Low and Middle-income Countries: Debt Restructuring

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Tuesday 12th March 2024 Lords Chamber

[Lord Cameron of Chipping Norton (Con)]

I thank the noble Lord for his question. There is an ongoing conversation with the Commonwealth. This is one of the many good advice services that it gives. This year, the year of CHOGM, we are also spending a particular amount of time talking with Commonwealth countries about how they can access finance, not loans in this case but green finance. A lot of finance has been made available, but many of the smaller countries find it hard to access, and we should help with that.

[Lord Bruce of Bennachie (LD)]

My Lords, poorer countries have increasingly become dependent on growing amounts of private finance and, for some of them, time is getting critical. We need to address the issue and announce reform but have emergency considerations for countries that cannot wait until we resolve it. Does the Prime Minister—I mean the Secretary of State—agree that this needs to be done and that we cannot afford to let these countries default or allow the private sector to get away when the taxpayer is taking the risk?

[Lord Cameron of Chipping Norton (Con)]

I agree with the noble Lord that we do not want what we had in the past, which was vulture funds holding out for a better resolution than other holders of debt were getting. If we have new bonds with collective action clauses and new loans with majority voting provisions, that is much less likely to happen. There are also the other innovations that Britain has brought, such as the climate-resilient debt clauses, so that if there is a sudden problem caused by climate change or other shocks, you stop the repayment. I argue that Britain has a long tradition, on a cross-party basis, of helping with debt sustainability and resolution, and we need to keep that record up.

UN Sustainable Development Goals

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Tuesday 16th January 2024 Lords Chamber

[Lord Cameron of Chipping Norton (Con)]

I respect the noble Lord and what he says. We have been leaders on this through the Paris Club and other mechanisms; in many cases it has been the right thing to do to write down a country’s debt. With respect to climate change, these climate resilient debt clauses can make a great difference in helping these countries. Fundamentally, if we want to achieve the SDGs, we need to motivate global finance, and one of the ways that we can do that is through the multilateral development banks because if they expand their balance sheets there is probably an extra £400 billion that they can invest to help these countries with their growth.

[Lord Bruce of Bennachie (LD)]

My Lords, the Foreign Secretary has said he thinks that the merger of DfID and the Foreign Office, and the cuts in aid, were justified; that was not what he said at the time. How much does he regret that his successors have trashed his proud legacy and, more to the point, how assured can he be that the funding for Africa, which is still being cut even if an increase has been promised, will not be diverted to the Home Office, as has happened in the last two years?

[Lord Cameron of Chipping Norton (Con)]

That is not exactly what I said. I am very proud that we reached 0.7%. I had some disagreements with this Government before I joined but politics is a team enterprise; when you decide to join a Government, you accept Cabinet collective responsibility and you accept you are going to work with that team and the policies they have. I am proud that, with 0.5% and a growing economy, we are seeing more money going to overseas development. Now that the refugee crisis is abating—I mentioned Africa—we will see, in our budgets, an increase from £600 million to over £1.2 billion, and we are committed, when the fiscal rules allow, to get back to the 0.7% that we historically achieved.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 18th March 2015 Commons Chamber

[Sir Malcolm Bruce (Gordon) (LD)]

Does the Prime Minister agree that the best prospect for the people of Scotland is to be a successful part of a growing United Kingdom, and that Alex Salmond’s mission to shake this House to its foundations will deny recovery, jobs and mortgages, and threaten both the UK and Scotland, which is why the people of Gordon are uniting to deny his return to this House?

[The Prime Minister]

My right hon. Friend makes an important point, which is that what the SNP wants is to break up our country. That is why it is so appalling that although the Leader of the Opposition has now said that he does not want a formal pact with the SNP, he will not rule out a confidence and supply agreement. He will not rule out relying on the SNP in vote after vote after vote, making sure that it would get the advantage and people in England, Wales and Northern Ireland would be let down—[Interruption.] Yes, we rule it out. What I would say to the shadow Chancellor is that his boss threw both his kitchen sinks at the NHS and he still could not win. [Interruption.]

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 17th December 2014 Commons Chamber

[The Prime Minister]

Every excess winter death is a tragedy, and 18,200 deaths last year was too many. However, that is half the level of excess winter deaths in 2008-09, when the Leader of the Opposition was the Energy Secretary. We will continue with the long-term patient work of the warm home discount, keeping the winter fuel and cold weather payments, and schemes to insulate people’s homes. That is the right way forward.

