All 10 Debates between Lord Naseby and Baroness Neville-Rolfe

Wed 18th Nov 2020
United Kingdom Internal Market Bill
Lords Chamber

Report stage & Report stage:Report: 1st sitting & Report stage (Hansard): House of Lords & Report: 1st sitting & Report: 1st sitting: House of Lords
Wed 4th Nov 2020
United Kingdom Internal Market Bill
Lords Chamber

Committee stage:Committee: 4th sitting (Hansard) & Committee: 4th sitting (Hansard) & Committee: 4th sitting (Hansard): House of Lords
Thu 16th Jul 2020
Agriculture Bill
Lords Chamber

Committee stage:Committee: 4th sitting (Hansard) & Committee: 4th sitting (Hansard) & Committee: 4th sitting (Hansard): House of Lords

Civil Servants: Working from Home

Debate between Lord Naseby and Baroness Neville-Rolfe
Thursday 1st February 2024

(9 months, 3 weeks ago)

Lords Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Naseby Portrait Lord Naseby
- View Speech - Hansard - -

To ask His Majesty’s Government whether they have plans to review the effect on public services of civil servants working from home.

Baroness Neville-Rolfe Portrait The Minister of State, Cabinet Office (Baroness Neville-Rolfe) (Con)
- View Speech - Hansard - - - Excerpts

My Lords, there are clear benefits from face-to-face, workplace-based collaborative working. That is why departments have issued new guidance that most civil servants should spend at least 60% of their working time in the office and our senior civil servants have been told that they need to set an example as leaders.

Lord Naseby Portrait Lord Naseby (Con)
- View Speech - Hansard - -

I am most grateful to my noble friend for that Answer but are we not a trading nation? If we are, should we not support our industry, commerce and individual entrepreneurs? How can they possibly do what we want them to do when they—let alone the poor ordinary person who is equally affected—cannot get the support they need from His Majesty’s departments of state, whether that amounts to telephone calls unanswered, emails not returned, or meetings rescheduled? Against that background, we now know from a report published by the National Audit Office that this is costing over £5 billion a year on procurement, and on theft and fraud, again, over £5 billion a year. Will my noble friend, as a senior Minister and with her teams, meet the Civil Service to ensure that we get good, firm leadership that is aspirational and involves civil servants at all stages, and recognise that working from home is not viable?

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe (Con)
- View Speech - Hansard - - - Excerpts

I agree with a lot of what my noble friend says. He and I both have a background in retail and leadership is very important. That is one reason why the new Minister for the Cabinet Office, John Glen—well known to many of your Lordships—set out in a speech how the Civil Service should lead in providing public services. That included spending a minimum 60% of working time in the office, with leaders encouraging that because of the benefits it brings to the workforce.

United Kingdom Internal Market Bill

Debate between Lord Naseby and Baroness Neville-Rolfe
Report stage & Report stage (Hansard): House of Lords & Report: 1st sitting & Report: 1st sitting: House of Lords
Wednesday 18th November 2020

(4 years ago)

Lords Chamber
Read Full debate United Kingdom Internal Market Act 2020 View all United Kingdom Internal Market Act 2020 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 150-II Second Marshalled list for Report - (18 Nov 2020)
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe (Con)
- Hansard - - - Excerpts

My Lords, I speak to this group of amendments in the name of my noble friend Lady McIntosh of Pickering and the noble Lord, Lord Foulkes of Cumnock, applying a super-affirmative resolution procedure to changes to the reach of Clause 8 on indirect discrimination on services— the goods, equivalent and various other clauses having fallen. Amendment 9 requires publication of the results of consultation and reasons for decisions reached, and Amendment 74 tries to overcome the Minister’s objection to the super-affirmative procedure on the grounds that it could cause needless delay, by providing for rapid approval in cases of urgency.

I agree with the need for consultation and explanation, but I am not sure that this needs to be in the Bill. There should indeed be an opt-out in cases of urgency, but only if this route were to find favour with our House. However, I do not believe that the case has been made that the super-affirmative procedure is needed, certainly not on the scale proposed and in the light of the amendments already made by the Government in respect of mutual recognition of goods.

