Government Debt

Debate between Lord Bates and Lord Hayward

Tuesday 9th April 2019 Lords Chamber

[Lord Bates]

This is an historic problem that we have debated many times in this House. Because we are a heavily services-oriented economy it is difficult to capture all the value. We set up the national infrastructure investment scheme with £37 billion to help us to tackle those issues.

[Lord Hayward (Con)]

My noble friend referred to the percentage of GDP in this country. How does that compare with France and Italy? Have we not persistently undershot the OBR forecast for what level of borrowing would be required on a month-by-month basis?

[Lord Bates]

My noble friend follows these matters very closely. We are currently under 85%, with a target to go down to 73%. France is at 98.7% and I think Italy is at 131.1%, but we still need to go further to ensure that we do not leave a legacy of debt for our children and grandchildren.

Green Finance

Debate between Lord Bates and Lord Hayward

Wednesday 31st October 2018 Lords Chamber

[Lord Bates]

Of course my noble friend has great expertise in this area—which is always code for saying, “That’s an awkward question”. He raises a pertinent point. When it comes to issues of green finance, it is important that we get the definitions right. That is why the British Standards Institute is looking to define the standard for qualifying for green finance, so that it can then be applied rigorously across the board to a range of investments and provide greater clarity and certainty for investors when making decisions.

[Lord Hayward (Con)]

In relation to the Global Green Finance Index, to which the original Question referred, does my noble friend agree that when the same survey identified those finance centres that are likely to do best in the next two to three years, the three that were cited were Paris, London and Luxembourg?

[Lord Bates]

That is why we are investing as we are. We had the Green Finance Taskforce, led by Sir Roger Gifford. That led to the announcement that we are going to set up a green finance institute to further enhance our leadership role. Next year we are going to launch the green finance strategy, which again will strengthen our ambition to provide global leadership in this important and growing area.

Safeguarding in the Aid Sector

Debate between Lord Bates and Lord Hayward

Tuesday 20th February 2018 Lords Chamber

[Lord Hayward (Con)]

In recognising the comments made by the noble Lord, Lord Collins, and the noble Baroness, Lady Sheehan, in relation to work that is undertaken in particularly dangerous and difficult circumstances, I was in Iraq last week, as my noble friend knows, where I met DfID, charity and voluntary workers. They are working in incredibly dangerous and difficult circumstances. It would be a disaster for the communities if the work being undertaken was deferred by even a few days or weeks. Will my noble friend therefore exhort all contributors, whether large or small, to continue to make donations to the charities to which they contribute, so that those charities can continue to make their crucial contribution to societies, whether in Iraq or around the rest of the world?

[Lord Bates]

I am very happy to give that undertaking. My noble friend is absolutely right that British people are generous to people around the world. In many ways, the great tragedy of what has happened is that the failure to act in a transparent and timely way has genuinely put lives at risk, because people might stop giving in the way that he talked about. Oxfam alone has around 10,000 people in 90 countries; it is working with DfID at present in places such as Yemen and South Sudan, delivering life-saving materials. In everything we do, we are going to ensure that our prime concern is for the people whom we are trying to help. We will not deal with contracts in a pre-emptive way until we are absolutely confident that those people who need our help, whether they are called beneficiaries or aid recipients, are our number one concern. They must be protected at all times. That is what the charities themselves should have been thinking all the way through.

Budget: Reduction of Waste

Debate between Lord Bates and Lord Hayward

Tuesday 28th November 2017 Lords Chamber

[Lord Bates]

One of the most recent ideas we had on that was about plastic carrier bags; we put 5p on them two years ago. As a result, we have seen usage reduce by 83% in two years, saving 9 billion plastic bags and leading to a 40% reduction in the number of plastic bags washed up on British beaches. That is exactly the type of innovative initiative that the Treasury should be working on, in partnership with other government departments.

[Lord Hayward (Con)]

My Lords, following on from that comment, does my noble friend recognise that in fact large numbers of people in this country would welcome a complete ban on plastic bags throughout England? There is also a general sense that there is excess packaging on fruit and vegetables. Just as my noble friend suggested that we could start at home, large amounts of fruit and veg that are delivered to this House go from grower to wholesaler, are wrapped in plastic and then delivered for immediate consumption in the restaurants in this building. It is unnecessary.

[Lord Bates]

My noble friend is absolutely right. This matter is urgent because if you put one plastic bottle in the ground today in a landfill site, it will not be fully degraded until 2457. The legacy we are leaving to our children is extraordinary. That is part of the reason we are taking the tough action that we are—not just for this generation and this time but for future generations.