Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024

Debate between Baroness Jones of Whitchurch and Baroness Neville-Rolfe

Monday 18th November 2024 Grand Committee

[Baroness Jones of Whitchurch (Lab)]

I thank both noble Baronesses for their comments. I very much welcome the noble Baroness, Lady Neville-Rolfe, to her new role—I am sure that she will carry it out extremely well. I am pleased to hear that the noble Baroness, Lady Bowles, approves of something we are doing, for a change. Getting approval from her takes some doing, so it is good to hear.

The noble Baroness, Lady Kramer, made some more serious points, which I will have a go at addressing. First, she asked whether risk was being compromised here. We agree that we do not want to deregulate in this area; if anything, the UK Government have committed to maintaining and strengthening our high standards for CCP regulation. Of course, the Bank of England regulates these firms anyway, in accordance with its financial stability objective, so there are checks and balances already in place. We do not believe that risk is being compromised. On equivalence being a unilateral decision for the EU, we have been clear that we are committed to high standards and that we do not believe this SI gives the EU any cause for concern or reason not to extend CCP equivalence further.

The noble Baroness, Lady Kramer, asked about the role of ESMA. Of course, a variety of circumstances could lead to ESMA withdrawing EU recognition from overseas CCPs. These circumstances may not always be relevant to the UK; therefore, UK authorities may not wish to take similar action. This might be the case if, for instance, ESMA withdrew recognition because it had not agreed co-operation arrangements with other relevant national authorities. Whatever the reasons for withdrawing, the Bank is able to remove a firm from the TRR, if it deems that the CCP presents a financial security risk.

The noble Baroness also asked whether insurance companies would fall outside the regulatory perimeter. There is no policy change here. Premium thresholds will be denominated in sterling rather than the euro. The current exchange rate was used, with denominations rounded to the nearest £25; this is just to make it easier and clearer for people using the services. We will keep the operation of these thresholds under review, but this measure was simply to make the process more simplified.

I thank the noble Baroness, Lady Neville-Rolfe, for her welcoming of many of the proposals before us. She asked about impact assessments. They are standard practice; if we do not have an impact assessment, there must be a very good reason why that is the case. The noble Baroness will know from her past experience of the sorts of cases where that might occur. These measures are all covered by the better regulation framework anyway, if the impact is more than £10 million—so we think that, one way or another, they are covered.

The noble Baroness asked about us taking out all references to the EU. All I can say is that that is a work in progress. We would probably like to do it more quickly than we are, but we are working on it. We are looking back at the legislation. The purpose of this particular piece of legislation was to make it clearer to people. I do not think there is a legislative danger in the current wording, if it already exists in other bits of legislation; this was just to avoid confusion. We all want to do that, of course; where we can, we will. If we revisit bits of legislation in any way, that will be an ideal opportunity to correct these references so that they do not cause confusion in future.

I have a feeling that I probably have not answered all the questions asked by the noble Baroness, but that is my best stab at it. I thank both noble Baronesses.

[Baroness Neville-Rolfe (Con)]

My question about the impact assessment was actually about the de minimis impact assessment. Proper impact assessments have to be done at about £10 million, or whatever the level now is, but I was congratulating the Minister on having done an impact assessment for something that was in effect smaller. I would like to know whether that will be adopted by the Treasury, which I think has an interest in it, and whether it will be adopted more broadly by other departments. Perhaps the Minister could follow up on that, especially on the broader point, given her role on legislation.

As for the point about the plan going forward, it would be good to know whether there is a published source of what is still to come and what amount of time that will take. People will be very glad to know that we are nearly at the end of this process of bringing in our own regime on financial services, so that our excellent sector can feel that the roundabout has stopped and that it can get on with serving Britain. London is still such an important centre for financial services, and I am very keen to support the Government in supporting that.

[Baroness Jones of Whitchurch (Lab)]

I thank the noble Baroness for that question. I can confirm that it is standard practice for the Treasury to produce de minimis impact assessments—I have got a nod from the team behind me, so I say that with some confidence.

The noble Baroness asked about the next steps for repealing assimilated law. The Government are committed to securing the benefits that the repeal and replacement of assimilated law can bring, creating a more agile and responsive regulatory regime. That means progressing work on files such as the European market infrastructure regulation and alternative investment fund managers directive. To be more specific, we will write to the noble Baroness to clarify any further information that we have on this. With that, I hope that noble Lords will approve the regulations.

AI-generated Public Services

Debate between Baroness Jones of Whitchurch and Baroness Neville-Rolfe

Thursday 14th December 2023 Lords Chamber

[Baroness Jones of Whitchurch]

To ask His Majesty’s Government what steps they are taking to ensure citizens are not excluded from accessing AI-generated public services.