[Sir Malcolm Bruce (Gordon) (LD)]

Will the Prime Minister confirm that NHS spending under the coalition Government has risen by 4% in real terms? That has been passed on to Scotland, where spending has in fact been cut by 1%. Is he also aware that Grampian has a £70 million two-year shortfall in funding? Consequently, the responsibility for the crisis in the health service in the north-east of Scotland lies firmly with the Scottish Government, led until a few weeks ago by Alex Salmond, the MSP for Aberdeenshire East.

G20

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Monday 17th November 2014 Commons Chamber

[The Prime Minister]

I am satisfied that every country in the European Union has signed up to the automatic exchange of tax information. For many years, it was not only Luxembourg but one or two other countries in the EU that did not sign up to that. We are making progress, but I will never be fully satisfied, because until every jurisdiction in the world signs up we will not be able to get rid of tax avoidance.

[Sir Malcolm Bruce (Gordon) (LD)]

In the conversations with Mr Putin, did the Prime Minister remind him of his unwelcome interventions in Georgia and Transnistria, and make it clear that the Baltic states were clearly off limits to the EU and NATO?

May I welcome what the Prime Minister said about additional funding for Ebola and the global attack on taxes? On climate change—on which Britain has been in the lead globally—can he indicate what Tony Abbott said Australia’s contribution would be?

[The Prime Minister]

To answer my right hon. Friend’s last question first, the Australians have pledged a 5% cut in carbon emissions, which they say is equivalent to a 19% cut on business as usual, but I think that they will face further pressure, as an important economy, to throw in more cuts to carbon as the whole world comes together in Paris.

On my right hon. Friend’s other questions, the discussions I had with President Putin were frank. We did not mention every problem and issue between Britain and Russia, but crucially we looked at how we could try to find a pathway by which Ukraine’s integrity and independence are respected. That is the key to de-escalating the situation, and I was very frank about that.

On Ebola, Britain has played a key part and we should be proud of that. Others are now stepping up and the World Bank is also looking at ways it can help us to sustain that commitment.

European Council

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Monday 27th October 2014 Commons Chamber

[The Prime Minister]

I am not accepting that we should pay anything like what has been asked. I think it is very important that we make that clear. I am always happy to have votes in this House. They can happen through Opposition days, Back-Bench days or, indeed, Government days.

[Sir Malcolm Bruce (Gordon) (LD)]

The Prime Minister said at the start of his statement that he went asking for €1 billion to tackle Ebola and he got it, and that he went asking for a climate change agreement that had been piloted by the Secretary of State for Energy and Climate Change with his green growth group and he got it. Does that not demonstrate that leadership from the UK can deliver results in Europe, and that we should stay in?

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 9th July 2014 Commons Chamber

[The Prime Minister]

The right hon. Gentleman still has to defend the man who presided over the Mid Staffs disgrace, where standards of patient care were so bad that patients were drinking out of dirty vases because of standards in Labour’s NHS. The point is this: the reason we have been able to cut bureaucracy and the reason we have been able to put more money into the NHS is that we have taken difficult decisions, including having a 1% pay cap in the NHS. Of course, Labour said it would support that, but this week it has decided that it will back strikes instead. I have here the Labour briefing on strikes, which says, “Do we support strikes? No. Will we condemn strikes? No.” There we have it: that is his leadership summed up in one go. Have the Opposition got a plan for the NHS? No. Have they got a plan for our economy? No. Is he remotely up to the job? No.

[Sir Malcolm Bruce (Gordon) (LD)]

Is the Prime Minister aware that British Airways is to cease the link between Aberdeen and London City in favour of increased services to the already well served airports of Glasgow, Edinburgh and Dublin? Will he support the campaign to maintain the link, which is vital to the vibrant business economy of the north of Scotland?

[The Prime Minister]

I am very happy to look into that issue with the right hon. Gentleman. It is an absolutely vital service, particularly given how strongly the economy in north-east Scotland is performing, with North sea oil and gas.

European Council

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Monday 30th June 2014 Commons Chamber

[The Prime Minister]

First of all, there are consequences from Europe adopting the principle that the head of the Commission should effectively be appointed following nominations by European political parties. If that is allowed to continue, and if it happens again, there will be real consequences, because we could end up with candidates who, as I said, have particular views that are totally against the interests of individual member states. That is a very worrying development. In the Council conclusions, we have agreed to review this process, and I hope we can make sure that it does not happen again.

[Sir Malcolm Bruce (Gordon) (LD)]

If exit from the European Union is not what the Prime Minister seeks, can he resist the siren voices who are calling for ever more unachievable demands, backed by the threat of exit, to ensure that that does not happen? After the excitement of this week, will he reflect on how he can build alliances for reform that will promote jobs, cut red tape and reduce waste, which is actually what the citizens of the entire European Union are looking for?