I echo what the noble Lord, Lord Foulkes, said about the Minister’s readiness to listen to the experts in this House and to make changes to make this legislation work. I was involved in securing the procedures used very selectively in the withdrawal Act, when the then Minister, my noble friend Lord Callanan, was very helpful. I am a practical person, and I have not seen any real evidence here of the need for the use of the super-affirmative procedure. We need much more specific and concrete concerns to justify my noble friend Lady McIntosh of Pickering’s amendment. If the proposers of the amendment are just fearful, that is not enough to merit the super-affirmative procedure.

Perhaps the Minister can provide examples of how the powers in the clauses will be used and, perhaps more important, why he believes that the super-affirmative procedure is over the top in this case. That would sit on the record, Pepper v Hart style, and minimise the risk from the use of the powers in the Bill.

Lord Naseby Portrait Lord Naseby (Con)
- Hansard - -

My Lords, given my five years in the Chair in the other place, noble Lords will not be surprised that I had a closer look at the super-affirmative procedure, where it has been used and where it should be used.

First, we all acknowledge that this is a very important Bill, which is why there is an affirmative resolution procedure in various clauses. We start with that. Secondly, as noble Lords have said, the super-affirmative procedure involves an additional stage of scrutiny where Parliament considers a proposal for a statutory instrument before it is formally presented—what we call laid. This procedure is used for statutory instruments that are considered to need a particularly high level of scrutiny. That is self-evident, I think.

I then checked where they had been used. The statutory instruments used so far usually amend or repeal Acts of Parliament. Examples would include legislative reform orders, localism orders, public bodies orders, regulatory reform orders and remedial orders. Although I have had only a short time to do it, I have not found it within primary legislation—I stand to be corrected, but I have not found it myself. Indeed, listening to my noble friend proposing that this procedure should be used, it seemed to me that it was a sort of grapeshot approach, scattered throughout the Bill, suggesting that all the bits in these amendments are absolutely vital and must be taken specially. I just do not think that stacks up.

Furthermore, because this Bill is important, and because we are dealing with devolved powers who will be consulted and worked with, it will just add further delay. That is not in the interests of Parliament, business, commerce, or the people of the United Kingdom. So quite frankly, I certainly will not be supporting this at all—I think it is almost out of order.

United Kingdom Internal Market Bill

Debate between Lord Naseby and Baroness Neville-Rolfe
Committee stage & Committee: 4th sitting (Hansard) & Committee: 4th sitting (Hansard): House of Lords
Wednesday 4th November 2020

(4 years ago)

Lords Chamber
Read Full debate United Kingdom Internal Market Act 2020 View all United Kingdom Internal Market Act 2020 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 135-V Fifth Marshalled list for Committee - (4 Nov 2020)
Lord Naseby Portrait Lord Naseby (Con)
- Hansard - -

My Lords, the idea behind this new clause has validity, and particularly will after the pandemic, whenever it is over. There is little doubt that some companies will be strong after the pandemic because they happen to be in a particular market, and others will be extremely weak and looking to be rescued somehow. The only problem I have is that the new clause refers to the

“duty to consider the internal market”

when in fact, that is the only market that will apply from 1 January onwards as far as the UK is concerned. So, it is not as though it is one of several markets; it is the only market in my judgment.

The noble Baroness is quite right that in some of the markets, there are already signs that things are happening. In the fintech market, things are undoubtedly moving quickly—for example, in sections such as payments and operations. You only have to read the Financial Times regularly, as I am sure a lot of noble Lords do, to see that things are moving all the time there. Equally, a fair number of our universities have what you might call cradle operations or primary operations, whereby they are looking to develop research that they believe might be marketable. Many are quoted companies; others are not. There is a lot of activity happening.

Although it is undoubtedly true that we want to see both paragraphs (a) and (b) happen, given the original role of the CMA, which emerged from the Monopolies and Mergers Commission, I think it pretty inconceivable that it would not look at these aspects. My noble friend on the Front Bench will be able to clarify that more than I am able to.

If there is not sufficient cover within the current Bill and other parts of the law, I hope my noble friend will look upon the amendment seriously. If that degree of cover already exists, I can understand why, although the issue is worth looking at and talking about, it may not be appropriate to deal with it in a new clause.

