Teesworks Joint Venture

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 30th January 2024 Lords Chamber

[Baroness Penn (Con)]

My Lords, as I have set out, there have already been clear public benefits to the redevelopment in Teesside. On the question of involving private partners in this work, the report sets out very clearly that the business case was clear: public sector funding would not be sufficient to complete remediation of the site and a private sector partner would be required. There are lessons to be learned from this report; the Government have been clear on that. That is why we have given the Mayor of Tees Valley time to consider the recommendations in the report, as the vast majority are for the mayor and combined authority. We will then look at those responses and consider the recommendations for the Government alongside that and take forward a process for improving accountability and transparency in this instance.

[Baroness McIntosh of Pickering (Con)]

My Lords, I congratulate the Government on the investment they have made and for the review panel they held. I will ask a slightly different question. Those of us in North Yorkshire feel a little like the poor relations, because a lot of investment has gone into Tees Valley. We are about to have elections for a North Yorkshire and York mayor. If my reading of the orders setting up the mayor are correct, we will not be in receipt of any government funds; we will have to raise our own money to pay for infrastructure, transport and other services. Is my understanding correct, and does it not seem a little unfair that we could not have even a small proportion of the money that has gone into Tees Valley?

[Baroness Penn (Con)]

My Lords, the decision to set up the North Yorkshire and York Mayoral Combined Authority was taken in combination with the elected representatives and local councils in that area, which all agreed to it. Part of those discussions was around funding, and it is right that we take forward what was agreed as part of that package. Of course, a vast range of different funds are available to combined authorities and local authorities to benefit from, including our levelling-up funding, and those opportunities will continue in future.

Levelling Up: North-east England

Debate between Baroness McIntosh of Pickering and Baroness Penn

Thursday 14th December 2023 Lords Chamber

[Baroness Penn (Con)]

My Lords, the levelling-up missions encompass a wide range of outcomes that we are seeking to address, including reducing health inequalities. That is why we are investing further money both in our health service and in social care, including additional grant money made available to local councils this year and next. It is a long-term transformation fund but we will be held accountable, reporting against those missions annually until 2030.

[Baroness McIntosh of Pickering (Con)]

My Lords, the Government have been extremely generous to Tees Valley with the infrastructure and other funding. Will my noble friend look equally generously on North Yorkshire, 75% of whose budget is going towards the elderly, and even more towards childcare? We need to restore the balance between Tees Valley and other rural areas, such as North Yorkshire, in the available funding.

[Baroness Penn (Con)]

My Lords, I was pleased to be able to take forward yesterday the statutory instrument that will create the combined authority and mayoral authority for York and North Yorkshire. It represents a huge opportunity for the area in terms of investment and local leaders taking forward their priorities. My noble friend is absolutely right that it is a different area with a more rural constituency, and I think it has the opportunity to show how devolution and levelling up can work across the country, whether you are in a rural or an urban area.

VAT: Building Repairs and Maintenance

Debate between Baroness McIntosh of Pickering and Baroness Penn

Wednesday 19th April 2023 Lords Chamber

[Baroness Penn (Con)]

Let me relate that to the topic at hand. The temporary zero rate of VAT that I have referred to, which applies to installations of qualifying energy-saving materials, will be expanded to Northern Ireland on 1 May this year.

[Baroness McIntosh of Pickering (Con)]

My Lords, does my noble friend not agree that, with rural churches closing at an alarming rate, there is a case to be made for VAT to be either reduced or abolished on repairs for local churches?

[Baroness Penn (Con)]

As I referred to earlier, we have in place the listed places of worship scheme that provides support to places of worship, which runs until March 2025.

European Structural and Investment Funds and the European Agricultural Guarantee Fund

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 21st March 2023 Lords Chamber

[Baroness Penn (Con)]

I am aware that there are elements of funding from the European Social Fund in Northern Ireland that are due to come to an end at the end of this month. The Department for Levelling Up, Housing and Communities is administering a competition to replace that funding, and it received strong and positive responses from organisations across Northern Ireland seeking to deliver the aims of that programme. It is working very hard to make the final selection decisions as quickly as possible.

[Baroness McIntosh of Pickering (Con)]

My Lords, does my noble friend accept that, for two categories of farmers—particularly hill farmers and tenant farmers—the level of income from the European funds is falling faster than initially expected? Will she work with Defra to ensure that their incomes are protected, and that they continue to produce the excellent food that they do for this country?