[The Prime Minister]

I thank my right hon. Friend for that question. The work of the British Government—a coalition Government—in the EU is to complete the single market in digital, energy and services and to sign the trade deals with the fastest growing parts of the world. That agenda is progressing well, and it is important that we stick to it. I am not setting out impossible demands; I am setting out things that could be changed, and should be changed, in order to reform Britain’s place in the EU.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 18th December 2013 Commons Chamber

[The Prime Minister]

The right hon. Gentleman may not like the facts, but he cannot hide from them. The typical taxpayer is paying £600 less because we cut taxes. The deficit is falling—it is down by a third—because we took difficult decisions. Today, for the first time in our history, there are 30 million people in our country in work. The fact is that at the end of this year we have a recovery Labour cannot explain, growth it said would never come, and jobs it said would never happen. Meanwhile, it is stuck with an economic policy that does not add up and a shadow Chancellor it cannot defend. That is why the British people will never trust Labour with the economy again.

[Sir Malcolm Bruce (Gordon) (LD)]

rose— [Interruption.]

[Sir Malcolm Bruce]

I can give the House something to cheer about. Will the Prime Minister join me in welcoming the fact that investment in our North sea oil and gas industry this year will reach a record £14 billion, accounting for an unemployment rate in my constituency of just 0.7%, but is he aware of Sir Ian Wood’s report that says we need collaboration between Government and industry to unlock between 3 billion and 4 billion barrels of oil worth £200 billion that will otherwise be left under the sea?

[The Prime Minister]

My right hon. Friend makes a very important point: the Wood report is an excellent report and we are looking to put that in place because we want to maximise the returns and the employment and the investment in the North sea. In recent months we have seen very encouraging signs of greater investment in the North sea, not least because of the decisions taken by the Chancellor to bring into play some of the more marginal fields. We need to keep up with that and implement the Wood report as my right hon. Friend says.

Afghanistan and EU Council

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Tuesday 2nd July 2013 Commons Chamber

[The Prime Minister]

I say the same thing publicly and privately, and in the European Council and this House, which is that I do not comment on national security and intelligence matters as I think that would be wrong, but I think it is important to remember that our security services operate under the law. We do not use co-operation with foreign intelligence services to get around our own procedures here in the UK, and it is worth remembering that the intelligence and security gathering we do is of huge benefit to those partners, including many in the EU, with whom we share it. It helps to keep us safe and it helps to keep them safe, and we should praise what our intelligence and security services do on our behalf.

[Sir Malcolm Bruce (Gordon) (LD)]

Will the Prime Minister say how the women of Afghanistan may be represented in any talks with the Taliban, and what assurances can he give to the women of Afghanistan that their hard-won advances in terms of the right to education for girls and the right to a livelihood for women will be sustained in the 2015 settlement and thereafter?

[The Prime Minister]

My right hon. Friend asks an important question, and the answer to it is that the Afghan President and Government are absolutely clear that any discussions need to proceed on the basis of the Afghan constitution, which has safeguards on those and other issues. It is important to note that whereas in 2001 there were almost no girls in school in Helmand, there are now over 30,000.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 12th June 2013 Commons Chamber

[Sir Malcolm Bruce (Gordon) (LD)]

As we approach the 25th anniversary of the Piper Alpha disaster, will the Prime Minister join me in recognising the challenges we face in continuing to bring oil and gas ashore from the North sea, the skills and dedication of those who do it and the paramount importance of safety in ensuring that we can continue to exploit these resources?

[The Prime Minister]

I certainly join my right hon. Friend in praising the North sea oil and gas industry. It is a real jewel in the crown of the United Kingdom economy. What is encouraging is that this year we are seeing a growth in production, as a number of new fields and projects come on stream, but he is absolutely right to say that at all times safety and security are absolutely paramount.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 27th June 2012 Commons Chamber

[The Prime Minister]

I am not at all surprised that the right hon. Gentleman is touchy about the issue of tax avoidance, because who have they just voted to the top of the list of the national executive committee? Ken Livingstone. It is this Government who are cracking down on aggressive and illegal tax avoidance and tax evasion, and it is the Opposition who are voting for them.

[Sir Malcolm Bruce (Gordon) (LD)]

The International Development Committee spent last week in Afghanistan and would pay tribute to the dedication of our armed forces and civil servants working under very difficult conditions. At the Tokyo conference next month, will the Prime Minister reassure the people of Afghanistan that although troop drawdown will end in 2014, advice, support and development assistance will continue for years beyond that, so Afghanistan can become a functioning state that delivers for its people?

