Commonwealth Day

Debate between Lord Hanson of Flint and Harriett Baldwin

Monday 11th March 2019 Commons Chamber

[Harriett Baldwin]

I am sure that the whole House will join me in endorsing my right hon. Friend’s tribute to Her Majesty’s work as head of the Commonwealth. She has performed that duty, among others, in an exemplary way. It was a great pleasure for Heads of State from around the world to be able to spend time with her last year when they attended a private dinner at Windsor castle.

As for the trade matters raised by my right hon. Friend, some very important work is being done. It was announced last year at the Heads of Government meeting that the UK-funded Commonwealth trade facilitation programme would help member states to implement the World Trade Organisation’s trade facilitation agreement. The programme will help the developing and least-developed Commonwealth countries to adopt faster and more efficient customs procedures. My right hon. Friend rightly identified the potential for enormous increases in UK trade and investment activity with the other 52 member states of the Commonwealth, and that is one of many examples that I could give.

[David Hanson (Delyn) (Lab)]

The Minister will know that much good work is being done in relation to modern slavery, and she has said that she wants to promote trade. Will she try to marry the two by telling us how she intends to support the increase in fair trade and, in particular, how she intends to support the Fairtrade Foundation’s five-point plan for the Commonwealth to promote and develop fair trade throughout the 53 nations?

[Harriett Baldwin]

I pay tribute to the right hon. Gentleman for his work with the Commonwealth Parliamentary Association. On Thursday, he asked me to give the House quarterly updates on Commonwealth matters, and here I am, only a few days later.

The right hon. Gentleman was right to raise the important work that we do with Commonwealth members in tackling both the root causes and some of the impacts of modern slavery. That is part of a much wider piece of work that is being done across the Government, with many different strands in Commonwealth countries and beyond. I believe that Fairtrade Fortnight has just ended. Let me remind him, wearing my DFID hat, that we give extensive support to a range of fair trade projects and that, more important, we try to ensure that farmers, whether or not they are involved in fair trade, are helped to achieve a sustainable price that will give them a fair livelihood.

Oral Answers to Questions

Debate between Lord Hanson of Flint and Harriett Baldwin

Tuesday 27th March 2018 Commons Chamber

[David Hanson (Delyn) (Lab)]

The Minister will know that this is an important international issue, but the products also land in the United Kingdom. What discussions is she having with the Home Office to ensure that we raise the level of fines for those in receipt of illegal wildlife material in this country?

[Harriett Baldwin]

The right hon. Gentleman is right to suggest that it is crucial that we work to tackle this illegal trade right across the Government, not only with the Home Office but with our colleagues in the Department for Environment, Food and Rural Affairs, to ensure that we consult on further restrictions on this trade.

Connaught Income Fund

Debate between Lord Hanson of Flint and Harriett Baldwin

Tuesday 12th January 2016 Commons Chamber

[Harriett Baldwin]

Given the lack of time, I will make a bit of progress. If I have time, I will come back to the hon. Lady.

The FCA also knows that what happened with the Connaught funds has caused serious distress to many investors and continues to work closely on this case to secure the best possible outcome. As my hon. Friend the Member for Aberconwy said, the Connaught funds comprised three separate funds, income series 1, series 2 and series 3. In total, approximately £147 million was invested in the funds, which, as we know, were unregulated collective investment schemes. By definition, such schemes are not subject to direct regulation by the FCA or, previously, by the Financial Services Authority.

In the case of Connaught investment funds, many of the usual protections and safeguards that protect investors in regulated funds were absent, owing to the unregulated nature of some of the entities involved. On this point, I want to touch on two main issues. The first concerns the actions taken by the FCA to try to protect consumers, despite most of the entities involved being unregulated. That includes the ongoing work to secure a fair and proper outcome for investors. The second involves the steps that can be taken to ensure that this sort of situation does not happen again.

First, despite the schemes being unregulated, the FCA has taken a number of significant steps to try to protect customers right from when the first problems arose. In May 2011, the FCA, which was at the time the FSA, altered Tiuta’s permissions on issuing new regulated mortgage lending. Shortly thereafter, it wrote to investors who might have been mis-sold the fund and all financial advisers who sold the fund, asking them to review the sales and to contact customers where there may have been the risk of unsuitable advice. The FCA has continued to provide updates on the situation via its website. Once the funds were suspended and steps were taken to wind them down, the FCA announced on 16 July 2014 that it would support a negotiated settlement to address investor losses.

As hon. Members may know, the FCA initially supported the negotiations between the parties involved, as it believed that doing so was in the best interests of investors. However, having extended the negotiations more than once, in March 2015 the FCA announced its decision to withdraw from them. The FCA decided that a further extension to the negotiation period was not in the best interests of investors. I am sure my hon. Friend will understand that as the negotiations were voluntary and confidential, the FCA cannot provide specific details on what happened during the negotiations.

[Mr David Hanson (Delyn) (Lab)]

Will the Minister give way?

[Harriett Baldwin]

I have so little time.

