Teesworks Joint Venture

Debate between Baroness Penn and Lord Jackson of Peterborough

Tuesday 30th January 2024 Lords Chamber

[Baroness Penn (Con)]

My answer is the same as before: the Secretary of State, at the time of the review, considered the suggestion that the NAO undertake the review. But it is not its role to audit or examine individual local authorities, and its powers would not normally be used for that purpose. The process that has been followed for this review has been followed for other reviews of local authorities when looking at such issues. We followed the normal process in this instance.

[Lord Jackson of Peterborough (Con)]

My Lords, I very much welcome the Minister’s Statement and the robust and comprehensive report of the panel. Does she agree that, particularly in the other place, elected representatives have a special responsibility to judiciously use parliamentary privilege? I think I can say that as a former Member of the other place, and now a Member of your Lordships’ House. In future we need to learn lessons from this situation. Aspersions were cast and accusations were made of illegality against a Member of your Lordships’ House. More importantly, it did real damage to inward investment and future business in the Tees Valley. That is obviously to be regretted.

[Baroness Penn (Con)]

I agree with my noble friend that it is a matter of regret that those allegations were made, in the terms that they were made. It is incredibly serious to allege corruption and illegality. The findings of the review are absolutely clear on this; the review found no evidence of corruption or illegality.

Home-ownership Rates

Debate between Baroness Penn and Lord Jackson of Peterborough

Wednesday 6th December 2023 Lords Chamber

[Lord Jackson of Peterborough (Con)]

My Lords, my noble friend Lord Naseby is undoubtedly right that the mortgage market is broken. Do we not also need fundamentally to look at the planning system as well as fiscal incentives via the Treasury, particularly for small and medium-sized builders that were wiped out in the financial crisis of 2008, so that urban extensions and new garden towns and villages can be delivered to provide much-needed residential accommodation for young working families and young people generally?

[Baroness Penn (Con)]

My noble friend is absolutely right that planning is key. Many measures in the Levelling-up and Regeneration Act are targeted at supporting the planning system. We also had announcements at the Autumn Statement about improving the efficiency of the planning system and putting more resources into it. My noble friend is also right about small and medium- sized builders; part of the key to supporting them is ensuring that, when we have more difficult market conditions, we continue that supply chain and increase supplies. For example, the affordable homes programme can provide an important role in making sure that builders do not go out of business in tougher conditions.

Residential Leasehold for Flats

Debate between Baroness Penn and Lord Jackson of Peterborough

Thursday 30th November 2023 Lords Chamber

[Baroness Penn (Con)]

My Lords, this Bill, and the other reforms that we have made in this space, are comprehensive and complex. We have taken time to look, consult and bring forward the proposals that will have the biggest impact on leaseholders today, while also committing to ongoing reform in the future.

[Lord Jackson of Peterborough (Con)]

My Lords, the Autumn Statement contained a commitment to take forward reforms to residential estate investment trusts. Will my noble friend take forward the support the House has for leveraging significant private sector funding into much-needed residential accommodation via REITs?

[Baroness Penn (Con)]

Yes, the Autumn Statement set out the way forward we are going to take on that issue. We need proper financing to support our ambitions for more homebuilding. Some of that comes through government support, but the private sector is a key partner here and we need to do everything that we can to unlock investment.

Financial Services and Markets Bill

Debate between Baroness Penn and Lord Jackson of Peterborough

Committee stage
Monday 13th March 2023 Grand Committee

[Baroness Penn (Con)]

I believe that it aimed to get relevant information from all those involved and take a holistic view. I appreciate and agree that we need to ensure that, when these measures are put in place, they are proportionate to the risk faced, so it is entirely right to interrogate that risk assessment. I also appreciate that it is a slightly frustrating process when the sensitive nature of some of these issues means that we cannot always go into all the details noble Lords want at this time. I have tried to explain the context as to why domestic PEPs are viewed as having sufficiently high risk so that enhanced due diligence should still apply. I have the FCA guidance in my pack but I will not go through it, but it is also true to say—this is another point that I checked—that although the risk is sufficient to have enhanced due diligence measures, it is lower for domestic PEPs than for foreign PEPs. That assessment still applies.

[Lord Jackson of Peterborough (Con)]

The Minister is doing a very good job on a very sticky wicket. I am not surprised. Notwithstanding what she said about risk assessments and how that has to be, of necessity, a discretionary issue, the problem we are identifying, which the Government should address if they come forward with an amendment at Report, is the opaque nature of identifying these individuals and the offence against natural justice, because when people have accounts closed they are often not told why, who made the decision, on what basis and using what methodology. That is a serious issue and, after 10 years, one that the Government should address, if necessary by a government amendment.

[Baroness Penn (Con)]

I absolutely take that point. It comes back to the appropriate and proportionate enforcement of these regulations. I know that that is something noble Lords have raised previously, but we need to continue to work to ensure that it takes place.