[The Prime Minister]

My right hon. Friend makes an important point. He talks about our armed services, and today is the day that we encourage people who serve to wear their uniform to work—not something that Members of this House can do, but none the less we should remember all those who serve our country, whether in the reserves or the regular forces.

On the issue of support for Afghanistan, we have already announced that we will continue with the generous level of aid and development support that we are giving to Afghanistan after 2015—we have very much been leading the charge on that—as well as helping to fund the build-up of the Afghan national security forces between now and 2015.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 25th January 2012 Commons Chamber

[The Prime Minister]

The right hon. Lady is wrong. The money going into universal credit for the most disabled children is not being cut. She is just plain wrong about that. But is it not interesting that all the questions that we get from all Opposition Members are always about calling for more spending? They have learned absolutely nothing about the mess they landed this country in.

[Malcolm Bruce (Gordon) (LD)]

British Airways has announced that it has reached an agreement to take over British Midland International. Although this is being challenged under competition rules, what assurances can the Prime Minister give that the landing slots at Heathrow from regional airports such as Aberdeen will be protected if it is allowed to go ahead?

[The Prime Minister]

The right hon. Gentleman makes an important point, and I am sure that it is important to his constituents as well. I will look into the issue of landing slots—I know how important it is for regional airports—and get back to him.

EU Council

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Monday 12th December 2011 Commons Chamber

[Malcolm Bruce (Gordon) (LD)]

Given that we are facing the worst financial crisis in living memory, does the Prime Minister agree with me that the UK coalition Government have a policy for dealing with it and that unfortunately the eurozone does not? What we now need, surely, is to work in parallel to ensure that we have outcomes that are not divergent, but deliver a strong pound and a strong euro.

[The Prime Minister]

I am very grateful for that question. Of course it is important to recognise in a coalition Government that both sides of that coalition cannot always achieve everything that they want to. However, it is important that we work together, and where we absolutely have agreed is on the importance of a programme of getting our economy back on track. It has been of huge benefit—and will continue to be of benefit to our country—that two parties have put their interests aside to work for the common good.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 14th September 2011 Commons Chamber

[The Prime Minister]

We want to keep Bombardier in Great Britain, and we want to keep Bombardier working, which is why, as I have just said to my hon. Friend the Member for Mid Derbyshire (Pauline Latham), there is that new opportunity, but the issue should be put in the context of the fact that we are putting a lot of investment into our rail industry: £14 billion into a network grant for Network Rail; £3.8 billion for Crossrail; and £750 million for High Speed 2. This is a Government who want to do more for our railway industry, and who want to do more for Bombardier after it was so badly let down by the previous Government.

[Malcolm Bruce (Gordon) (LD)]

Q13. Campaigners on the right want to get rid of the 50p tax rate and those on the left want to juggle with VAT. Does the Prime Minister agree that the most fair and progressive way to maintain confidence in the economy is to stick to the Government’s policies but accelerate the process of raising the tax threshold to £10,000?

[The Prime Minister]

I am grateful to my right hon. Friend for his question, but we have raised the personal allowance significantly in our Budgets and taken more than 1 million people out of tax altogether, and we are committed to going further. On the 50p tax, we should look at the evidence. We are going to find out soon just how much money the tax is raising; let us look to see whether it is a good way of raising money or not.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 13th July 2011 Commons Chamber

[The Prime Minister]

The short answer is that we were following precedent, but the long answer is that if the right hon. Lady wants me to come to her Committee and explain what an appalling set of decisions the last Government made on aircraft carriers, I will. The delay alone by the Government whom she worked for added £1.6 billion to the cost of the aircraft carriers. So if she wants me to turn up and not just tell her what we discussed in Cabinet but lay out the full detail of the waste that her Government were responsible for, name the day.

[Malcolm Bruce (Gordon) (LD)]

Q11. Following a question from me to the Prime Minister’s predecessor three and a half years ago, the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown) set up pilot schemes to provide sign language support for deaf parents and their children in Devon and Merseyside. Those have now been completed, and they were a huge success. Will the Prime Minister meet a delegation of deaf parents, their children and their representatives to discuss how that sign language support can be extended to all children and their parents across the UK?

[The Prime Minister]

My right hon. Friend makes a very good point. We do a lot to support different languages throughout the UK. Signing is an incredibly valuable language for many people in our country. Those pilot schemes were successful. I looked at what the previous Prime Minister said to him when he asked that question, and I will certainly arrange a meeting for him with the Department for Education to see how we can take this forward.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 30th March 2011 Commons Chamber

[The Prime Minister]

I may be alone in finding the shadow Chancellor the most annoying person in modern politics—[Interruption.] No, no. I have a feeling that the Leader of the Opposition will one day agree with me, but there we are.