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe (Con)
- Hansard - - - Excerpts

I rise to speak to Amendment 153 in the name of the noble Baroness, Lady Hayter. This is a new clause relating to mergers that might affect the internal market. She may have a reasonable point that this is a matter of public policy about which we should be concerned. It is odd the way mergers involving an overseas player without a UK business cannot be stopped under merger law—think Cadbury, think ARM, as well as GKN Melrose, which the noble Baroness, Lady Hayter, explained was a particularly heinous example—because there is not the necessary lessening of competition. Although she did not say so, perhaps there is a parallel concern about takeovers important to one of the devolved nations or to a particular R&D base.

However, I do not think this is a big risk, as representations would be made to the CMA and taken into account in consultation and decision-making by the CMA, which is domestically focused and operates across the UK. My concern is that the new clause would be a major change to the way merger law works; I do not think it right to try to change one aspect in this Bill. Therefore, I cannot support this amendment.

Agriculture Bill

Debate between Lord Naseby and Baroness Neville-Rolfe
Committee stage & Committee: 4th sitting (Hansard) & Committee: 4th sitting (Hansard): House of Lords
Thursday 16th July 2020

(4 years, 4 months ago)

Lords Chamber
Read Full debate Agriculture Act 2020 View all Agriculture Act 2020 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 112-V Fifth marshalled list for Committee - (16 Jul 2020)
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe (Con) [V]
- Hansard - - - Excerpts

My Lords, it is always a pleasure to follow the noble Baroness, Lady Young of Old Scone. She is right about pace. I am sorry that we have lost the noble Earl, Lord Caithness; I think he sacrificed himself to help this important Bill make progress. I congratulate him on the earlier debate on Amendment 73 and his closing emphasis on the importance of sequestration in meeting any climate change targets.

I agree with the spirit of the lead amendment in this group, Amendment 105, in the name of the noble Lord, Lord Grantchester. I agree with him that the transition to a new funding system should not result in a reduction in the overall financial assistance provided for agriculture and associated purposes. However, this may go a bit far, given the disastrous impact of Covid-19; everyone, including the agriculture community, may have to make a contribution to recovery.

However, farmers will need continued support from next year, as we leave the CAP on 31 December, albeit for different functions. Farms are mainly small businesses. I understand the issues well, as my father was a farmer who went bust in the 1960s when his credit with the bank ran out—that was before the CAP changed everything. Farmers’ work is vital to the rural community, our landscape and our food webs, and a free market is not an option, particularly given the level of support for agriculture almost everywhere else in the world.

I refer also to Amendment 112 in the name of the noble Lord, Lord Grantchester, and to the similar amendment, Amendment 128, in the name of my noble friend Lady Rock. These would allow unspent funds allocated in one year to be carried over into future years. The Treasury, where I had the honour to be a Minister, will rightly never allow this. The wider ramifications for control of public expenditure are unacceptable and it could be a recipe for wasteful spending.

My main interest—perhaps “concern” would be a better word—in this group is Amendment 135 in the names of the noble Lords, Lords Lucas and Lord Addington. This seeks financial assistance for the provision of advice, with less emphasis than proposed on regulatory enforcement and penalties. Others assisting with the scrutiny of this Bill have talked about a revival of something like ADAS for this purpose. I do not support either proposal. What we need—I hope my noble friend the Minister will agree—is a professional implementation plan for all the new schemes, especially ELMS, with proper training and lead times, as you would find in a commercial context. It needs to be very clear and consulted on, with a view to successful, easy compliance and not just to satisfy interest groups. As much effort needs to be put into implementation as to policy formation. Much of that is, unfortunately, still to do, as the Lord, Lord Adonis, pointed out earlier.

We can learn from the initial failures in the health and safety context when the EU six-pack was introduced; that included things like manual handling, risk assessment and, indeed, PPE. It was burdensome and chaotic, providing opportunities for consultants, who flourished on the complications. There was uproar, especially in small businesses, but under a very able official, Jenny Bacon, the system was radically simplified with good guidance written by the HSE. The political heat went out of the issue despite the inevitable burden of these EU laws. The use of digital for documents and seminars for farmers and land managers makes all of this easier today.

