Climate Change: Housing Insurability, Mortgage Lending and Financial Resilience
Debate between Lord Bishop of Manchester and Lord Livermore(2 weeks, 4 days ago)
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Lord Livermore (Lab)
As I said, the Climate Change Committee has assessed that the insurance gap is currently low relative to most countries. Flood risk, though, is the most immediate concern for UK households. The Environment Agency’s latest flood risk assessment indicated that around 6.3 million properties in England are at risk of flooding, increasing to 8 million as a result of climate change. The Government are working with Flood Re to ensure the scheme remains effective and financially sustainable through to its planned end date of 2039, and discussions are ongoing to understand and tackle the medium-term pressures.
The Lord Bishop of Manchester
My Lords, yesterday the Church of England General Synod reaffirmed its commitment to net zero. Back when we were first looking into that, I remember sitting down with the chief executive of one of the world’s largest insurance companies and asking him why he was so interested in climate change. He said that extreme weather events are the biggest risk for insurance companies. Does the Minister agree with me that if we are going to make insurance affordable, we have to reduce extreme weather events? It is not about adapting; it is about getting down to net zero.
Lord Livermore (Lab)
With the greatest respect, I think it might be both. We have to adapt and take long-term action to get down to net zero, as the right reverend Prelate says. I agree on both points.
Middle East: Economic Response
Debate between Lord Bishop of Manchester and Lord Livermore(1 month, 4 weeks ago)
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Lord Livermore (Lab)
We are spending billions of pounds on exactly what the noble Lord asks about. I am not sure how he would fund the tax cut that he proposes, but, as I have said before, unfunded tax cuts are certainly not the way to help the cost of living crisis.
The Lord Bishop of Manchester
My Lords, as this debate has continued, I have become increasingly concerned that the phrase “Middle East” in the title is referring to somewhere between Nottinghamshire in the north and Northamptonshire in the south. The Middle East to me is a series of countries where war is currently raging and people are suffering incredible consequences—I am thinking, for example, of Afghan refugees in Iran, who are one of the most vulnerable groups there, and many other Iranian citizens, and thinking of some of the Palestinians in the West Bank. Is this not the time, as well as looking after our own people, for the Government and Treasury to think about increasing our overseas aid to mitigate some of the severe harm that is being done to some minority communities or oppressed communities in different parts of the Middle East?
Lord Livermore (Lab)
I am grateful to the right reverend Prelate. As he will know, the Government set out their plans for the aid budget in the last spending review. He is absolutely right that the conflict in the Middle East poses very significant challenges to the world economy and to many of the people in the region and beyond. We do not yet know what the full impact of the conflict will be; that will depend on its severity and duration. Likewise, the Government have been very clear that this war is a mistake that will bring significant extra costs to bear, not only on the British people but on people right around the world, as the right reverend Prelate said.