Teesworks Joint Venture
Debate between Baroness Penn and Baroness Bryan of Partick(9 months, 4 weeks ago)
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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.
Baroness Bryan of Partick (Lab)
Does the Minister accept that the Oral Statement is all but a total whitewash? None of the issues raised in questions to the Minister was covered in it. Can she specifically explain what the issues were that resulted in the Secretary of State requesting the panel to make recommendations on strengthening governance and increasing transparency? From that, we must assume that very real concerns were held by the Secretary of State that were not covered in the Oral Statement.
Baroness Penn (Con)
My Lords, my understanding of the genesis of the report is that it was requested by the Tees Valley Mayor himself to allow a response to the very serious allegations made by a Member of Parliament in the House of Commons about corruption and illegality. Those allegations have been found to be untrue.
Cash Infrastructure
Debate between Baroness Penn and Baroness Bryan of Partick
Baroness Penn (Con)
I absolutely agree with my noble friend. In fact, cash remains the second-most used payment form in this country. That is exactly why we have made this commitment to legislate and launch the consultation on our specific proposals, which we look forward to taking forward.
Baroness Bryan of Partick (Lab) [V]
My Lords, cash is essential to many people’s ability to budget. I am sure the Minister is aware that cash machines that charge for use are often found in communities that have fewer alternatives for accessing cash. Can she assure this House that the proposed legislation will contain a requirement to ensure that cash is both accessible and free of charge?
Baroness Penn (Con)
My Lords, industry is best placed to develop the most efficient and sustainable solutions for access to cash. However, the legislation is proposed to set out geographic requirements so that people do not have to travel too far for access to cash. It will also make the FCA the lead regulator on consumer access to cash, ensuring that access to cash is reasonable—that should take into account vulnerable users and factors such as costs when looking at the provision in the country.
Covid-19: Death Duties and Inheritance Tax
Debate between Baroness Penn and Baroness Bryan of Partick
Baroness Penn (Con)
My Lords, as I have set out, maintaining thresholds at their current levels will make a contribution towards repairing the public finances following Covid. However, in order to do that job, we will need to take a broader-based approach, and that is what the Government did at the last Budget, including through freezing personal tax allowances and raising corporation tax.
Baroness Bryan of Partick (Lab)
My Lords, does the Minister recognise that we have a highly regressive tax system in the UK? The effective tax rate for the wealthiest 10%, counting income and wealth combined, is 18%, and for the bottom 10% it is 42%. In any rational society, this would be reversed. Does the Minister agree with the IMF that wealth taxes need to rise to pay for the cost of fighting the pandemic?
Baroness Penn (Con)
My Lords, in fact, the UK has one of the highest levels of wealth taxes in both the G7 and the OECD. We also have a highly progressive income tax system. The top 1% of income tax payers are projected to have paid over 29% of all income tax in 2019-20, an increase from 25% of all income tax in 2010-11.
Green Investment Fund
Debate between Baroness Penn and Baroness Bryan of Partick(4 years, 2 months ago)
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Baroness Penn (Con)
My Lords, our economy is not yet in a net-zero status, so to support the economy during the time of coronavirus we have invested in sectors that might contribute carbon. However, I disagree with the noble Baroness about the level of investment that the Government have put into green recovery. In addition to the £4 billion that I just referred to, there is an extra £1 billion for ultra-low emission vehicles and £800 million for carbon capture and storage, in addition to the Clean Growth Fund and a new future homes standard, which will align with the fact that we are planning to build, build, build to get the clean homes that we need.
Baroness Bryan of Partick (Lab) [V]
The Cameron Conservative Government showed their lack of commitment to the Green Investment Bank when they took the short-sighted step of privatising it and then mishandling the sale. Could the Minister outline in what ways a second green investment bank will be more effective and, importantly, how its success will be evaluated?
Baroness Penn (Con)
My Lords, the reason for moving the Green Investment Bank into the private sector in 2017 was to allow it to raise equity from private finance sources to increase the amount of investment going into these sectors. In addition, the Government have launched the Clean Growth Fund, a venture capital fund that will match fund with a charity that invests in new businesses looking to accelerate the commercialisation of innovative new technologies.