World Bank: Selection Process for President

Lord Judd Excerpts

Thursday 28th February 2019 Lords Chamber

[Lord Bates]

Absolutely. I am grateful to my noble friend for drawing that to the House’s attention. I am sure that noble Lords will welcome not only that vote of confidence in Britain but Forbes magazine’s assessment of the UK as the top place in the world to invest in and do business in, and its continuing to be the number one location for foreign direct investment in the European Union.

[Lord Judd (Lab)]

My Lords, the Government repeatedly say that they are committed to a proactive foreign policy following Brexit, in which we will play a full part in building a constructive, peaceful world based on human rights and the rule of law. Despite whatever the Minister may say in good faith, the perception worldwide is that certain traditional powers see these key posts as a carve-up for them. How is that acceptable, and why is the world not given the opportunity to find the strongest possible candidate, committed to the UN objectives, at such a crucial time?

[Lord Bates]

These Bretton Woods institutions were set up in 1944-45 on the basis of shareholdings. The United States has a shareholding of 16%; ours is some 3.8%. It is natural for the largest shareholder to represent the money it put on the table to get the Bank off the ground. We should consider their putting forward a candidate a good thing.