I would be very happy to offer the Minister and his officials thoughts from my long experience at Tesco—I register an interest, as I am still a shareholder. Simplicity, clarity and training were essential to successful projects, whatever the scale. We do not want or need to set up a costly new advisory service, or to reimburse the cost of advice.

Finally, I do not agree with Amendment 232 in the name of the noble Baroness, Lady Bennett. Of course data should and will be collected, but this should be done as part of Defra’s normal research programme and in the context of a five-yearly review of food security .

Lord Naseby Portrait Lord Naseby [V]
- Hansard - -

My Lords, those are some wise words from my noble friend Lady Neville-Rolfe, which I hope the Minister will reflect upon. There is no doubt that her previous experience, both as a Tesco director and as a Minister, is enormously helpful in planning something as difficult and challenging as this transition—and that is what we are talking about.

I can comment only on those farmers in Bedfordshire and Northamptonshire, where all are worried—of course they are; I would be if I was any sort of farmer, but I am not. I think that Amendment 105 has the kernel of an answer; it may not be the ideal answer, but it is up to the Government to have a look at it.

The amendment covers the

“financial assistance available in the first year in which the Secretary of State intends to exercise the power under section 1”.

Secondly, it addresses the fact that the total amount provided in the preceding financial year should be adjusted for inflation. In other words, year 1 is whatever figure it is, and then there is inflation on top of that. The amendment proposes that in the third, fourth and fifth financial years there should be some forecast.

That seems to me a basis on which a farmer could work. The farmers I know in my part of the world, particularly those on the larger farms, are sophisticated businessmen. Although my noble friend Lady Neville-Rolfe says that Covid-19 may influence these figures, my view is that because this is such a big transition, from Europe to the UK, the farming community should not be asked to do that in this instance.

I note just a couple of other points en route. The noble Lord who spoke from the Opposition Front Bench said that the Bill implied a reduction after one Parliament. I have been in the House long enough to know that no one Government can be committed to something by their predecessors, so I just do not see that as being the case at all. I am not sure where his evidence comes from.

Amendment 128 sounds good, but it is pretty unusual in any organisation for underspending to be automatically spent somewhere else. It is perfectly normal, if there is a budget and something has not come up to scratch, to spend it on an existing project, but not on another one.

I think that the noble Earl, Lord Devon, is absolutely right in Amendment 133. You need to have a minimum of two months to discuss any forthcoming budget. As for the noble Baroness, Lady Bennett, I remember starting life politically in a part of London where compulsory purchase orders were the methodology whereby you could dictate to landowners what should happen. They failed miserably, and I suspect her project on land use will fail equally.

I finish by saying that, in my judgment, the noble Lord, Lord Greaves, is full of detail but also full of despair. I would rather have the words of my noble friend Lord Trenchard—who is sitting there still, as I look across: there were a lot of wise words in his contribution.

Brexit: Medical Research and Innovation

Debate between Lord Naseby and Baroness Neville-Rolfe
Monday 21st November 2016

(8 years ago)

Lords Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

All I can do is repeat that it is too early to speculate on detailed issues such as the future of the European Medicines Agency, but our approach remains to be fully open and supportive of scientists, researchers and our medical strength. This is particularly famous in the UK because of the National Health Service, which provides such a good base for our medical and pharmaceutical industries.

Lord Naseby Portrait Lord Naseby (Con)
- Hansard - -

Is my noble friend aware that one has only to go up to Cambridge and look at the number of start-up companies that are there, then open up the file on the new companies dealing with medical discovery going on the AIM market, to have some considerable reassurance that the industry is confident of the future, recognises that there will be some transitional challenges but, as before we joined the EU, will continue to be a leader in medical research?

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

I entirely agree with my noble friend. The fund for backing priority technologies, which we have announced today, will further support the UK’s potential to turn strengths in research into a global, industrial and commercial lead.

