Sterling: Euro Exchange Rate

Baroness McIntosh of Pickering Excerpts

Monday 9th October 2017 Lords Chamber

Asked by

[Baroness McIntosh of Pickering]

To ask Her Majesty’s Government what assessment they have made of the impact of the relative value of the euro to the pound sterling on individuals and businesses.

[The Minister of State, Department for International Development (Lord Bates) (Con)]

My Lords, the UK has an inflation target, not an exchange rate target, and the Government do not express a view on the level of exchange rates. The value of sterling adjusts flexibly in response to economic conditions and market forces and sentiment. The Government will continue to monitor economic developments closely, while at the same time taking steps to promote economic growth and to support individuals and businesses.

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[Baroness McIntosh of Pickering (Con)]

My Lords, since 2015 the pound has lost between 20% and 30% of its value against the euro, leading to the loss of Monarch Airlines and Air Berlin, among others, in the last few months. Does my noble friend the Minister believe that the quantitative easing programme embarked upon by the Bank of England to shore up the level of the pound and keep interest rates down is sustainable? Will the Treasury come clean on what the real cost to the UK economy—to individuals and businesses—will be if the United Kingdom crashes out of the European Union without a deal?

[Lord Bates]

We can certainly say that a number of those elements are, rightly, matters that are independent of government. The Bank of England has been given the UK macroeconomic mechanisms to make those judgments on interest rates. Interest rates are at an historically low level. Exchange rates can have a negative effect on imports but a positive effect on exports. It is important that we emphasise that the fundamentals of the British economy remain strong. Employment is at record levels and we continue to grow and expand, and we want to see that continue. That is very much the positive outcome we want from this complex negotiation.

East Africa: Famine

Baroness McIntosh of Pickering Excerpts

Thursday 23rd March 2017 Lords Chamber

[Lord Bates]

I am very happy to do that. I also pay tribute to the work of the Disasters Emergency Committee in this instance. The immediate response to the crisis and the generosity of the British people in raising £20 million, which was then aid matched by DfID, is typical of the character of the British people, to which the most reverend Primate referred earlier, and their humanitarian concern for their neighbours. That commitment is there and is being built upon by the £100 million that has been announced for South Sudan and Somalia. We are keeping those numbers constantly under review because the situation is at crisis point.

[Baroness McIntosh of Pickering (Con)]

Will my noble friend look closely at the work that Nestlé and other multinational companies have been doing in countries such as South Africa? Will he inform the House of what we believe to be the underlying causes of the famine and whether we can use technical assistance from companies in this country to improve irrigation in east Africa to enable it to secure its crops against future droughts and floods?

[Lord Bates]

Certainly, part of the cause is the drought that is affecting many countries because of the record level of the El Niño effect in the region. However, overwhelmingly this is a man-made crisis; this is because of conflict. If it was not for the conflict we would be able to reach people in the same way we are able to reach people in Ethiopia and Kenya. It is the fighting and insecurity in South Sudan, Yemen, north-east Nigeria and Somalia that are causing the difficulty, and people are dying as a result. The fighting has to stop.

Oral Answers to Questions

Baroness McIntosh of Pickering Excerpts

Wednesday 18th June 2014 Commons Chamber

[The Prime Minister]

I do not think I will be able, I am afraid, today to see her constituents and the people she is bringing to the House of Commons. I am very happy to have another conversation with her about what can be done and to understand what more can be communicated to those people, so perhaps we can fix that up.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

Q14. In welcoming the Chinese Premier Mr Li to this country, and in recognising that China is one of the greatest export markets for Britain, may I ask the Prime Minister to use his good offices to unblock the barrier to the export of pigs’ feet for human consumption, which will bring in thousands of pounds and ensure the long-term economic growth of north Yorkshire?

[The Prime Minister]

I will certainly take up my hon. Friend on that issue. I recall that on a previous visit to China we unlocked the export of pig semen to China, so we made progress. I seem to remember that the press release referred to “the pig society”—sorry about that one. I will look very carefully at the question of pigs’ feet, and if exports can be allowed and jobs can be created by that, I will be happy to help.

Oral Answers to Questions

Baroness McIntosh of Pickering Excerpts

Wednesday 23rd October 2013 Commons Chamber

[Justine Greening]

We need to do a number of things. First, we need to make sure that the financing and resources are in place so that not just the life-saving work, but the broader work on educating the 1 million children who are now refugees can take place. As I have said, we also need to work with host Governments—such as the Jordanian Government, who have been incredibly generous—to make sure that they are well placed to be able to cope with this huge, unprecedented number of refugees.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

9. Mindful of the impact on Jordan, Lebanon and Turkey, and mindful of the fact that this is an international humanitarian crisis, what international co-operation are we receiving with regard to the refugees in those countries?

