IMF Economic Outlook
Debate between Baroness Penn and Viscount Stansgate(1 year, 3 months ago)
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Baroness Penn (Con)
My noble friend is right about the importance of investment, which is why the Government are maintaining record levels of capital investment: £600 billion over the next five years. We have permanently set the annual investment allowance at its highest-ever level of £1 million. My noble friend is also right about the importance of green investment and driving green growth in our economy. We have one of the strongest legislative frameworks for tackling climate change and nature loss, and we will continue to build on that. Our record is clear: we are one of the most significant decarbonising economies in the G20, and we have achieved that at the same time as growing.
Viscount Stansgate (Lab)
The Minister referred a moment ago to Brexit, and today happens to be the third anniversary of our departure. Can she remind the House of the Government’s attitude to the OBR forecast that Brexit has cost the UK about 4% of its GDP per year?
Baroness Penn (Con)
My Lords, I believe that that is not a forecast but a modelling assumption. We will look at the record of the UK economy since leaving the EU, and we continue to grow. Since the Brexit referendum, we have grown at a similar rate to Germany, and, last year, we had one of the highest growth rates in Europe. So we look at the record and the outturn, not just the predictions.
Crypto Asset Technology
Debate between Baroness Penn and Viscount Stansgate
Baroness Penn (Con)
The Government are considering some form of regulation; that is why we are consulting on it later this year. My noble friend is absolutely right that financial stability is one consideration that we have to bear in mind when looking at this market.
Viscount Stansgate (Lab)
My Lords, if the Government are to consult on this area later this year, can the Minister give the House an undertaking that they will consult scientific bodies such as the Council for the Mathematical Sciences or the Institute of Mathematics and its Applications? Underlying cryptocurrencies is a very complicated system of mathematics and, to be quite honest, I would challenge any Member of the House easily to be able to explain the nature of what a cryptocurrency is.
Baroness Penn (Con)
My Lords, I am glad the noble Viscount did not challenge me to explain the intricate details that lie behind crypto assets. The consultation will be public and we will make sure we engage a wide range of experts in the area to ensure that we are best informed of the way forward.
Ambulance Services and National Heatwave Emergency
Debate between Baroness Penn and Viscount Stansgate
Viscount Stansgate (Lab)
My Lords, I recently had occasion to contact the ambulance service—10 days ago—and I was struck by the fact that none was going to be available for a considerable period of time. Do government statistics show a difference between the availability of ambulance services in rural areas compared to urban areas?
Baroness Penn (Con)
There are 10 ambulance service trusts and they have differing levels of performance. I acknowledge that across all those 10 trusts there is pressure on the system in rural and urban areas. Our focus is to provide specific support to those trusts that are struggling the most.
Musicians and Creative Professionals: Working in the European Union
Debate between Baroness Penn and Viscount Stansgate(1 year, 9 months ago)
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Viscount Stansgate (Lab)
My Lords, I thank the noble Earl and congratulate him on securing the debate. It is very timely, for a reason that I will come on to. It is a pleasure to follow the noble Lord, Lord Cormack—I am almost tempted to say that it is always a pleasure to follow the noble Lord, Lord Cormack, because it has occurred once or twice so far. When I heard the reference to Handel, I thought, “Well, Handel did not need a visa to come here.”
I also ought to say what a pleasure it is to see a Minister still at the Dispatch Box. In fact, there are two Ministers here today. The subject of today’s debate is music and it is the second time in two hours—I will be honest about this—that the consequential damage of the vote in 2016 is being brought to your Lordships’ attention. Less than two hours ago, a Question was raised in the House about Horizon Europe, the co-operation between scientists here and around Europe, and the damage being done. Here we are talking about the damage to musicians of not being able to tour in Europe as easily as was the case. Whatever else noble Lords may feel, I do not think that anybody voted on 23 June 2016 to inflict the type of damage that is being inflicted on British science or music, which are being sacrificed on the altar of the Northern Ireland protocol. Of course, music in particular is truly international.
I am indebted to the ISM and the Library for their briefings, which all noble Lords will have received. I always find the Library briefings helpful. As the noble Earl said, we are talking about an industry that is worth nearly £6 billion in economic terms.
I should declare an interest, which is what propelled me to take part in today’s debate. I am grateful to the government side for increasing the length of the debate, because I saw that I would have only two minutes—well, my two minutes are already up. I am grateful for a little more time. The point I want to bring to your Lordships’ attention in this debate—I hope the Minister will feel able to say something about it in reply—is the hugely damaging effect on young musicians. The interest I have to declare is that I have two children. As they grew up, from the age of five they learned to play musical instruments—my daughter Emily the violin and my son Daniel the cello. I do not think they can remember life without playing musical instruments. In the course of growing up, they were members of colleges of music but also a youth orchestra, which I hope I am allowed to name: the Stoneleigh Youth Orchestra, conducted by Adrian Brown with such distinction for so many years. Growing up, they went on tours to Poland, Germany, Italy, Spain, Slovenia and Belgium. A lot of work goes into organising such tours. These are not professional orchestras, and people have to do it voluntarily. Money and time are spent going out to reconnoitre the best place to go. You can imagine all the work involved in enabling a youth orchestra to go on tour, including a huge great bus and space for the instruments.
I understand from one of our briefings that on one occasion two musicians were fined because there was no proof, said the French, that their instruments belonged to them, and they said that they might be importing their instruments into another country, possibly for resale. It is absurd. As I said, the plight of youth orchestras should be taken very seriously.
I hope I am allowed to say this, but the other day I saw the noble Baroness the Minister at the entrance. If I am right, she had her own child with her. I thought here is someone who, as he grows up—if it is he—
Viscount Stansgate (Lab)
As she grows up, I hope she will learn to play music and get the benefit of that. There are incalculable benefits from going on tour in Europe.
My time is up now. Many of the other things I planned to say have already been covered, and no doubt will be by others, but this is about the future. I think the noble Earl referred to the pipeline of the future, and that is the point I want to bring to your Lordships’ attention today. It matters just as much for the future of music and musicians touring as for established orchestras today.
North Sea Oil and Gas Producers: Investment Allowances
Debate between Baroness Penn and Viscount Stansgate
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.
Viscount Stansgate (Lab)
My Lords, the Statement says that the levy
“will be phased out when oil and gas prices return to historically more normal levels”.
Can the Minister tell the House what a “historically … normal” level is?
Baroness Penn (Con)
My Lords, that is something which we will judge as we get to it, but I reassure the noble Viscount that there will be a sunset clause in the legislation to ensure that that judgment cannot go on indefinitely.
Dasgupta Review
Debate between Baroness Penn and Viscount Stansgate
Baroness Penn (Con)
My noble friend will know that we have the Convention on Biological Diversity this year, and the UK is committed to playing a leading role in developing an ambitious post-2020 global framework for biodiversity at that conference. Building on the review’s findings, we will work with partners to ensure that the post-2020 global diversity framework is ambitious, effectively spurring global action and the transformative change needed for halting and reversing global biodiversity loss.
Viscount Stansgate (Lab)
My Lords, the Minister quite rightly referred to the forthcoming conference which I think is in Kunming, China this month, COP 15. Is the Minister aware that, as a result of COP 26 in Glasgow, there was a great deal of concern in the scientific community, which was reported in Nature, that researchers were not given access to the key sessions that took place in Glasgow? Given the fact that overseas territories of this country encompass a great deal of biodiversity and the Dasgupta review, as the noble Lord said at the beginning of his Question, is an extremely important document, can the Minister give some assurance that researchers attending this conference in China will have access to the key sessions?