Bank of England: Interest Rate Policy

Debate between Baroness Penn and Lord Rooker

Wednesday 12th July 2023 Lords Chamber

[Baroness Penn (Con)]

The noble Lord does not reflect on the action that has been taken by this Government that has supported those who struggle most to meet the rising cost of living, with more than £90 billion of support last year and this year focused on those who need it the most, including the energy price guarantee, direct support with energy bills and cost of living payments worth hundreds of pounds to millions of families across the country.

[Lord Rooker (Lab)]

Is the Minister aware that the Select Committee has received abundant evidence that central bankers talk too much?

[Baroness Penn (Con)]

I am not aware of all the evidence that the Select Committee that the noble Lord refers to has received, but I am sure that once the Select Committee produces its report the Government will read it with interest.

Wagner Group: Sanctions Regime

Debate between Baroness Penn and Lord Rooker

Thursday 26th January 2023 Lords Chamber

[Baroness Penn (Con)]

I absolutely agree with my noble friend on the need for co-ordination across government. Obviously different regimes, such as the sanction regime and the proscription regime, have different legal frameworks. I am sure that across government we are working to look at all the tools we have available to ensure that groups supporting the atrocities we see in Ukraine are stopped and that we use the powers we have to intervene on their actions.

[Lord Rooker (Lab)]

What was the specific rank of the civil servants who took this decision?

[Baroness Penn (Con)]

I do not have that information and I would not comment on that. It is important to understand that this decision was clearly taken within the legal framework for sanctions that we have, which has been approved by this Parliament.

Stock Markets

Debate between Baroness Penn and Lord Rooker

Thursday 17th November 2022 Lords Chamber

[Baroness Penn (Con)]

I think my noble friend has reminded the House on my behalf of those figures. I take the opportunity to say that we are not complacent about London’s position, and we are doing a lot of work beyond the Financial Services and Markets Bill to ensure that it remains competitive—the listings review from the noble Lord, Lord Hill, the second capital raising review and the wholesale markets review, among other pieces of work. The FCA has already delivered a number of rule changes based on the listings review to ensure that we remain competitive.

[Lord Rooker (Lab)]

Is not London the money laundering capital of the world?

[Baroness Penn (Con)]

The noble Lord will know that risks come alongside being a premier financial centre. The important thing is that we take action to address those risks. That is what the Government have been doing and will continue to do. We had part one of the economic crime Bill in the previous Session and part two will be forthcoming.

Tax Cuts: Fiscal Impact

Debate between Baroness Penn and Lord Rooker

Wednesday 13th July 2022 Lords Chamber

[Baroness Penn (Con)]

My noble friend talked about the impact of the lockdowns. They had a significant economic impact but also a significant social impact—for example, on children who were unable to go to school during those periods. However, our vaccine rollout meant that we could come out of that cycle of lockdowns earlier than many other countries. On her point about the tax cuts on fuel that we put in place to help with the cost of living, we have been very clear that they must be passed on to consumers. The Competition and Markets Authority has also been clear to retailers that this is the expectation.

[Lord Rooker (Lab)]

Given that we still have many social security benefits based on contributions, can the Minister explain how taking people out of being able to pay the national insurance contributions does not, in the medium and long-term, affect their right to contributory benefits?

[Baroness Penn (Con)]

I can reassure the noble Lord that the threshold at which the tax is paid is different from that at which the credits towards contributory benefits are earned, so increasing the threshold where people are paying the tax has not affected their ability to accrue those rights.

North Sea Oil and Gas Producers: Investment Allowances

Debate between Baroness Penn and Lord Rooker

Tuesday 7th June 2022 Lords Chamber

[Baroness Penn (Con)]

My noble friend is absolutely right. That went slightly beyond the energy profits levy investment allowance, but I would be happy to write to him with more details.

[Lord Rooker (Lab)]

The Minister has twice referred to the fact that onshore and offshore wind power is the cheapest possible form of energy. That can be the case only if we ignore intermittency. We have intermittency with offshore. If we do not cost that in, we will be in real trouble comparing energy sources in the future.

[Baroness Penn (Con)]

The Government absolutely recognise the importance of consistent baseload power as well; that is why we are committed, for example, to more investment in nuclear.