[Baroness Penn (Con)]

My Lords, I am sure that Defra will want to support the work of all farmers in our economy. My noble friend referred to two different categories of farmer: I know that my noble friend Lady Rock did an excellent review into tenant farmers, and a number of her recommendations have been taken forward. As Defra develops its programmes for the sustainable farming incentive and other replacements for EU funds, it will want to take into account the needs of different farmers across the UK.

Energy Profits Levy

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 7th February 2023 Lords Chamber

[Baroness Penn (Con)]

I would like to reassure the noble Baroness on that second point. We have the energy price guarantee in place and specific support going to the most vulnerable households. It is at the forefront of our minds that people have faced a difficult winter and that energy prices will remain elevated for some time. We are also putting support into improved energy efficiency and insulation to help bring down bills.

[Baroness McIntosh of Pickering (Con)]

My Lords, while I welcome the investment the Government are making in renewables, is it not wrong that vulnerable households are paying between 9% and 12% of their electricity bills in green levies? Would it not be more appropriate for the renewables industry to carry this itself or for it to be a charge placed on energy companies or electricity distribution companies?

[Baroness Penn (Con)]

Renewable levies have helped drive the successful track record I referred to earlier, but we are always conscious of consumers’ bills rising. That is why we have put in the significant support that we have.

Alcohol Duty Bands

Debate between Baroness McIntosh of Pickering and Baroness Penn

Thursday 12th January 2023 Lords Chamber

[Baroness Penn (Con)]

My Lords, as I have said, in keeping alcohol duty rates under review we aim to balance the impact on businesses with public health objectives. The reforms we have made to alcohol duty rates are the biggest reforms that we have had in 140 years. It is right that businesses have the time that they need to adjust to those changes.

[Baroness McIntosh of Pickering (Con)]

Is my noble friend able to tell the House today what position the Government have taken on the public health aspect of reducing alcohol consumption between higher and variable rates of alcohol, depending on the strength of the alcohol, as opposed to minimum-unit pricing?

[Baroness Penn (Con)]

My noble friend is right that the Government’s preferred approach has been to reform alcohol duties and align them all based on the strength of alcohol. As I have said to other noble Lords, that is an approach that has public health at its heart.

Financial Services

Debate between Baroness McIntosh of Pickering and Baroness Penn

Wednesday 11th January 2023 Lords Chamber

[Baroness Penn (Con)]

My Lords, what I actually said is that the FCA guidance on bank branch closures has recently been strengthened. I do not recognise the picture the noble Lord paints. Firms are expected carefully to consider the impact of planned closure on their customers’ everyday banking and cash access needs and to consider alternative arrangements. The strengthened FCA guidance has specifically looked at enhancing protections for consumers who rely on those branch services. For instance, there are examples of banks placing people in those branches to ensure that they can help their customers to access banking through digital means such as mobile or online banking. There is also the rollout of Post Office banking hubs to provide more in-person services to customers.

[Baroness McIntosh of Pickering (Con)]

What consideration have the Government given to the ability of residents in rural areas to continue to draw cash from ATM machines, and to the security implications of rural businesses not being able to bank their cash at peak times?

Cross-Government Cost Cutting

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 6th December 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I am sure the Home Office takes that into account. This Government have a strong record on protecting women who have had to flee violence; we brought forward the Domestic Abuse Act, among other things. Even when looking back to previous years, from 2010 onwards those budgets were protected.

[Baroness McIntosh of Pickering (Con)]

My Lords, would my noble friend look closely at the property portfolio? As of January this year, only 34% of government office property had been onboarded, as it is apparently called. There is obviously scope to add more to this. Will my noble friend look closely at NHS properties in particular? For example, in a city such as York, with all the different organisations that have owned various properties, I would be interested to know how many are occupied and used for NHS purposes at this time.

[Baroness Penn (Con)]

I reassure my noble friend that the Government continue their efforts to reduce the government estate, and progress is being made to hit the £500 million per annum asset disposal target. There are significant property sales under way, including the empty sites and outdated buildings around the Royal London Hospital, which will create a new home for life sciences in London: the Whitechapel Road life sciences cluster.