Update on the UK Steel Industry

Debate between Lord Naseby and Baroness Neville-Rolfe
Monday 11th April 2016

(8 years, 7 months ago)

Lords Chamber
Read Full debate Read Hansard Text
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, perhaps the noble Lord can help me on this but I think the conditional agreement between Tata and Greybull that was announced on Friday also covered the Tata Rotherham mills, and we have offered government-backed commercial funding if it is needed. Perhaps I may follow up on this and write to the noble Lord on the other points. I would make the general point that we now have the Steel Council, where the industry, the unions and other stakeholders have come together to examine all of these issues, and that is very important. Further, Tata has today put up for sale pretty well the whole of its operations. I will look at that further and write to the noble Lord.

Lord Naseby Portrait Lord Naseby (Con)
- Hansard - -

Is it not encouraging that the workforce and the management say that they have a turnaround plan and require only medium-term financing? That is not dissimilar to what happened at Rolls-Royce. Against that background, in Canada and Holland there are large mutual organisations capable of turning around and running steel organisations. Should we not think along those lines as well?

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

I thank my noble friend for his question and for writing to me about the role of the mutual, which I have passed on to the Ministers and officials responsible for this challenging area. We should be looking not only at opportunities for support but at the supply chain, and into the uses for steel at the higher end as well as the more-volume end of production.

Aircraft: Laser Pointers

Debate between Lord Naseby and Baroness Neville-Rolfe
Tuesday 8th March 2016

(8 years, 8 months ago)

Lords Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

The noble Lord is right and, under general product safety regulations and transport legislation, we of course look at all these areas. Clearly, there have been recent incidents involving aircraft, which have concerned us all, but, equally, this could apply to trains, lorries or even cyclists, I suspect.

Lord Naseby Portrait Lord Naseby
- Hansard - -

My Lords—

Public Service Broadcasting

Debate between Lord Naseby and Baroness Neville-Rolfe
Monday 15th June 2015

(9 years, 5 months ago)

Lords Chamber
Read Full debate Read Hansard Text
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, as we know from discussion in this House, there are different views about what the money from the licence fee should be used for. That is why we are planning a wide-ranging review of the charter. These interests, along with others, will of course be taken into account and we will no doubt have many opportunities to debate the results.

Lord Naseby Portrait Lord Naseby (Con)
- Hansard - -

Will the review that my noble friend referred to cover the wider aspects of broadcasting and the Government’s interests in, for instance, Channel 4? Is she aware that a great number of us feel quite strongly that the Government’s investment in Channel 4 should be sold off?

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, there are no current plans to privatise Channel 4 but we want to see it strengthened to compete successfully and to support the delivery of its public service obligations. Ofcom is examining Channel 4’s current and future position as part of its review, which I mentioned in my first reply.

Small Business, Enterprise and Employment Bill

Debate between Lord Naseby and Baroness Neville-Rolfe
Monday 9th March 2015

(9 years, 8 months ago)

Lords Chamber
Read Full debate Read Hansard Text
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, the point I was making about reporting is that we would extend the annual report, in any event, so that it covered this new function, which is sensible, and in that context we would obviously look at data and other relevant issues.

The noble Lord asked about the scale of staffing required. I may be able to give him a response if I can make a bit of progress. My normal port of call would be the compliance cost assessment. The answer is that we are going to do this within the existing budget but in co-operation with other enforcement agencies. I have been to see Companies House during the course of swotting up for the Bill and I am impressed by it. It is bringing a more modern approach to the way in which it does things. It has been aware for some time that it is going to be given this new burden and it is ready and willing to pursue it.

Lord Naseby Portrait Lord Naseby
- Hansard - -

As I understand my noble friend’s argument, she is saying that her department and other departments are in a similar mode. Their staff will cope with these changes and this huge register at nil cost other than what is already budgeted for the implementation of this Bill. Is that correct?

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, agencies such as Companies House have long-term plans to look at the duties coming down the line which they will have to fulfil. They have been aware for some time that this duty will fall on them. Obviously it follows the Prime Minister’s initiative at Lough Erne in 2013 and the money-laundering directive discussions that have been going on in Brussels for a long time. We will be bringing in this register. I will pass on the points that have been made to Companies House but it is ready to tackle this task. Of course, the reason the compliance costs are large is because it is a small amount of work by a large number of companies. It is because the multiplier is so big that you get the compliance costs that you do. That might be of some comfort to my noble friend.

