European Structural and Investment Funds Common Provisions and Common Provision Rules etc. (Amendment) (EU Exit) (Revocation) Regulations 2020
Debate between Lord Flight and Baroness Garden of Frognal(4 years, 3 months ago)
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Lord Flight (Con)
My Lords, this statutory instrument revokes legislation laid in 2019 that would have guaranteed structural funding in the event of a no-deal exit. Under Article 138 of the withdrawal agreement, the UK will continue to have access to the ERDF, ESF, EAFRD and EMFF until the end of the current multiannual financial framework, the term 2014-20. Funding cycles typically last up to three years, with closure taking up to another three years, so some ESIF projects will continue expenditure through to December 2023.
The UK will not be pursuing participation in future ESIF programmes, including ETC health, in the MFF 2021-27 period. The UK will participate in ETC peace plus for 2021-27. The UK shared prosperity fund, the UKSPF, will succeed the ESIF for new programmes. BEIS originally laid an SI in March 2019, SI 625, which removed the EU regulations for structural funds from UK law in the event of a no-deal exit. Unreplaced, it would now come into force on the last day of the transition period. BEIS is seeking to revoke that no-deal regulation because it is not compatible with the arrangements set out under Article 138 of the WA.
As already pointed out, the no-deal SI 625 disapplies the regulations for ERDF, the ESF and ETC when it comes into force at the end of the TP, while the WA maintains the same regulations until the programme closure. If SI 625 were kept, it would confuse the statute book. It is currently planned that the UK shared prosperity fund will replace the EU structural funds with funding realigned to match domestic priorities. At a minimum, it will match current levels of funding to each nation from the EU structural funds.
I apologise for reading out the abbreviations for the titles of various bodies, but there is not time to read the whole lot in full.
The Deputy Chairman of Committees (Baroness Garden of Frognal) (LD)
The noble Earl, Lord Clancarty, has withdrawn, so I call the noble Lord, Lord Naseby.
Education: Student Loans
Debate between Lord Flight and Baroness Garden of Frognal
Baroness Garden of Frognal
My Lords, it is not the company but the loan book which was launched in March; the sale of mortgage-style loans is currently out for tender and we do not know how it will result. I can assure the noble Lord that we shall be looking very carefully to ensure that any company that purchases these loans provides protection for the borrowers as well as a financial repayment.
Lord Flight
My Lords, a paper in the Library produced by the Government forecasts a major increase in defaults on student loans to 40% of the total. The two main causes appear to be non-payment by people from overseas—certainly not just Europe—and, more particularly, students not earning enough to meet the requirement to repay. Will the Government consider two options to address these problems? First, it is quite difficult to set up banking arrangements to repay from overseas. If there were standard arrangements such that someone earning dollars could automatically have a standing order to convert dollars into sterling and repay, it would make the admin easier. Secondly, could more attention be given to vocational training after which people’s pay is often higher and they get jobs more easily?
Baroness Garden of Frognal
The answer to my noble friend’s last point is yes. However, his point on vocational training is slightly wide of the Question that we are discussing. Most of the loans from the Student Loans Company go to UK-based students or students from other EU countries. We have set up much more effective systems for ensuring that payments come through from bank systems and other assurances. He is absolutely right that most of the people who do not repay are those who go into very low-paid jobs. However, the percentage of students who do not entirely repay their loans tends to be higher than the percentage of the total value of the loans repaid. The cost to government will still be less than if the same money were given in the form of a grant.
Financial Services Bill
Debate between Lord Flight and Baroness Garden of Frognal(12 years ago)
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Lord Phillips of Sudbury
Very often a person taking out a pension, in particular, is wholly dependent upon the advice of the financial adviser.
Baroness Garden of Frognal
I remind my noble friend that on Report one may speak only once to any amendment.
Lord Flight
My Lords, the biggest contributors to messing up pensions over the past 15 years or so—making them so complicated—have been Governments. I was looking into my own pension arrangements and found that I could not understand them.
Baroness Garden of Frognal
I think that the rule applies also to the mover of the amendment.