UK Green Taxonomy

Debate between Baroness McIntosh of Pickering and Baroness Penn

Thursday 3rd November 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I agree with the noble Baroness on the importance of progressing this work at pace but it is also important that we get it right. For the green taxonomy to have real value for the market, we need to make sure that it is user-friendly and operable, and that is what we are focused on. We continue to progress our work in this area and remain committed to producing the green taxonomy.

[Baroness McIntosh of Pickering (Con)]

My Lords, I welcome my noble friend back to her place on the Front Bench. Could she outline the work in this area to reduce greenwashing, and could she highlight the work on carbon offsetting? Does she share my concern that, although it is right and helpful, in environmental terms, to plant trees, they must be planted in appropriate areas, so as not to cause more flooding rather than reducing it?

[Baroness Penn (Con)]

The Government are taking a number of steps. The FCA, for example, has consulted on a sustainable investment-labelling scheme so that, when consumers and investors are told that they are investing sustainably, they have better information to show that that is based on an objective assessment of those investments.

Primary Care: Quality and Access Improvements

Debate between Baroness McIntosh of Pickering and Baroness Penn

Thursday 21st July 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I absolutely recognise the pressure that GP practices are under. To name just two of the factors, we have seen increased demand on the practices, which are seeing more patients than ever before, but we also have reports of people struggling to get access. There are workload pressures on those working in those practices and the need to increase staffing numbers, not just of GPs but those wider primary care staff. In terms of reform, I have not seen those specific reports, but the noble Lord will know through the Health and Social Care Act that was passed recently that the creation of integrated care boards and integrated care systems will, I hope, bring primary and secondary care closer together and enable local areas to design care that is meeting the needs of their populations better.

[Baroness McIntosh of Pickering (Con)]

My Lords, I declare my interests with the Dispensing Doctors’ Association, based in North Yorkshire. Will my noble friend restore the funding to general practice of 11% of the overall health budget? Will she immediately allocate £1 billion of that to primary care networks, for the reasons that the noble Baroness opposite gave?

[Baroness Penn (Con)]

My Lords, we have increased funding to general practice and primary care to address some of the pressures that they have faced. In addition to funding, we are seeking to give greater support to those practices in the most challenged areas to improve their ways of working; for example, with their telephony systems, to ensure that patients can get through to their practices and book the appointments that they need.

North Sea Oil and Gas Producers: Investment Allowances

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 7th June 2022 Lords Chamber

[Baroness Penn (Con)]

I absolutely agree with my noble friend that this measure will not lower the price of gas. In fact, it is by that measure that it is not a subsidy to fossil fuels, but it will provide us with part of the funding to ensure that households across Britain which cannot cope with the extraordinary increase in energy costs at the moment get more support. I also agree with my noble friend that our investment in renewables so far has allowed us to have some cheaper forms of electricity—something we need to continue to build on.

[Baroness McIntosh of Pickering (Con)]

My Lords, has my noble friend the Minister calculated what the income raised by the Treasury has been from excise rates and VAT from North Sea oil and gas produce in the last 12 months?

[Baroness Penn (Con)]

I do not have that number with me for my noble friend, but I might be able to write to her on it. In terms of VAT receipts, there has not been a VAT windfall this year because every extra pound spent on energy at 5% VAT is not a pound spent on other things where VAT is at 20%. So the net effect of increased energy prices in terms of the Exchequer take for VAT is actually negative.

Economy Update

Debate between Baroness McIntosh of Pickering and Baroness Penn

Thursday 26th May 2022 Lords Chamber

[Baroness McIntosh of Pickering (Con)]

My Lords, can my noble friend look at the potential of a windfall tax on the excessive profits that electricity companies have been making? One electricity company alone posted a profit of £1.5 billion—a 14% increase. Would it also not have been better to have targeted the money through the warm homes discount to make sure that it reaches those most vulnerable, who are living in the coldest homes?

[Baroness Penn (Con)]

My Lords, as I have said already, we are looking at certain parts of the energy generation sector that are also making extraordinary profits, because the price that electricity generators are paid is linked to the price of natural gas. So, like many other countries, we are looking at what measures we might want to take to correct that and engaging with industry urgently on it. On how the support we are providing is delivered and targeted, the Chancellor, as my noble friend would expect, looked at many different options for how best to support people. This package strikes the right balance in terms of targeted and universal support, simplicity of delivery mechanism and the speed at which support can get to people, and it should be very welcome.

