Budget Statement

Lord Holmes of Richmond Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Holmes of Richmond (Con)]

My Lords, I welcome and congratulate all noble Lords who have made their maiden speeches in today’s debate and declare my interests as set out in the register. The Chancellor delivered a good Budget in uniquely bad times. I believe it can be best summarised as “The Government’s economic strategy is their vaccine strategy; the Government’s vaccine strategy is their economic strategy”—and quite right too. Will the Minister join me in congratulating all those involved in the vaccine programme and all those in the NHS and our care services who have done so much through this pandemic? Will he review the current pay proposals for our nurses?

Turning to financial technology, I welcome its mention by the Chancellor in the Budget, particularly with the recent publication of the fintech strategic review. What does the Treasury intend to do to accelerate the implementation of the recommendations in Ron Kalifa’s FSR? Much of what is in the review does not require legislative change, so will the Government just crack on with that? For that in the review that does require legislative or regulatory change, what is the Government’s plan to enable that? Fintech is the future, and it is the future now. We have the talent, we have the technology; we need the legislation and the regulatory environment to further fuel that future. Does my noble friend agree?