Where were we? The Potteries, yes. Clearly, there are massive issues because of the decline of the Potteries. I completely understand the need for Stoke to have that support. It is very important that the hon. Member for Stoke-on-Trent North (Joan Walley) is working to bring together the Potteries communities, including MPs and the local enterprise partnership. I will certainly ask my right hon. Friend the Chancellor to look at whether it can be in the next lot of enterprise zones, because we want to help the Potteries communities she represents.

[Malcolm Bruce (Gordon) (LD)]

In the light of the announcement by Statoil this week that it is cancelling £6 billion of investment in the North sea following the Budget, will the Prime Minister ensure that Ministers at the Treasury and the Department of Energy and Climate Change engage with the industry to explain how the field allowances might be adjusted to ensure that this valued investment goes ahead and that jobs are not lost?

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 15th December 2010 Commons Chamber

[The Prime Minister]

My recent experience has taught me to stay out of international football management. While paying tribute to the right hon. Gentleman’s club, to Enfield Town and, of course, to Arsenal as well—I think it right to do that—I will let the club make the decision. However, it is true to say that on the Olympic site there will be a fantastic stadium of which I hope one football club will take advantage.

[Malcolm Bruce (Gordon) (LD)]

Q6. Will the Prime Minister join me in thanking and expressing appreciation to the postal service workers across the United Kingdom—including those whom I visited in Inverurie, Dyce and Ellen—who are struggling through snow and ice to make their deliveries? Does he agree that the mail order firms that are cancelling Christmas in Scotland by refusing to accept orders should recognise that they cannot and do not match the universal postal service, and that for that reason it should be secured and protected?

[The Prime Minister]

The right hon. Gentleman has made an extremely good point. I am sure that all Members in all parts of the House—many of whom will take the opportunity to visit sorting offices this Christmas—will want to record our support and thanks for the very good work that postal workers do throughout the country in ensuring that everything is delivered in time for Christmas. I know that they are having a particularly difficult time in Scotland. Additional air and rail services have been laid on to speed the movement of mail in and out of Scotland, and Royal Mail itself has made a big investment—of £20 million—to try to deal with the most severe weather that it has faced for 30 years.

Again, let us all pay tribute to those who will ensure that cards and presents are delivered on time.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 8th December 2010 Commons Chamber

[Malcolm Bruce (Gordon) (LD)]

Voluntary Service Overseas provides valuable experience opportunities as well as giving people a connection with development. I welcome what the Prime Minister has said, but can he give an assurance that VSO’s current concern that its budget might be cut will be overcome by giving it access to other budgets within the Department for International Development?

[The Prime Minister]

I believe that the discussions are going extremely well and that it will be possible to guarantee that. One reason why people are asking this question about programme partnership arrangements is because the Government want to ensure that organisations are not wholly dependent on Government money, but seek sources of funding elsewhere. As my right hon. Friend says, there are opportunities through other budgets within DFID, and VSO could also make applications to the global fund to combat poverty.

Oral Answers to Questions

Debate between Lord Bruce of Bennachie and Lord Cameron of Chipping Norton

Wednesday 17th November 2010 Commons Chamber

[The Prime Minister]

What I say to the hon. Gentleman is, first, that the chief constable has said:

“We have been working for some time on plans to ensure the Force provides the most efficient service and the maximum resources are focused on frontline policing.”

When one looks at the figures for how few police officers really spend their time on the beat because of the paperwork and the form-filling, and when one looks at how we are managing our police forces and at the numbers in human resources, finance, IT and training, I say that we must do better. There is a choice. We can either say, “All reductions in public spending are a disaster and we can’t deal with them,” or we have to try and find a way to get more for less. That is what we are doing in the coalition Government. The Opposition are just not engaged in the debate.

[Malcolm Bruce (Gordon) (LD)]

Does the Prime Minister agree that as an international trading nation and a leader in international development, it is vital that we can attract key people from around the world to this country for short and long-term stays? When will he be able to tell the House how the Government are finalising the criteria for the visa and immigration cap, to end the uncertainty that could damage investment in the UK as a preferred location?

[The Prime Minister]

I can tell my right hon. Friend that we are working on the issue. I do not think there will be any difficulties in achieving the two goals that we have. One is to get the immigration system that we inherited under control. The current level of net immigration into the UK of 200,000 a year—2 million over a decade—is too high. It needs to be brought down, but we should do that in a way that is business-friendly and helpful to the economy. When we look at the rules that we inherited and the fact that people were coming into this country under tier 1, but often had no skills at all or were not working in skilled jobs—some were even working in pizza restaurants—it is clear that the system was not working properly. That is what we have to get right.