Financial Conduct Authority: Financial Inclusion

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 22nd March 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, the Government are conscious of the poverty premium, and so is the Financial Conduct Authority. We are committed to ensuring that all consumers can access financial services and products that are affordable to them. There are examples of concrete action in this area—for example, a pilot of a no-interest loans scheme and a pilot of prize-linked savings schemes for people who are struggling to access appropriate and affordable financial services. That is something that we want to continue to build on.

[Baroness McIntosh of Pickering (Con)]

Does the Minister share my concern at the rate of closures of rural banks? This is a particular problem for the elderly who often have no access, other than by public transport, to get to banks. It also poses security problems for many shops in what is coming up to the busiest time of year. Should there not be some sort of social policy constraint on banks to ensure that a minimum number of branches are kept open in rural areas?

[Baroness Penn (Con)]

In addition to the answer which I gave previously, it is also possible for consumers to use Post Office services to carry out many of the functions they need to access banking. That network is distributed around the country.

Windfall Tax: Oil, Gas and Energy Companies

Debate between Baroness McIntosh of Pickering and Baroness Penn

Tuesday 22nd February 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I believe I have already answered a question about the level of the green levy on bills. However, I have also given the reassurance that the Government are committed to their net-zero targets. That involves a transition from fossil fuels to greener forms of energy, which is why we have a plan in place to do so.

[Baroness McIntosh of Pickering (Con)]

My Lords, does my noble friend agree that it is only in this sector that the industry is not paying for future infrastructure? Will she ensure that, rather than funding renewable energy through green levies, companies will be able to go to the market and fund them in the usual way?

Financial Services Bill

Debate between Baroness McIntosh of Pickering and Baroness Penn

Committee stage
Monday 8th March 2021 Grand Committee

[Baroness Penn (Con)]

My Lords, it is important to stress, as a number of noble Lords have done, that short selling is a legitimate investment technique that can contribute to orderly and open markets supporting many consumers. Taking short and long positions can ensure that investors are able to manage risk and volatility in their portfolio, particularly during uncertain times; for example, if a firm has purchased a large number of shares, that firm might want to short some of those shares if they have a volatile price.

As my noble friend Lady McIntosh of Pickering ably set out, the UK’s regulatory regime for short selling is predominantly set out in the short selling regulations, which were introduced in 2012 to regulate short selling practices while safeguarding companies and the financial system. Among other things, it requires persons to notify the FCA of the size of their short positions in shares traded on a UK trading venue. It also gives the FCA various powers to intervene in response to exceptional circumstances that pose a serious threat to financial stability or market confidence in the UK. These include requiring the notification or disclosure of short positions, as well as restricting short selling to periods of up to three months. Furthermore, the FCA can temporarily prohibit or restrict short selling when the price has fallen significantly during a single trading day relative to the closing price of that instrument on the previous trading day. This regime is working as intended, providing the necessary safeguards to allow the operation of a fair and effective market. The Government continue to work closely with the regulators and market participants to monitor the effectiveness of the entire regulatory regime to ensure that legislation continues to be fit for purpose and delivers on its objectives, in particular to support economic growth and maintain financial stability.

As my noble friend Lady McIntosh of Pickering noted on the example of GameStop, the UK short selling regime was not breached because it does not apply to shares admitted to trading on US trading venues. Furthermore, the regime that I have just set out that applies to short selling would mean that in such a scenario in the UK the FCA would have been able to identify short positions building up and would have been able effectively to engage with the firms holding the short positions in that case.

I am not sure that I recognise the characterisation of the Bank for International Settlements’ report set out by my noble friend Lady McIntosh of Pickering, but I will happily write to her on that matter.

A number of noble Lords have spoken, from different perspectives, in favour of a review of short selling. In response to a number of direct questions about what jurisdictions such a review would look at or whether it would look at relaxing or shoring up such regulations, at this point the Government do not see this issue as the most pressing area of financial services regulation to look at. We see no need to conduct a review of this legislation at this time, so I ask my noble friend Lady McIntosh to withdraw her amendment.

