Greenhouse Gas Emissions: Tax Strategy
Debate between Baroness Penn and Lord Ravensdale
Baroness Penn (Con)
My noble friend is absolutely right that our climate strategy extends beyond tax. That is why the Prime Minister’s 10-point plan mobilises £12 billion of government investment to create and support up to 250,000 highly-skilled green jobs. Crucially, we hope that it will also spur over three times as much private sector investment by 2030.
Lord Ravensdale (CB)
My Lords, I declare my interest as a director of Peers for the Planet. The Energy Innovation and Carbon Dividend Act, which is currently passing through the US House of Representatives, proposes a carbon tax that rebates all revenue from the tax back to households. What assessment have the Government made of such a mechanism, which would help low and middle-income households and may be key to ensuring public support for, and the success of, new carbon taxes?
Baroness Penn (Con)
My Lords, the Government look with interest at initiatives taken across the world to tackle this important issue, particularly around maintaining public support as we transition to net zero. The receipts that the Government raise through their environmental taxes already help to fund all of the Government’s public spending commitments; these include £500 million in grants to those buying zero-emission or ultra low emission vehicles to make them cheaper to buy and incentivise the transition to a cleaner option.
Covid-19: Levelling-up Agenda
Debate between Baroness Penn and Lord Ravensdale
Baroness Penn (Con)
In addition to the Coronavirus Job Retention Scheme, which has been running for more than six months, we are providing more support to businesses to take on new trainees, with more than £111 million to triple the scale of traineeships available.
Lord Ravensdale (CB)
My Lords, evidence from the Midlands Engine Observatory highlights the barriers to growth in the Midlands economy, leading to a gross value-added gap with the rest of the UK of around £76 billion. Will the Government confirm their commitment to back the work of the Midlands Engine partnership and support its calls for targeted investment to deliver on its policy of levelling up for almost 11 million people in the region?
Baroness Penn (Con)
My Lords, every place in the UK has a role to play in driving growth and the Government absolutely support the work of the Midlands Engine partnership. I am pleased to say that 30 places in the Midlands Engine region have been shortlisted for the next stage of the £3.6 billion towns fund to develop towns deals, and at Budget 2020 we announced £20 million development funding for the Midlands rail hub.