Financial Services Bill

Debate between Lord Russell of Liverpool and Viscount Trenchard

Committee stage & Committee: 1st sitting (Hansard) & Committee: 1st sitting (Hansard): House of Lords
Monday 22nd February 2021 Grand Committee

[The Deputy Chairman of Committees (Lord Russell of Liverpool) (CB)]

I have received requests to speak after the Minister from the noble Viscount, Lord Trenchard, and the noble Baroness, Lady Neville-Rolfe. I call first the noble Viscount, Lord Trenchard.

[Viscount Trenchard (Con) [V]]

My Lords, I am grateful to the Committee for once again permitting me to speak after the Minister. Even though I have my name to two amendments in this group, I had not realised that the procedural change that the House is about to approve at 8 o’clock this evening—which I think is rather strange—now prevents one from doing so unless one takes an additional step, in a narrow window, of specifically putting one’s name down to individual groups as well.

I had wanted to speak in support of Amendment 2 in the name of my noble friend Lord Bridges of Headley, as moved so ably by my noble friend Lord Blackwell, and to Amendment 6, ably moved by my noble friend Lady Neville-Rolfe. I thank my noble friend Lord Holmes of Richmond for his kind words, and most heartily thank my noble friend Lord Hunt of Wirral both for what he said and for quoting from my 2012 speech on this subject.

Your Lordships may wonder why I have added my name to two different amendments which seek to achieve approximately the same result. This is because there are many ways to raise the importance of competition and the competitiveness of markets, and I have in my mind some further variations of the theme. In any case, I strongly believe that we must move quickly to maximise the attractiveness of London’s markets to be sure that the City, including our wider financial services industry, will remain one of the truly leading global financial centres, with all that that means for our prosperity as a nation.

I had wanted to speak properly and fully within this debate but am now hesitant to do so, as I am sure my noble friend the Minister will appreciate. I had wanted to make several points, and wished to explain why I think the noble Lord, Lord Sharkey, the noble Baroness, Lady Bennett of Manor Castle, and, indeed, the noble Baroness, Lady Kramer, are so wrong in believing that the FSA’s having regard to competitiveness was a cause of the financial crisis, or that competitiveness, of itself, heightens inequality. Either Amendment 2 or Amendment 6 would be an improvement to this Bill. I would like to ask my noble friend the Minister which of the two he prefers, because they are not precisely the same. In any case, as my noble friends Lord Mountevans and Lord Hunt have said, there is strong expectation and hope that the Government will do more to secure the City’s future in relation to improving the competitiveness of the markets.

Agriculture Bill

Debate between Lord Russell of Liverpool and Viscount Trenchard

Report stage & Report stage (Hansard): House of Lords & Report: 1st sitting & Report: 1st sitting: House of Lords
Tuesday 15th September 2020 Lords Chamber

[The Deputy Speaker (Lord Russell of Liverpool) (CB)]

The noble and learned Lord, Lord Morris of Aberavon, has withdrawn from this group of amendments. I call the noble Viscount, Lord Trenchard.

[Viscount Trenchard (Con)]

My Lords, I support my noble friend Lady Neville-Rolfe’s Amendment 18, also in the names of my noble friend Lord Lindsay and the noble Lord, Lord Curry of Kirkharle. My noble friend is a great supporter of impact assessments and she is right. In framing the new financial assistance schemes, it is important for the Secretary of State to understand the likely effect of any new ways of remunerating farmers for their farming activities and for their stewardship of the countryside. Many farmers are presently bemused by the measures contained in this clause and would much appreciate greater clarity from the Government. The publication of impact assessments would improve their understanding and help them to plan for the future.

I do not think I can support the noble Baroness, Lady Jones of Moulsecoomb, in her Amendment 28, because she wishes the Government to publish more information than is appropriate. Farmers should be entitled to rather more privacy than the noble Baroness would allow.

In Amendment 32, the noble Lord, Lord Teverson, and my noble friend Lord Dundee seek to shorten the period of the first plan to five years. However, payments under the new ELM schemes are not expected to commence until 2024, and I think the full seven years—which would mean only three years after those schemes start—would be the minimum time necessary for the Government to prepare their plan for the second period, based on their review of the use and effectiveness of the schemes during the initial period.

On the other hand, the noble Earl, Lord Devon, in his Amendment 33, seeks to extend the length of each plan from five to seven years. However, as I said in Committee, I do not think the noble Earl’s reason is valid. Even if the Fixed-term Parliaments Act is not quickly repealed, as I hope it will be, the noble Earl is surely aware that general elections have not taken place regularly every five years.

I think the noble Earl is being a little modest in seeking to ensure that plans are published at least two months before they come into effect, and I am delighted that, in Amendment 35, the Minister proposes that subsequent plans should be published at least 12 months before they come into effect. That is in line with what several noble Lords recommended in Committee.

I am not sure whether Amendments 47 and 106, tabled by the noble Lord, Lord Wigley, are helpful. The best thing the Government can do for British farmers is to ensure that unnecessary, unjustified red tape is removed, so that they can compete successfully at home and abroad. During our membership of the EU, as noble Lords should be aware, British farmers have not enjoyed a level playing field with their competitors: French livestock producers receive €1 billion a year of voluntary coupled support, as opposed to a mere €39 million available to Scottish crofters.

[The Deputy Speaker (Lord Russell of Liverpool) (CB)]

My Lords, since the noble Lords, Lord Marlesford, Lord Rooker and Lord Addington, have withdrawn from this group, I now call the noble Lord, Lord Carrington.