[Justine Greening]

As I have said, it is deeply concerning that the United Nations donor appeal is only half funded. Having said that, as a result of the Prime Minister’s leadership, since the G20 we have managed to get an additional $1 billion of funding. The key test for us all will be whether the donor conference in January can be successful so that we can meet the needs of the UN agencies that are working so hard.

Oral Answers to Questions

Baroness McIntosh of Pickering Excerpts

Wednesday 13th March 2013 Commons Chamber

[Justine Greening]

The best thing we can do is work through independent, impartial humanitarian organisations and, through the UN, continue our lobbying work to ensure we have access. Access is a real challenge in places such as Mali and is also, of course, a particular challenge in places such as Syria. Without access, we cannot get humanitarian support to people, and that is why we focus on it.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

2. What support her Department provides to WaterAid.

[The Parliamentary Under-Secretary of State for International Development (Lynne Featherstone)]

The total funding provided by the Department for International Development to WaterAid for the financial year 2011-2012 was £5.8 million. The figure for the funding allocated to WaterAid in 2012-13 will be available at the end of this financial year.

[Miss McIntosh]

I thank my hon. Friend for that answer. Will she join me in preparing for world water day on 22 March? Will she also recognise the massive contributions from individuals and others, including water companies, who contribute to WaterAid, and from projects such as EcoLink, applied by Nestlé in South Africa, as that all benefits developing countries?

[Lynne Featherstone]

I thank my hon. Friend. I know of her interest in water as chair of the all-party parliamentary water group and I congratulate all those who make a contribution on the key issue of water in developing countries. My hon. Friend mentioned world water day. The Department for International Development will host events on that day, particularly on how water impacts on girls and women.

Oral Answers to Questions

Baroness McIntosh of Pickering Excerpts

Wednesday 12th January 2011 Commons Chamber

[Mr Mitchell]

The right hon. and learned Lady is right to suggest that 4.5 million people directly benefit from British food aid in southern Sudan, but that is not a long-term solution. As we have learned in eastern Africa, by contrast with western Africa, it is crucial to try to ensure that food is grown as closely as possible to the people it supplies and that local markets are stimulated close to where there is food and security. That will be one of the key objectives that we will pursue in conjunction with the authorities in southern Sudan.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

2. What recent assessment he has made of the effectiveness of the delivery of humanitarian aid in Afghanistan; and if he will make a statement.

[The Minister of State, Department for International Development (Mr Alan Duncan)]

In 2010, international humanitarian aid to Afghanistan fed 3.5 million people, helped 100,000 refugees and built 22,000 emergency shelters. DFID provides support to the International Committee of the Red Cross, to assist families affected by conflict and to provide medical care. As for potential problems this year, we are closely monitoring rain and snowfall levels and would work with the international community to respond to any problem caused by water shortages.

[Miss McIntosh]

I congratulate the Department on that achievement. Does humanitarian aid extend to the possibility of finding crops to substitute for poppies, to enable Afghanistan to have a proper income and become completely self-sufficient?

[Mr Duncan]

The answer is yes. DFID’s programmes seek to establish sustainable long-term solutions to poppy growing by promoting access to agricultural credit, releasing uncultivated land for productive use and strengthening access to markets for local producers. We are also trying to encourage farmers to grow different crops with a higher market value, including, for instance, pomegranates.

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[The Prime Minister]

I want to see crime come down, because I want to see us get the police out on the beat. The fact is that only 11% of police officers at any one time are out on the beat. I have the figures for North Wales police, and yes, of course there are some spending reductions being made—[Hon. Members: “Answer the question!”] I am answering it. When it comes to the funding, in 2011-12 it will be the same as the funding that the police had in 2007-08, so it is perfectly possible to have effective crime fighting and to get police out on the streets in north Wales.

[Miss Anne McIntosh (Thirsk and Malton) (Con)]

Q8. Given the rural nature of North Yorkshire and the impact of record prices both at the pumps and for household fuel, will the Prime Minister look again at the Chancellor’s undertaking in June to introduce a fuel stabiliser and, more especially, at a rebate for remote rural areas such as North Yorkshire?

[The Prime Minister]

We have looked at a rebate for rural areas, and some progress was made in the Budget on that issue. On the fair fuel stabiliser, yes, the Treasury is looking at it, because clearly there is a case for saying that if it can be shown that the Treasury benefits from extra revenue as the oil price rises, there should be a way of sharing that with the motorist who is suffering from high prices. [Interruption.] While we hear all the chuntering in the world from the Opposition, the fact is that the last four fuel duty increases were all in their Budgets.