[Baroness McIntosh of Pickering (Con) [V]]

I am grateful to the Minister and to all those who have contributed. I recognise the role that the noble Baroness, Lady Bowles, played in the adoption of the current EU regulation. I am grateful to my noble friend and others who set out the arguments on one side or the other. I have a great deal of sympathy with my noble friend Lord Holmes of Richmond and his earlier amendment calling for a review of all financial regulations and regulators’ rules, and I note that my noble friend Lady Penn does not see the need for this at present.

This is something that I will personally continue to monitor. I have no doubt that my noble friend Lady Noakes, who speaks with great authority and expertise on these issues, and my noble friends Lord Sharpe and Lord Trenchard would prefer that many of the regulations would just go away, but I am rather pleased that they are not going away for the moment. My concerns have been addressed to a great extent. I will continue to support my noble friend Lord Holmes’s call for a further review of all these practices. I am grateful to have had the opportunity to debate these issues and I beg leave to withdraw the amendment at this stage.

United Kingdom Internal Market Bill

Debate between Baroness McIntosh of Pickering and Baroness Penn

Report stage & Report stage (Hansard): House of Lords & Report: 1st sitting & Report: 1st sitting: House of Lords
Wednesday 18th November 2020 Lords Chamber

[Baroness McIntosh of Pickering (Con) [V]]

My Lords, I am grateful to those who have spoken in support of this amendment—

[Baroness Penn (Con)]

My Lords, I believe that a noble Lord gave notice that he wanted to speak after the Minister.

Interest Rates

Debate between Baroness McIntosh of Pickering and Baroness Penn

Wednesday 23rd September 2020 Lords Chamber

[Baroness Penn (Con)]

My Lords, I also expressed sympathy with those savers, including many noble Lords, who have been affected by the decision to change the interest rates. It is not an easy decision but I have tried to explain to noble Lords that the Government take several factors into account in this decision. One of them is the interests of savers. Premium bonds continue to offer a market-leading rate for those savers. However, that must be balanced against the need to protect the interests of taxpayers and the broader financial services sector.

[Baroness McIntosh of Pickering (Con) [V]]

My Lords, I congratulate my noble friend Lord Young on securing this Question. Like him, I declare my interest as a holder of NS&I products. There is a particular cohort that has not been raised, and that is pensioners and others living on fixed incomes. After having saved all their lives to have a top-up on those fixed incomes, they will be devastated. Will my noble friend consider something like that put forward by my noble friend Lady Altmann: a form of corona bond for pensioners?

[Baroness Penn (Con)]

The Government will continue to consider all the ways that they can to encourage saving. I am happy to assure both of my noble friends that I will take the specific idea of targeting toward pensioners back to Her Majesty’s Treasury.

Green Investment Fund

Debate between Baroness McIntosh of Pickering and Baroness Penn

Wednesday 2nd September 2020 Lords Chamber

[Baroness Penn (Con)]

I am afraid I have to tell the noble Baroness that I do not have the details of the progress of that particular initiative with me. I will write to her on that matter.

[Baroness McIntosh of Pickering (Con) [V]]

My Lords, will my noble friend take this opportunity to examine the damage to the economy, as well as the reduced impact on the environment, of the collapse of the aviation sector as a result of Covid-19? Will this be taken into consideration regarding future investment and assessment of the impact on the environment?

[Baroness Penn (Con)]

My Lords, the Government take into account both the economic and climate impacts of the aviation sector. As that sector seeks to rebuild after the virus, we need to invest in technologies to ensure that that can be done in a greener way.

Covid-19: Furloughed Space Grant Scheme

Debate between Baroness McIntosh of Pickering and Baroness Penn

Monday 15th June 2020 Lords Chamber

[Baroness Penn]

I am afraid that I cannot anticipate the results of that review, but I can say to the noble Lord that I will take his point back to the Treasury for inclusion in its review.

[Baroness McIntosh of Pickering (Con)]

My Lords, there are currently two categories of business, among others, not covered by support. Those are B&Bs and hotels that pay council tax in lieu of business rates and businesses operating on industrial estates and in shared workplaces. My understanding is that neither category of business currently qualifies for support. Will my noble friend look kindly on them, in particular B&Bs and hotels, which until now have been so badly hit by the lockdown?

[Baroness Penn]

I can happily make a commitment to my noble friend to take that back. My understanding is that local councils have also been given money to fund additional discretionary grants to address those kinds of gaps, but I will take her specific examples back to the Treasury.