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My Lords, does my noble friend agree that the Question asked by the noble Lord, Lord Leigh, and the reaction of the Opposition Front Bench illustrate three things—first, the folly of criticising a medium-term policy of stability on the basis of one month’s figures; secondly, a failure to understand that the gilt rate is determined in international markets and that, for example, the rate on US treasuries has risen rather more in percentage terms than the rate on UK gilts; and, thirdly, the persistent addiction of the Conservative Party to the economics of austerity?
My Lords, does my noble friend agree that the Question asked by the noble Lord, Lord Leigh, and the reaction of the Opposition Front Bench illustrate three things—first, the folly of criticising a medium-term policy of stability on the basis of one month’s figures; secondly, a failure to understand that the gilt rate is determined in international markets and that, for example, the rate on US treasuries has risen rather more in percentage terms than the rate on UK gilts; and, thirdly, the persistent addiction of the Conservative Party to the economics of austerity?
My noble friend is far more expert than me, and I agree entirely with all three points that he makes. I do not seek to add very much to what he says, but I agree most of all with his last point that returning to austerity would be the very worst thing we could do at this point for growth.
My Lords, the House will be aware that this country has an outstanding Chancellor of the Exchequer at the moment. However, will the Minister enlighten me as to what influence she really has on the US treasury bill market, which has shown the same spike as in the UK, or on the market for the euro, which has fallen against the dollar to the same extent as has the pound? Is it not the case that questions from the Opposition Front Bench might have more economic relevance if they reflected some understanding of how global markets actually work?
My Lords, the House will be aware that this country has an outstanding Chancellor of the Exchequer at the moment. However, will the Minister enlighten me as to what influence she really has on the US treasury bill market, which has shown the same spike as in the UK, or on the market for the euro, which has fallen against the dollar to the same extent as has the pound? Is it not the case that questions from the Opposition Front Bench might have more economic relevance if they reflected some understanding of how global markets actually work?
My noble friend is absolutely right and I echo his comments about the Chancellor of the Exchequer. There are limits to what she can do, but she is absolutely able to focus on the priorities of this Government. As noble Lords will know, this Government inherited a £22 billion black hole in the public finances left by the previous Government. She has taken very difficult decisions to deal with it, every single one of which has been opposed by the party opposite. However, they were the right decisions because we had to repair the public finances and ensure fiscal responsibility. She has set extremely tough fiscal rules—tougher than those of previous Governments—again, opposed by the party opposite. Meeting those fiscal rules is non-negotiable because we will not compromise on economic stability.
My Lords, the noble Lords opposite have some difficulty in understanding the arithmetic of coming through the black hole of £22 billion. Even if they cannot do the arithmetic, they can see that the prisons are full, waiting lists in the NHS are the highest they have ever been, schools are crumbling and there is a lack of police on the streets. It is their failure. Would the Minister agree that that is the core of the failure that this Budget is designed to correct? Is there not one important word missing in statements from the party opposite? That word is “sorry”.
My Lords, the noble Lords opposite have some difficulty in understanding the arithmetic of coming through the black hole of £22 billion. Even if they cannot do the arithmetic, they can see that the prisons are full, waiting lists in the NHS are the highest they have ever been, schools are crumbling and there is a lack of police on the streets. It is their failure. Would the Minister agree that that is the core of the failure that this Budget is designed to correct? Is there not one important word missing in statements from the party opposite? That word is “sorry”.
I 100% agree with my noble friend. It is incredibly striking that, in everything we have heard from the party opposite, not once has it apologised for the record we inherited. One of the reasons this is a once in a generation Budget is that we have had to simultaneously repair public finances and rebuild public services. That is why it is such a historic Budget. My noble friend is absolutely right that what we have not heard from those in the party opposite is an alternative.
Would they not have repaired the public finances? Would they not have prioritised working people? Would they now cut funding to the NHS and schools?
Lords motion to take note of the low rate of growth of the United Kingdom’s economy, and the rate of core inflation and its differential effects; and of the necessity of increasing productivity. Agreed to on question.
Lords motion to take note of the low rate of growth of the United Kingdom’s economy, and the rate of core inflation and its differential effects; and of the necessity of increasing productivity. Agreed to on question.
My Lords, I found the noble Baroness’s position on the current status of the banking system to exhibit extreme complacency. Is she aware that Credit Suisse was very highly capitalised and had in place all the financial anchors on which she relied in her Answer? Yet Credit Suisse has collapsed. Do the so-called Edinburgh reforms not actually come up to this: we are going to make the banking system more competitive, which equals taking greater risks?
My Lords, I found the noble Baroness’s position on the current status of the banking system to exhibit extreme complacency. Is she aware that Credit Suisse was very highly capitalised and had in place all the financial anchors on which she relied in her Answer? Yet Credit Suisse has collapsed. Do the so-called Edinburgh reforms not actually come up to this: we are going to make the banking system more competitive, which equals taking greater risks?
