Trade Bill
Debate between Lord Hendy and Baroness Finlay of LlandaffTuesday 6th October 2020
(4 years, 1 month ago)
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The Deputy Chairman of Committees (Baroness Finlay of Llandaff) (CB)
My Lords, we will now resume the Committee. I call on the noble Lord, Lord Hendy, to complete his remarks.
Lord Hendy (Lab)
My Lords, I will make two final points in respect of the Minister’s speech. My second point is that he said that ISDS cannot force the privatisation of public services. That is absolutely right, of course, but we cannot overlook the fact that ISDS permits a challenge to taking previously privatised services back into public ownership—something that Governments of all persuasions have done from time to time in the past, especially in times of emergency.
Finally, the Minister said that the Government were considering the merits of a multinational investment tribunal in place of the secret arbitration under ISDS. Of course, one accepts immediately that the EU’s proposal for an MIT gives transparency instead of secrecy, which is very desirable. But it does not resolve the central evil that ISDS challenges, on very broad terms, parliamentary decisions by the chilling effect of a threat of compensation which is measured in billions—a disincentive for any Government.
The issue of ISDS is obviously controversial and the Minister is plainly aware of the concerns of members of the Committee. I hope that those concerns, and those reflected in other amendments, will cause the Government further reflection. In those circumstances, I beg leave to withdraw the amendment.