Basel 3.1

Lord Lilley Excerpts

Thursday 3rd April 2025 Lords Chamber

[Lord Livermore (Lab)]

I am grateful to the noble Baroness for her comments. I wish her and the whole House a happy Easter as well.

I continue not to agree with her on Basel 3.1’s impact. Basel 3.1 is an update to the Basel III regulatory framework, aimed at further strengthening bank capital requirements and risk management by refining the calculation of risk-weighted assets and enhancing transparency. I am not sure it is about what she is saying it is.

[Lord Lilley (Con)]

In the pre-Easter spirit, I offer the Minister a point where he is likely to agree with me for once. He could have reminded the Liberal Democrats that, had we followed their advice of rejoining the customs union, we would face twice the level of Trump tariffs we currently face and have no prospect of negotiating a free trade deal with the United States. I am glad that he is exploiting the Brexit benefits.

[Lord Livermore (Lab)]

If the noble Lord makes that claim, then we are going to have to see his working, because I am not sure he is including the permanent 4% reduction in GDP from his Brexit deal.