My Lords, in the Financial Services and Markets Bill we are introducing a new objective for the regulators to look at competitiveness, but we are clear that that objective comes second in the hierarchy to the systems objectives around financial stability. We think that strikes the right balance. We are absolutely not complacent about the global banking system and the wider financial services sector, but it is important to recognise that we are in a different position from 2008 and that we are making further changes to ensure the resilience of our sector. For example, the Bank of England announced in December that, for the first time, it will run an exploratory stress-test exercise focused on non-bank financial institutions, recognising the increased risk posed there. We will continue to do what we need to do to ensure financial stability in this country.
My Lords, the Minister will be aware that in the past nine months two Premiership rugby clubs have collapsed. He will also be aware that several Premiership clubs and some professional clubs in the Championship, the second division, are under severe financial stress. What is the Government’s view of the future of rugby given these financial stresses? Should the department undertake a review of the organisation of the professional game to ensure its successful continuity?
My Lords, the Minister will be aware that in the past nine months two Premiership rugby clubs have collapsed. He will also be aware that several Premiership clubs and some professional clubs in the Championship, the second division, are under severe financial stress. What is the Government’s view of the future of rugby given these financial stresses? Should the department undertake a review of the organisation of the professional game to ensure its successful continuity?
The Government provided £600 million of support through the sport survival package during the pandemic. We are in close communication with the Premiership Rugby league and the Rugby Football Union on their plans to manage the issues still facing the sport and their longer-term sustainability as we emerge from the pandemic. My right honourable friend the Sports Minister regularly engages with them and will continue to do so.
Lords motion to take note of (1) the increasing cost of living, (2) the level of economic resilience in the social capital of the United Kingdom, and (3) the case for Her Majesty’s Government to take further steps to address these issues. Agreed to on question.
Lords motion to take note of (1) the increasing cost of living, (2) the level of economic resilience in the social capital of the United Kingdom, and (3) the case for Her Majesty’s Government to take further steps to address these issues. Agreed to on question.
My Lords, in the development of environmental fiscal policy, do the Government accept the fundamental principle that the polluter pays?
My Lords, in the development of environmental fiscal policy, do the Government accept the fundamental principle that the polluter pays?
My Lords, ultimately, that has to be the direction of travel for us, but we cannot get there overnight. To implement that sort of stringent regime now would dramatically increase costs, which would then come back to consumers in other ways.
To ask Her Majesty's Government what proportions of UK national debt were owned by (1) UK households, (2) the Bank of England, (3) overseas purchasers, (4) banks and financial houses, and (5) insurance and pension funds, in (a) 2017, (b) 2018, (c) 2019, (d) 2020, and (e) 2021.
To ask Her Majesty's Government what proportions of UK national debt were owned by (1) UK households, (2) the Bank of England, (3) overseas purchasers, (4) banks and financial houses, and (5) insurance and pension funds, in (a) 2017, (b) 2018, (c) 2019, (d) 2020, and (e) 2021.
Most of the Government’s debt is in the form of publicly traded bonds (‘gilts’). The data most recently published on the website of the Debt Management Office (DMO) covering the distribution of gilt holdings are set out in the table below:
| UK households | The Bank of England | Overseas holdings | Banks and other financial institutions | Insurance and pension funds |
End-2017 | 0.2% | 24.4% | 27.9% | 16.0% | 31.2% |
End-2018 | 0.2% | 23.8% | 28.3% | 15.8% | 31.5% |
End-2019 | 0.2% | 23.4% | 30.1% | 13.3% | 32.8% |
End-2020 | 0.2% | 31.6% | 28.2% | 12.0% | 27.9% |
Q1 2021 | 0.2% | 32.5% | 27.6% | 11.1% | 28.4% |
To ask Her Majesty's Government what was the average duration of UK national debt in (1) 2017, (2) 2018, (3) 2019, (4) 2020, and (5) 2021.
To ask Her Majesty's Government what was the average duration of UK national debt in (1) 2017, (2) 2018, (3) 2019, (4) 2020, and (5) 2021.
Most of the Government’s debt is in the form of publicly traded bonds (‘gilts’). The average maturity of the stock of total gilts was 15.8 years at both end-December 2017 and end-December 2018, 15.9 years at end-December 2019, and 15.3 years at end-December 2020. By end-July 2021, the average maturity of the stock of total gilts had fallen to 15.2 years.
My Lords, did the Government make any assessment of the impact the free trade agreement would have on musicians touring the European Union? If they bothered to make such an assessment, will they publish the details right away?
My Lords, did the Government make any assessment of the impact the free trade agreement would have on musicians touring the European Union? If they bothered to make such an assessment, will they publish the details right away?
I am slightly taken aback at the noble Lord’s tone; the Government have been incredibly committed to this area. Obviously, there were multiple complex issues that needed to be considered in these negotiations, including the commitments to take back control of our borders and to make sure that our creative industries continue to flourish. We remain entirely committed to both.
Lords motion to consider (1) the economic lessons learned from the COVID-19 pandemic, and (2) the measures necessary to repair the United Kingdom economy. Agreed to on question.
Lords motion to consider (1) the economic lessons learned from the COVID-19 pandemic, and (2) the measures necessary to repair the United Kingdom economy. Agreed to on question.
My Lords, following on from the point made by the noble Baroness, Lady Kramer, can the Minister tell us when there is going to be a verified register of beneficial ownership in the United Kingdom?
