but rather, treat it as a legacy measure, with no...

I think the noble Lord should go away and write this down on a piece of paper—I think he will find that it does not end up where it started.

I think the noble Lord should go away and write this down on a piece of paper—I think he will find that it does not end up where it started.