[The Minister of State, Cabinet Office (Baroness Neville-Rolfe) (Con)]

My Lords, the noble Baroness raises an important point, because the shift online and the use of AI are irreversible. They offer substantial opportunities, but problems could arise for some disadvantaged groups. That is why departments are required, by the Government’s service standard, to provide support via alternative channels for all their online services. Our road map for digital and data, updated on 29 November, focuses on enabling the confident and responsible use of AI to improve efficiency and services.

[Baroness Jones of Whitchurch (Lab)]

I thank the noble Baroness for that, but the latest Ofcom study of internet use in the UK showed that 7% of people have no access at all and 18% have access solely via their smartphone. That is fine for most tasks, but less helpful when filling out complex forms or seeking support. The ambition of providing better public services through a digital revolution is a good one; however, what works for most people will not work for everybody, so what is being done to ensure that this small but important group, who are being left behind when attempting to access essential public services, can access them in the future? If they cannot, we will not have a universal service.

[Baroness Neville-Rolfe (Con)]

This of course is why the Government are committed to ensuring that everyone has affordable access to public services, whether online or offline. Departments are required, by the service standard, to provide support via alternative channels for all their online services to all users, including the disabled. That can be by phone, through face-to-face meetings, by letter or via web chat, which is important for the unsighted. The system of assessments is co-ordinated by the CDDO in the Cabinet Office, and these requirements cannot go on to GOV.UK without assurance secured.

COP 27

Debate between Baroness Jones of Whitchurch and Baroness Neville-Rolfe

Thursday 27th October 2022 Lords Chamber

[Baroness Neville-Rolfe (Con)]

It is the case that Alok Sharma is no longer a Minister nor in the Cabinet. However, the Prime Minister has appointed him as COP president, and that provides continuity and retains his expertise in this important role. I have been struck by his tireless work over the past year, and he is always particularly focused on implementation and the international perspective, as well as other issues. The thing is to get COP 27 done in a brilliant way in Sharm el-Sheikh from 6 to 18 November 2022. I cannot comment on appointments by the Prime Minister.

[Baroness Jones of Whitchurch (Lab)]

My Lords, should we not get our own house in order to earn the respect of all the other countries that will be at COP 27? Just as an example, we already have a commitment to have 30% of land for nature by 2030. So far, the statistics are that we have only 3%, so we have a long way to go before we can hold our heads up at COP 27 and earn the respect globally that we deserve.

[Baroness Neville-Rolfe (Con)]

I understand from my noble friend that we lead the campaign for 30/30.

Waste (Miscellaneous Amendments) (EU Exit) Regulations 2019

Debate between Baroness Jones of Whitchurch and Baroness Neville-Rolfe

Wednesday 27th February 2019 Grand Committee

[Baroness Neville-Rolfe (Con)]

I am sorry to intervene but on this important subject of reports on recycling, particularly of plastic waste, which my noble friend will remember that I am very interested in, he seems to be saying that this is about implementing an EU obligation which we will no longer have. I thought that the principle of these regulations, which I fully support, was to bring into UK law equivalent provisions to those that exist in EU law. Therefore, it would be helpful if he could tell us—either now or in writing—what the plan is for reporting on the recycling of plastic and other waste in the UK once these regulations come in, because I am worried that there might be a gap. I think that is what the noble Baroness was saying earlier.

[Baroness Jones of Whitchurch]

Perhaps I might add to that. One cannot have it both ways, as the Minister is trying to do here, because the new wording says that in the progress report for 2020, the Secretary of State shall demonstrate,

“compliance with the targets set in article 11(2)”

of directive 2008. It makes reference to that directive, so it is either a progress report or an implementation report. Either way, it is referring to the directive, and I would contend—as with the noble Baroness’s helpful intervention—that an implementation report puts slightly more teeth into it than a progress report.

Warm Home Discount (Miscellaneous Amendments) Regulations 2016

Debate between Baroness Jones of Whitchurch and Baroness Neville-Rolfe

Thursday 21st July 2016 Lords Chamber

[Baroness Neville-Rolfe]

My Lords, I thank the noble Baroness, Lady Jones of Whitchurch. As she says, there is some agreement across the House on the importance of tackling fuel poverty. Like her, I look forward to further debates on this issue in the months, and even years, ahead.

As I have stated, these regulations were prepared in difficult circumstances. I very much regret that they have come before this House so late. Although some households will receive their rebates later than in previous years, the majority will reach customers during the coldest months of the year. As I stated in my opening remarks, payments will start in mid-October and not in December, as I think the noble Baroness, Lady Jones, feared.

To respond to another of her points, we are in touch with suppliers and have put in place steps to ensure that they can begin to credit customers’ accounts by mid-October, helping those customers to keep warmer. We will also closely monitor delivery during the scheme, especially given the delay. However, I say to the noble Lord, Lord Berkeley, that I cannot perform a miracle. I can reassure him that I have tried to be completely transparent about what the new timetable is as a result of the delay, which I think we all regret.