My Lords, following on from the point made by the noble Baroness, Lady Kramer, can the Minister tell us when there is going to be a verified register of beneficial ownership in the United Kingdom?
A public register is already operational, and because of it we have already seen certain illicit flows of finance being tackled directly. The noble Lord shakes his head; I disagree with him. He will also know that the Government have prioritised this whole issue of tackling corruption and illicit finance. There are further proposals that will come forward, but public registers in themselves are not the only solution. It requires work across the piece, including tackling money laundering and having an effective sanctions policy. We are working on those proposals, as I told the noble Lord, Lord Collins.
To ask Her Majesty's Government whether they treat children who claim to be adopted differently from those who are not adopted in determining immigration cases; and if so, how many instances of such different treatment there have been in the last five years.
To ask Her Majesty's Government whether they treat children who claim to be adopted differently from those who are not adopted in determining immigration cases; and if so, how many instances of such different treatment there have been in the last five years.
Children who claim to be adopted are not treated differently to biological children in determining immigration cases.
The UK automatically recognises adoptions from the list of designated countries that can be found at: https://www.gov.uk/guidance/intercountry-adoption-information-for-adoption-agencies. The adoption order is required as proof of such adoptions.
To ask Her Majesty's Government, further to the Written Answer by Baroness Williams of Trafford on 26 October (HL2021), which member states of the UN have adoption laws that are not recognised as lawful in the UK.
To ask Her Majesty's Government, further to the Written Answer by Baroness Williams of Trafford on 26 October (HL2021), which member states of the UN have adoption laws that are not recognised as lawful in the UK.
Children who claim to be adopted are not treated differently to biological children in determining immigration cases.
The UK automatically recognises adoptions from the list of designated countries that can be found at: https://www.gov.uk/guidance/intercountry-adoption-information-for-adoption-agencies. The adoption order is required as proof of such adoptions.
To ask Her Majesty's Government what proof of adoption is required for a child adopted in a foreign jurisdiction to be deemed lawfully adopted by the UK authorities.
To ask Her Majesty's Government what proof of adoption is required for a child adopted in a foreign jurisdiction to be deemed lawfully adopted by the UK authorities.
Children who claim to be adopted are not treated differently to biological children in determining immigration cases.
The UK automatically recognises adoptions from the list of designated countries that can be found at: https://www.gov.uk/guidance/intercountry-adoption-information-for-adoption-agencies. The adoption order is required as proof of such adoptions.
To ask Her Majesty's Government in which circumstances the Home Office differentiates between adopted and natural children for (1) immigration purposes, and (2) other purposes.
To ask Her Majesty's Government in which circumstances the Home Office differentiates between adopted and natural children for (1) immigration purposes, and (2) other purposes.
Where an adoption has taken place under UK law, or in accordance with laws that are recognised as lawful in the UK, adopted children are not treated differently to biological children by the Home Office for immigration or other purposes.
My Lords, I am sure the Minister will confirm that the agreement with Switzerland to reveal tax information was made in 2011, after the coalition Government took office. Does he believe that confidence in the banking system is enhanced by the fact that concrete evidence of a major bank aiding and abetting tax evasion was comprehensively ignored by the coalition Government?
My Lords, I am sure the Minister will confirm that the agreement with Switzerland to reveal tax information was made in 2011, after the coalition Government took office. Does he believe that confidence in the banking system is enhanced by the fact that concrete evidence of a major bank aiding and abetting tax evasion was comprehensively ignored by the coalition Government?
No, I do not. As for the first part of the noble Lord’s question, the agreement with Switzerland, which he seems to deride, has generated £1.2 billion for the Exchequer. That is £1.2 billion more than was being generated under the previous Administration.
The Minister has referred continuously to “good news”. He has just referred to issues of efficiency in the public sector. Will he refer to the collapse in productivity in the private sector, which is the counterpart of the high level of employment, as also good news?
The Minister has referred continuously to “good news”. He has just referred to issues of efficiency in the public sector. Will he refer to the collapse in productivity in the private sector, which is the counterpart of the high level of employment, as also good news?
Well, my Lords, I have very good news for the noble Lord. We are currently restructuring the benefits system to help with that productivity issue. One of the things that universal credit does is to make sure that we have as flexible a labour force as possible. That is something that employers around the country welcome.
My Lords, the noble Lord has not answered the point made by the noble Lord, Lord James, which was that individuals have to apply to the banks for restitution of PPI claims rather than the
banks recognising the obligation that they know they have. Why are the Government letting the banks off the hook?
My Lords, the noble Lord has not answered the point made by the noble Lord, Lord James, which was that individuals have to apply to the banks for restitution of PPI claims rather than the
banks recognising the obligation that they know they have. Why are the Government letting the banks off the hook?
My Lords, the Government are not letting the banks off the hook. The banks have paid out almost £13 billion in respect of PPI claims, which is about 70% of the total we think is payable, and a lot more claims are in the pipeline. The concern raised by the noble Lord in his Question relates primarily to the way in which the detailed amounts were calculated and the extent to which individuals can understand those calculations from the material that they receive from the banks.