The issue of timing was raised by the noble Lord, Lord Phillips. We intend to require companies to maintain their own PSC registers from January 2016 and to file information at Companies House from April 2016. We publicly set out these intentions in January this year.

On complexity, it will be straightforward for the majority of companies to identify their PSCs. We are thinking carefully about the guidance and communications to companies so that we can get the message across about how they might do it simply and what is required. We have a working group set up to develop guidance which contains representatives from all interested parties including, everyone will be pleased to hear, small business. Our enforcement user group is co-chaired with the National Crime Agency and will look specifically at how to make best use of the PSC data so that, in making this big change, we are using it to good effect and that the benefits I have described come through.

I have set out these points at some length. I hope noble Lords have been reassured by what I have said about the forward plans for the register and its review and will be willing not to press their amendments.

--- Later in debate ---
Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, on the face of it, the first part of the noble Lord’s presumption is correct, but I think that I will take the time to reflect on it further and write to him, because I certainly would not want to mislead the House on such an important point. There are safeguards, but it is also a public register.

I should perhaps answer the question asked by my noble friend Lord Borwick, about the number of threats that individuals receive in the context of the review. I hope that it will reassure him when I say that I intend to look widely at those issues, as I have already said. As he probably knows, threat levels are not directly within my department’s remit, but I certainly intend that the review should consider the impact and efficacy of the protection regime as a whole.

I hope that, in view of the various reassurances that I have given, my noble friend Lord Flight will feel able to withdraw his amendment.

Lord Naseby Portrait Lord Naseby
- Hansard - -

My Lords, before my noble friend sits down, will she clarify the point about the impending EU law? What happens if it goes through in, say, nine months, six months or 12 months? It is presumably the intention of Her Majesty’s Government to sign the law and then, if necessary, amend the Bill. Or will they wait another two years, or two and one-quarter years, and then amend it? If we are to sign up in Brussels to a law, it ought to be the law that applies in the United Kingdom, not one that is half Europe and half something else.

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My Lords, we hope that the directive will be agreed in Brussels in the next few months. It is a directive, so there will be a two-year commencement, as normal. In the mean time we will bring in—and, I hope, road test and make a great success of—the register that we plan. If the detail of the directive requires some change either to the Bill—or, more likely, I suspect, from my experience of European directives, to regulations made under Section 122—that will be laid before the House in the usual way. I take comfort from the fact that that important bit of transparency legislation is going through in Brussels, and one would hope to see it on the statute book as soon as possible. That is the situation.

Companies Act 2006: Nominee Operators

Debate between Lord Naseby and Baroness Neville-Rolfe
Tuesday 13th January 2015

(9 years, 10 months ago)

Lords Chamber
Read Full debate Read Hansard Text
Lord Naseby Portrait Lord Naseby (Con)
- Hansard - -

My Lords, I beg leave to ask the Question standing in my name on the Order Paper and, in doing so, declare an interest as a holder of some AIM shares.

Baroness Neville-Rolfe Portrait The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Neville-Rolfe) (Con)
- Hansard - - - Excerpts

My Lords, the Government are committed to encouraging better engagement between investors and companies. Indirect investors should be able to receive information from the companies in which they hold shares, if they choose to do so. We acknowledge that private investors in nominee accounts do not automatically receive such information, so we have recently commissioned research to determine how shares are currently held and what steps we might take to encourage more investor participation.

Lord Naseby Portrait Lord Naseby
- Hansard - -

My noble friend’s Answer is encouraging, in that this research is being undertaken, but is she aware that the United Kingdom has the largest number of private investors anywhere in the world? Furthermore, thanks to the policy of my honourable friend in another place, those private investors can invest in AIM shares within their ISAs, which are one of the principal saving mechanisms of any family today. Against that background it is surely important that this research is done quickly, so that the holders of all shares can attend AGMs and receive the annual accounts.

Baroness Neville-Rolfe Portrait Baroness Neville-Rolfe
- Hansard - - - Excerpts

My noble friend is entirely right. We expect the findings of our research by the end of March and we will therefore be able to proceed with appropriate steps quickly.