I hope that the unusual circumstances of this year will not be repeated next time round. As the new Minister, I take note of what has been said about the importance of avoiding delays in the future and the wish of noble Lords to be able to engage.

As it happens, the Digital Economy Bill, which has been introduced in the other place, will provide the powers to be able to combine data on benefits and the housing stock, helping us to identify more households in fuel poverty. The Government accept that the targeting of this scheme could be improved and, therefore, we are seeking to take steps to improve it. The new powers will provide the Government with the opportunity they need, and also opportunity for debate. We will, of course, be consulting, as we try to do on these sorts of schemes, on the way that we will go about using the new information-sharing powers that we hope to obtain.

The noble Baroness, Lady Miller of Chilthorne Domer, rightly pointed out, and I can confirm, that we have committed to extending the warm home discount to 2020-21. That discount continues to help a large number of poorer households with their energy costs, right across the country, at a time when they are most in need. We will work with stakeholders to deliver these changes efficiently and will continue to provide help where and when it is needed in the most effective way. This obviously complements other proposals that either exist or are being consulted on, such as the energy company obligation and improvements to homes in the private rented sector, which have some of the worst energy efficiency ratings.

The noble Baroness also mentioned measures stemming from the CMA report, which is one thing that I plan to read this weekend. If I have anything further to say, I will certainly come back to her. I look forward to learning from her in this new brief.

I hope that noble Lords will agree that these regulations are important and forgive us for the delay. I hope that the noble Baroness will feel able to withdraw her amendment.

[Baroness Jones of Whitchurch]

My Lords, I am grateful to the Minister for the regret that she expressed about the timetable and the late registration of the regulations before the House. Obviously, that goes some way to addressing our concerns.

We could argue about the five months. I do not think that the unusual circumstances—or however we want to describe them—go back to November of last year. Still at the heart of this issue is a fundamental problem about cross-departmental working and cross-departmental policy discussion, which seemingly remains unresolved. We were looking for the opportunity to hear from the noble Baroness that the Government understand that, are taking it seriously and are addressing it.

[Baroness Neville-Rolfe]

I did say that I take the point about interdepartmental co-operation. It was quite an unusual period in the run-up to the referendum lasting several months: it felt like that to me. However, I am a newcomer to this subject and all I can do is to learn going forward. Cross-departmental agreement in these sorts of areas, particularly between DWP, the Treasury and others is obviously extremely important.

[Baroness Jones of Whitchurch]

I thank the Minister for that intervention. I have one other point. The timetable that is set out assumes that the data matching will go to plan—the timetable with the DWP is 10 weeks. A lot of those IT projects tend to have optimistic timetables in my experience, so we are relying on that data-matching being done within 10 weeks. Otherwise, there will be a further delay which everyone would find very regrettable. There is clearly more work to be done on targeting and how we can get the rebates and the payments to those in greatest need. I understand that this cannot necessarily be resolved within this particular set of regulations, but there is more room for dialogue on that issue in the months to come.

Having heard what the Minister has to say, I will not detain the House any longer. I do not intend at this stage to press this amendment to a vote. It is the Lord Speaker’s last day in post barring disasters over the summer, so it is only fair to give her a gentle ending to her distinguished service. On that basis, I beg leave to withdraw the amendment.

Amendment withdrawn.

Motion agreed.

Apprentices

Debate between Baroness Jones of Whitchurch and Baroness Neville-Rolfe

Wednesday 10th June 2015 Lords Chamber

[Baroness Jones of Whitchurch (Lab)]

My Lords, on behalf of my noble friend Lord Lennie and at his request, I beg leave to ask the Question standing in his name on the Order Paper.

[The Parliamentary Under-Secretary of State, Departments for Business, Innovation and Skills and for Culture, Media and Sport (Baroness Neville-Rolfe) (Con)]

Over the next five years, we will support 3 million new apprenticeships. We are developing a package of measures to achieve this growth by getting more employers to offer apprenticeships so that many more young people can benefit from this valuable route to a successful career.

[Baroness Jones of Whitchurch]

I thank the Minister for that reply. She will know that the Lords Library has produced statistics showing that of the apprenticeships available, only one quarter are currently going to young people under the age of 19. On top of this, by the admission of the Government’s own funding statement, funding for apprenticeships is going down. Of the 3 million new apprenticeships that the Government are promising to create by 2020, how many will be for 16 to 18 year-olds? Does the Minister agree that schools should be doing far more to encourage young people to consider alternative vocational entry into work?

[Baroness Neville-Rolfe]

My Lords, young people will inevitably be a huge focus of the scheme, but it is right not to exclude others because people can need to develop lifelong learning after the age of 19. We will be making a total investment of £1.5 billion in apprenticeships available in the current year, and I am delighted to say that training for 16 to 18 year-olds is fully funded by the Government, with a particular emphasis on English and maths.