(3 years, 7 months ago)
Lords ChamberMy Lords, in his compelling speech, the noble and gallant Lord, Lord Boyce, referred to the fact that His Royal Highness the Duke of Edinburgh was enormously proud of his role as Captain General of the Royal Marines. As someone who has had the honour of serving in the Royal Marines, I shall speak to this role and to the great contribution he made to our corps over many years.
We as a corps were immensely privileged and fortunate that, from June 1953 to December 2017—nearly 65 years —he was our Captain General. He completely understood the corps and its specialist warfare branches. He understood the commando spirit and the egalitarian nature of the corps. With his extensive operational experience in World War II, he understood that the highest standards are essential for fighting troops.
Royal Marines have been deployed on operations almost continuously through his service as Captain General. He took a keen interest in their deployment and in their training. He was a source of wise advice and encouragement to the many Marines that he met. He was at ease when he was with us and he put everyone else at ease. He had a wonderful sense of humour, which is an essential quality for a Royal Marine. He was a straight talker and he led by example with an indomitable spirit. His great qualities were hugely appreciated by all Royal Marines, including the many who are badged into the United Kingdom Special Forces. It is no accident that his last official engagement in 2017 was with our great corps, including our superb Royal Marines Band Service, in the grounds of Buckingham Palace. It rained the whole time. He was 96 years old; he enjoyed the occasion and spoke to many serving Royal Marines, retired Marines and cadets. He understood and appreciated the strength of the Royal Marines family—once a Royal Marine, always a Royal Marine. That goes too for their spouses, partners, children, parents and many more.
All the members of our corps wish to send our deepest sympathies to Her Majesty the Queen. We owe an enormous debt of gratitude to her late husband who was revered and respected and who was and will continue to be held in profound and lasting affection.
(8 years, 4 months ago)
Lords ChamberMy Lords, it is a pleasure to follow my noble friend Lord Brennan; the whole House will have appreciated his profound insight. The noble Lord, Lord Lloyd-Webber, made a most compelling speech about European Union cohesion which I and most other Members will have wholeheartedly endorsed. I draw attention to my entries in the register of interests.
I have always been against joining the European single currency and have campaigned against it. Nevertheless, I very much support our continuing membership of the European Union on the terms negotiated by the Prime Minister. The referendum was held at a particularly inauspicious time. The Government’s accumulated debt is in excess of £1.5 trillion, which is over 80% of our GDP. The annual deficit, although hitherto falling, was £74.9 billion in the year to March 2016. Our current account deficit continues to run dangerously high. In the past we have funded this with foreign direct investment, some of which is both volatile and capable of being moved extremely fast. As the Governor of the Bank of England said during the referendum campaign, we rely on the kindness of strangers.
Despite the referendum result and the downgrading by the rating agencies, it appears that government 10-year bonds can still be sold at a coupon of less than 1%. The Chancellor has abandoned the fiscal squeeze and the Governor of the Bank of England has stated that he will take all necessary actions to protect the economy. We are still creditworthy, but I suspect that if we serve an Article 50 notice, market sentiment will change. Before the referendum and probably as a result of the impending referendum, the economy was showing signs of slowing down. Since the result, and from my experience and discussions with business people, it appears that the slowdown is gathering pace. Deals are falling through or are being renegotiated, and I would draw the attention of the House to reports in last weekend’s Financial Times of major City of London property deals which since the result have now fallen through.
Asset prices, particularly real property, often provide the underlying security for much lending to small and medium-sized businesses and companies. Currently it is extremely difficult if not impossible to fix a value for real property, except perhaps at a vastly discounted price. This is a dangerous situation and I am endeavouring personally to advise borrowers, lenders and other commercial businesses against the backdrop of these very difficult conditions. There are reports of many companies freezing their recruitment, and in some cases unfortunately there have been job losses. The evidence for these reports will start to come through in August when the July figures are published. I hope that the Bank of England and the Treasury will monitor closely the effects of Brexit on our small and medium-sized enterprises, which are the bedrock of our economy and provide so much employment for our fellow citizens.
We are not alone in Europe in having a crisis of confidence in globalisation and to some extent in the institutions of the European Union. Support for the national front in France is rising in the polls, as is support for the AFD in Germany. Elections are being held in both countries next year. The United Kingdom is the second largest economy in the European Union and is important to the Union. Italy is facing major problems with its banking industry. All the foregoing should act as incentives for the European Union, with the United Kingdom, to negotiate some changes, perhaps even changes in freedom of movement.
The noble Lord, Lord Lawson, gave us his plan of what Brexit entails. He was quite clear that we should not bother to endeavour to negotiate access to the single market because this would entail us allowing freedom of movement for EU citizens. It really is a great shame that this prospectus was not put to the British people before 23 June. I take the view that access to the single market is of the greatest importance to our economy, for jobs, opportunities for individuals and businesses, and for investment. It gives us great advantages, not least in our ability to ensure, relatively straightforwardly, that our exports of goods and services to the single market are not unnecessarily impeded. I join other noble Lords in asking the Leader of the House to ensure that we have a definitive explanation of whether Parliament has a role in the Article 50 process and the extent of that role. Will she also confirm that an Article 50 notice, once served by the United Kingdom, can be withdrawn only with the unanimous consent of the UK and all the other 27 EU countries?
I much regret the decision to leave the EU. We are part of Europe and part of European civilisation. In an increasingly interconnected world, it is a dreadful mistake culturally, economically, educationally and for many other reasons for us to abandon the European Union. It will cause damage and hardship to us all, especially the younger generations who voted in such large numbers to remain.
(13 years, 2 months ago)
Lords ChamberMy Lords, I understand entirely the point that the noble Lord, Lord Borrie, makes, but I rather echo the words of my noble friend Lord King: it is for the Libyan people to determine their own future. Therefore, what happens to Gaddafi and how they do it is ultimately a question for them. I cannot answer the noble Lord’s question on the legal qualifications of the Libyan judiciary, but that must be a decision for the Libyan people. As far as the International Criminal Court is concerned, we want Saif Gaddafi and Abdullah al-Senussi to face justice, but how and when that happens will also be a decision for Libya.
My Lords, I agree with my noble friend that great credit goes to the Libyan people and the Free Libya forces for their bravery and steadfastness. I also join him in paying tribute to the professionalism and dedication of our pilots, sailors and the ground crew. I hope that he will also acknowledge the exceptionally important work done by the courageous members of our Armed Forces who have been serving in Libya and assisting the Free Libya forces, and the staff of our permanent joint headquarters under the command of Air Marshal Sir Stuart Peach.
My Lords, I join my noble friend in commending all those whom he mentioned for their professionalism and for the service that they have provided.
(14 years, 6 months ago)
Lords ChamberMy Lords, I have just said that the Government agree that we must pay closest attention to the effect on the most disadvantaged in society. The noble Lord, Lord Anderson, specifically asked about the devolved Administrations. At this stage, all that I can say is that we acknowledge that these cuts must be fair. While savings are to be made as a top priority, they must be done sensitively.
My Lords, will my noble friend encourage the Government to produce soon an accurate figure of the total accrued national debt, including the off-balance-sheet debt, such as the total PFI liabilities and the massive sums owing for unfunded public sector pensions? I am sure that that figure would help us in debates such as this.
My Lords, I am most grateful to my noble friend Lord Burnett for that point. As he is aware, there will be a Budget shortly, which will tackle the task he has suggested. There will also be established an Office for Budget Responsibility. Its job will be to root out and identify the items to which he specifically referred.