UK Cash Network

Debate between Lord Empey and Lord Agnew of Oulton

Monday 8th November 2021 Lords Chamber

[Lord Empey (UUP)]

My Lords, as a former member of the Select Committee on Financial Exclusion, so ably chaired by the noble Baroness, Lady Tyler of Enfield, I first endorse what the noble Lord, Lord Young of Cookham, said about levelling up. Even though the statistics show a reduction in the number of those needing cash, people still become at the mercy of ruthless illegal moneylenders and others, and this is destroying lives. Can the Minister assure the House that he will keep pressure on the banks to ensure that there are effective and accessible services that allow these people access to the financial system, so that they can avoid all this desperation and the criminality that flows from it?

[Lord Agnew of Oulton (Con)]

My Lords, basic bank accounts are one requirement of the banking system; the nine largest account providers are required to provide this to customers, and there are some 7 million basic accounts open with these providers. They are easier to open than ordinary bank accounts, and that facility remains available.

Global Minimum Corporate Tax Rate

Debate between Lord Empey and Lord Agnew of Oulton

Wednesday 14th April 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, we have always been a Government who want to reduce taxation wherever possible. However, the Government have been very active in dealing with the abuse of corporate taxation over the last few years—for example, with the corporate interest restriction rules, which prevent multinationals from avoiding tax using financing arrangements, raising £1 billion a year since 2017. Other examples are the diverted profits tax, which has led to an additional £5 billion by countering aggressive tax planning, and the tax charge on offshore receipts in respect of intangible property, which is forecast to raise £1 billion a year.

[Lord Empey (UUP) [V]]

Since we left the European Union, the Government say that we must retain control over our money and laws. Is there a danger that we could end up replacing one group of people who are able to tell us what we can and cannot do with our money and laws with another group, other than the European Union? In such circumstances, is there a risk that the United Kingdom actually restricts its freedom and ability to control its own economy?

[Lord Agnew of Oulton (Con)]

I am not sure whether the noble Lord is referring to the move by the American Government to put forward their own propositions on international tax reform, but it is important to clarify that the US Government are following the G7 work that has been done on pillars 1 and 2. It is rather good news that they are engaging in a much more front-footed way than happened under the previous Administration.

Economic Update

Debate between Lord Empey and Lord Agnew of Oulton

Tuesday 12th January 2021 Lords Chamber

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

I share the noble Lord’s concern about all these institutions that have been forced to shut down. We all very much look forward to the moment when they can reopen, which is why so much emphasis is being placed on the rapid rollout of the vaccine.

[Lord Empey (UUP) [V]]

My noble friend has referred to the economic difficulties Northern Ireland will face being separated in some way from its principal single market. However, the biggest challenge we face here is that his right honourable friend the Secretary of State announced a few days ago to the world that there was no border in the Irish Sea. This provoked a response of ridicule and anger in equal measure. How can we start a recovery if our representative in the Cabinet cannot even admit the practical situation that businesspeople face every day? Can my noble friend prevail on him at least to acknowledge the realities on the ground?

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

My noble friend raises important points. As I mentioned earlier, we are a few days into an enormous change in how trade operates across GB and the EU, and across GB and NI, but I reiterate the Government’s absolute commitment to keep the friction between GB and NI to an absolute minimum. We are doing everything we can to do that. I ask my noble friend to bear with us, because there will be a learning process over the next few weeks.

Brexit: Financial Assistance for Businesses

Debate between Lord Empey and Lord Agnew of Oulton

Wednesday 26th February 2020 Lords Chamber

[Lord Agnew of Oulton]

The noble Baroness asked rather a lot of questions there; I will try to answer one or two of them. Northern Ireland will continue to be part of the UK customs territories, and practical information will be required for goods moving from the rest of the UK to Northern Ireland. This will be provided electronically, and the Government will work with the EU to minimise the impact to traders. Through the grant system that I mentioned in my Answer, we have seen 3,000 customs agents trained over the last 18 months, and that process will continue.

[Lord Empey (UUP)]

My Lords, the Minister has effectively conceded that there will be a regulatory border in the Irish Sea, but there is confusion over that because the Prime Minister is saying that there will not be. Either there is or there is not. Will the Minister confirm that any additional costs attributed to administering that will in fact be met by Her Majesty’s Government and that businesses will not be disadvantaged in any way?

[Lord Agnew of Oulton]

My Lords, the negotiation is a dynamic process; we are at the beginning of what will be a very fractious negotiation over the next nine months. I tell those noble Lords with a gentle stomach that what we are seeing today are the opening remarks of the EU: it is going to get a lot hotter over the next nine months, and we will know more clearly probably by the middle of December.