UK Cash Network

Debate between Lord Agnew of Oulton and Lord Berkeley

Monday 8th November 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

I agree with my noble friend; he is completely correct. It is worth pointing out as some reassurance that over 79% of adults over 65 have made a payment using contactless in the last year and 84% of adults over 65 have used online banking, so I think the digital revolution is spreading to all parts of our society.

[Lord Berkeley (Lab)]

My Lords, the Minister’s answers seem to indicate that the Government are very keen that we end up as a cashless society, with everything done with cards and so on. Is he aware that Sweden has stopped this move because of fears of a covert attack? In which case, if we were cashless and had a covert attack which disabled everything, we would be a moneyless society.

[Lord Agnew of Oulton (Con)]

The noble Lord makes a good point—though perhaps he meant “cyber” attacks—and it is certainly part of our responsibility to ensure that the banking system is resilient to attacks. We have convened the banking system and ensured that operational resilience is a key part of protecting the UK’s financial system, institutions and customers.

Economic Update

Debate between Lord Agnew of Oulton and Lord Berkeley

Tuesday 12th January 2021 Lords Chamber

[Lord Agnew of Oulton (Con) [V]]

We are aware of the possibility of wrongdoing by businesses and the claiming of grants that were not legitimately theirs but, as I said on an earlier question, the priority was to get the money out quickly to the overwhelming numbers of people who deserved it. Some 1.4 million bounce-back loans were approved, worth over £43 billion; on CBILS, there were 82,000 loans worth £19 billion. There will undoubtedly have been wrongdoing in that. I assure the noble Lord that we are active in our efforts to clamp down on any wrongdoing.

[Lord Berkeley (Lab) [V]]

My Lords, I live in the Isles of Scilly. We were very grateful for the support the Government gave to the lifeline services to the mainland in the first lockdown, but now, apparently, nothing is available to keep them going during winter. We are at risk of companies having to stop services, and we will have no freight and very few passengers. Can the Government explain why they have not given any more support to these companies? Or will they wait until they go bust, and then what will they do?

[Lord Agnew of Oulton (Con) [V]]

My Lords, we expect to provide over £3 billion-worth of support to local authorities over the next year, on top of the support we have already given. For example, over Christmas we provided the £1,000 Christmas support payment to wet-led pubs in tiers that were subject to lockdown. I feel the noble Lord might be being a little harsh; there has been a great deal of intervention to support local authorities and small businesses.

Covid-19: Economy Update

Debate between Lord Agnew of Oulton and Lord Berkeley

Tuesday 27th October 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, I am aware that those discussions are ongoing but I do not have the figures to hand, so I will write to the noble Baroness about the latest thinking on that.

[Lord Berkeley (Lab) [V]]

My Lords, the Sunday Times of last Sunday says that the Prime Minister has ordered a review which would allow

“City dealmakers, hedge fund managers and company bosses flying into the UK”

to be

“exempt from the 14-day quarantine period under plans to ‘promote global Britain’.”

There are also stories that working lunches of up to 30 people, now being promoted by expensive London restaurants, can be allowed as long as business is discussed. Can the Minister confirm that anyone who is, or thinks they are, involved in global business, global Britain or business can therefore exempt themselves from these rules and that that can apply to anyone else? If not, how can the Government expect the rest of the country to comply while allowing their apparently rich friends to buck the system?

[Lord Agnew of Oulton (Con)]

My Lords, I suspect that this is just speculation. I am certainly not aware of any government policy promoting that. As we know, groups of six people, socially distanced, can eat if they are in an outside setting. Those facilities are being made available by pubs and restaurants, but I am not aware of any special treatment that the noble Lord refers to.

Tax Avoidance

Debate between Lord Agnew of Oulton and Lord Berkeley

Wednesday 29th April 2020 Lords Chamber

[The Minister of State, Cabinet Office and the Treasury (Lord Agnew of Oulton) (Con)]

My Lords, the initiatives introduced by the Government to address the economic impact of Covid-19 are designed to support businesses that contribute to the UK economy. Since 2010, we have introduced over 100 new measures to tackle avoidance and evasion, securing and protecting over £200 billion that would otherwise have gone unpaid. The Government remain committed to continuing their strong track record on clamping down on those who seek to avoid or evade paying their fair share.

[Lord Berkeley (Lab)]

My Lords, I am grateful to the Minister for his response. The OBR is suggesting a 35% fall in GDP. As the Minister said, the Government obviously need as much tax revenue as they can get, but it needs to be fair. In the Times, there are reports of examples from Arcadia, The Range, and Starbucks, which is in line for rate relief alone of £28 million. Virgin Active, which is on a turnover of £168 million and paid virtually no tax, could gain £16 million in rate relief. There are similar examples of many other companies, but will the Minister confirm that it is wrong for companies making large profits in the UK not to pay their fair share of tax? Will the Government refuse to give such companies rate relief?

[Lord Agnew of Oulton]

My Lords, all the support that we have offered has been aimed at keeping businesses going and securing employment, mostly through the furlough scheme. While I take on board the noble Lord’s concerns, I believe that the rapid action that we have taken, which has to be general by the definition of the time period that we have had to operate in, has helped to secure businesses’ long-term future, which is our priority.