The FCA is now conducting formal investigations into the activities of the two operators of the fund, Capita Financial Managers Ltd and Blue Gate Capital Ltd. My hon. Friend questions the length of time that the FCA is likely to take in order to conduct and conclude its investigations. Although it is too early to give a reliable estimate of the likely time frame for their conclusion, the FCA has assured me that it intends to progress the investigations efficiently and effectively. The length of time it will take to complete the investigations is affected by, among other things, the level of co-operation received from those under investigation and any related third parties.

As the FCA is in the process of carrying out its investigations it is, of course, not possible to comment on their likely outcome. The FCA is unable to provide any comment on what the level or form of compensation to investors may be if it is found that the operators have contravened any regulatory principles or rules.

Oral Answers to Questions

Debate between Lord Hanson of Flint and Harriett Baldwin

Tuesday 1st December 2015 Commons Chamber

[The Economic Secretary to the Treasury (Harriett Baldwin)]

I congratulate my hon. Friend on his appointment to the APPG, and I look forward to working closely with him to provide the data that he seeks.

[Mr David Hanson (Delyn) (Lab)]

By what date do the Government expect to pay the national living wage to all their employees and all the contractors they employ?

The Economy

Debate between Lord Hanson of Flint and Harriett Baldwin

Wednesday 18th November 2015 Commons Chamber

[Mr Hanson]

May I bring the Minister back to reality? Reality for my constituents is the £1,300 cut to working families tax credits which, if it goes ahead in April next year, will mean that £58 million is taken out of our local economy from the poorest people in my constituency, three quarters of whom are in work. Does she think that is right, and will she commit to review that today?

[Harriett Baldwin]

The right hon. Gentleman will have to wait until my right hon. Friend the Chancellor announces his autumn statement next week. Because of the difficult decisions that we have been prepared to take since 2010, the country’s economy for the right hon. Gentleman’s constituents in north Wales is going from strength to strength, and the overall UK economy is now 12% larger than it was when we took over from the Labour Government. As we reach calmer economic waters, it is worrying that some seem to have forgotten the lessons that the crash of 2008 taught us.

In recent months we have seen the resurgence of familiar but dangerous ideas. First—we heard it here today—is the idea that the deficit does not really matter, that it should not be a priority to rein in unsustainable public spending, and that it is fine to kick difficult decisions down the line. Those views were put to the British electorate in May, and the electorate rejected them overwhelmingly. People looked at the 1,000 jobs that the UK economy had created every day since 2010, and at the highest growth figure in the G7 for the last two years in a row. They looked at rising wages, rising living standards, and falling inequality, and they said, “Your long-term economic plan is working, so we want you to continue the job.” Since the election, national debt has been forecast to fall this year as a share of GDP for the first time in more than a decade.

Royal Bank of Scotland

Debate between Lord Hanson of Flint and Harriett Baldwin

Thursday 11th June 2015 Commons Chamber

[Harriett Baldwin]

I welcome my hon. Friend to his place. I know he has a great deal of experience in these matters. He is absolutely right that this is a key part of the long-term economic plan. We cannot have a healthy economic recovery without a healthy financial sector. I do not think that anyone in this place would argue that we can have a healthy banking sector when a large chunk of it, as my right hon. Friend the Chancellor has said, is in taxpayers’ hands.

[Mr David Hanson (Delyn) (Lab)]

Does the Minister think it would be prudent to have pre-scrutiny by Parliament, either through the National Audit Office or the Treasury Committee, of the Government’s objectives in the sale and the money they could be seeing? Will she also say a word about RBS’s liabilities? For example, there is currently a mis-selling inquiry into the enterprise finance guarantee scheme, which my constituents are facing. Who will ultimately be responsible for those liabilities?

[Harriett Baldwin]

The right hon. Gentleman asks a good question. I am sure the relevant Committees will take a close interest in this matter, because it is obviously a very large public investment. In terms of the liability side of the equation, he will be aware that there are a number of different pending regulatory matters that affect RBS. He will also be aware, as I think it says in the Rothschild report, that the market is aware of these things and will factor them into the price of the shares.

Finance Bill

Debate between Lord Hanson of Flint and Harriett Baldwin

Tuesday 28th June 2011 Commons Chamber

[Harriett Baldwin (West Worcestershire) (Con)]

New clause 16, which is on the amendment paper in the right hon. Gentleman’s name, has not been selected for debate. Will he explain why it was late and unable to be selected?

[Mr Hanson]

The hon. Lady will know that we have tabled several amendments to the Finance Bill. Mr Speaker chose not to select new clause 16, but he did select new clause 10, which calls for a review of the impact of VAT on things that are important to my hon. Friends’ constituents and hers: family incomes, businesses and jobs. If she looks at what the leader of her party said during the general election—[Interruption.] Perhaps the hon. Member for Chelsea and Fulham (Greg Hands) should listen to this, because during the general election the then Leader of the Opposition said during the Cameron Direct campaign in Exeter:

“You could try, as you say, to put it on VAT, sales tax, but again if you look at the effect of sales tax, it’s very regressive, it hits the poorest the hardest.”

I agree with the Prime Minister. Does the hon. Member for Chelsea and Fulham agree with his right hon. Friend?