Apprenticeships: Ethnic Minorities
Debate between Baroness Wilcox and Lord Naseby
Lord Naseby
Is it not good news that apprenticeships in general are increasing? Furthermore, the proportion of apprenticeships that are going to the ethnic community is increasing. Is it not a fact that the shortfall is in particular areas of the country? Certainly in the East Midlands, which is the area I know a bit about, the number of ethnic apprentices is, as far as I am aware, pretty competitive, and they are getting good jobs at the end of it.
Baroness Wilcox
My noble friend is quite right: there are things to celebrate. The number of apprenticeships is growing, and we want to ensure that they take people forward to the skills that we require. We have two pilot schemes running at the moment. Diversity pilots are investigating ways of increasing apprenticeship take-up and success, and a final evaluation of these will be done very soon. We have also just started the Richard review into the future of apprenticeships to examine where they are happening across the country and how. So, yes, I agree with my noble friend.
Finance: Equity Markets
Debate between Baroness Wilcox and Lord Naseby
Lord Naseby
My Lords, does my noble friend not recognise—I am sure that she does—that in times of low interest rates investors look for short-term and long-term reports, and that they therefore as a whole look forward to the report from Professor Kay and recognise that very little was done by the previous Government to address this issue?
Baroness Wilcox
My noble friend puts it extremely well. Of course short-termism and long-term planning go together. These are difficult times. We need to do the very best that we can. It is worth remembering that the United Kingdom has a world-leading corporate governance and company law regime. The World Bank rates the United Kingdom as the best place in Europe and the fifth best in the world for doing business. It is vital that the UK continues to be seen as world-leading in corporate governance.
Office of Fair Trading
Debate between Baroness Wilcox and Lord Naseby(12 years, 10 months ago)
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Lord Naseby
To ask Her Majesty’s Government what proposals they have to review the performance, management and remit of the Office of Fair Trading following the recent quashing of cases on appeal.
The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Wilcox)
My Lords, last year, the Government consulted on proposals to reform the competition regime including merging the Office of Fair Trading and the Competition Commission to create a single Competition and Markets Authority. Among other things, the consultation sought views on proposals to improve the enforcement of the anti-trust prohibitions. The Government will announce their conclusions following the consultation shortly.
Lord Naseby
Is my noble friend aware of just how many of our great companies—British Airways, Shell, Unilever, Tesco, the Co-op and Balfour Beatty—have been investigated over several years for alleged price fixing, fined nearly a quarter of a billion pounds by the OFT, only for each case to collapse because there was no basis in fact, law or economics to support them? The net result is a huge bill for the taxpayer to pay the legal fees. Will my noble friend call for a review of the board’s oversight and the senior management’s lack of quality control over which cases to tackle? After all, there are 600 employees at the OFT costing us £60 million per annum, let alone compensation to the companies that have been improperly charged.
Baroness Wilcox
I obviously cannot anticipate the Government's announcement, but we aim to build on the best of the OFT and the best of the Competition Commission in the creation of a world-leading Competition and Markets Authority. The Government recognise that the system for the enforcement of the anti-trust prohibitions is not working as well as it should. Cases take too long and a strong challenge to decisions is often mounted on appeal. It is worth remembering that we have a reputation in the world as being one of the best places in which markets work. Markets work well here. They are open and fair. We have to make sure that we have timely and effective enforcement. That is what the consultation has been about.
Financial Reporting Council: Annual Reports and Accounts
Debate between Baroness Wilcox and Lord Naseby(13 years, 10 months ago)
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Lord Naseby
To ask Her Majesty’s Government what discussions they held with the Financial Reporting Council before the Council issued its proposals to allow companies to stop providing hard copies of annual reports and accounts.
The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Wilcox)
My Lords, the Government have regular discussions with the independent Financial Reporting Council on corporate governance, accounting and audit matters. My honourable friend in the other place, Edward Davey, the Minister for Employment, Consumer and Postal Affairs, last met the Financial Reporting Council in December. This included a wide-ranging discussion about the Financial Reporting Council’s consultation paper, but the FRC did not mention this specific proposal. However, I should remind noble Lords that shareholders’ right to request a hard copy of annual reports and accounts is enshrined in company law.
Lord Naseby
I thank my noble friend for that very full Answer. The 2009 BP report—50 per cent of which I have with me this afternoon—amounts to 108 pages, and the financial standards section amounts to more than 100 pages. Is it not an absolutely crazy idea to put this online when what investors need is a hard copy? Furthermore, is the Minister aware that when companies have something perhaps to hide, it is usually to be found in the notes? If those notes are in the 100-odd pages online, it will be virtually impossible to find them. Would it not end up as almost a passport to fraud?
Baroness Wilcox
My Lords, as I just said, as the law stands, you are fully entitled to a printed copy of the report and accounts. So there is no reason why that should occur unless you have asked for it to be online, in which case you can download as much or as little of it as you like. We fully agree that it is very important that the report and accounts are clear, accessible and have the information that shareholders require. That is why we are looking at it now. We are consulting and will report at the end of March on some of the changes that we may be able to make to make things clearer.
Post Offices
Debate between Baroness Wilcox and Lord Naseby
Lord Naseby
To ask Her Majesty’s Government how they will ensure a viable local network of post offices.
The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Wilcox)
My Lords, we have made it clear that we are committed to the long-term future of the Post Office. We will provide £1.34 billion of funding for the Post Office over the next four years. This will enable the modernisation of the nationwide network of around 11,500 branches and the development of new revenue streams, longer opening hours and reduced queues. We are clear that there will be no programme of post office closures under this Government.
Lord Naseby
I thank my noble friend for that extremely encouraging Answer. However, is she aware that in 2010 nearly 1,000 sub-post offices were up for sale because they are unviable, and that hundreds, if not thousands, of small businesses use these local post offices every day? In particular, 300,000 pensioners use the green giro. Can she make sure that this problem is addressed urgently and that within, I hope, the current Session, we will see some positive action in this area?
Baroness Wilcox
My Lords, I am glad you have given me an opportunity to address the point about the closure of post offices. Most, as you know, are privately owned businesses and it is inevitable and normal that there will be some changes in ownership. It is a condition of the £1.34 billion we have provided that the Post Office will continue to provide a network of at least 11,500 branches.
The noble Lord's second question was about collecting pensions from post offices. This will continue. People will be able to use the Post Office card account to withdraw money from a basic or current account free of charge and, for a small proportion of them, by cheque.
The noble Lord’s third point was about small businesses using post offices. It is clear that we should keep post offices alive and well close to the people who need to use them, particularly people such as me who live in rural areas and villages, and small businesses. They provide an enormously good service and we are very happy to support them.
Remembrance Sunday
Debate between Baroness Wilcox and Lord Naseby
Baroness Wilcox
I sympathise enormously with what my noble friend says, but it is not a matter for the House. Perhaps this is a time when we should smile at the Bishops’ Bench to see whether they will speak to us about it.
Lord Naseby
Will my noble friend confirm that, before there is any further change to Sunday trading, the point raised by the noble Lord opposite will be given priority?