Capital Investment and Share Ownership
Debate between Lord Tyrie and Lord Livermore(1 day, 4 hours ago)
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Lord Livermore (Lab)
The noble Lord is absolutely right in much of what he says. The private finance initiative was a specific public/private partnership model that was developed 20 years ago. The Government are actively managing the legacy PFI portfolio and learning lessons from that. The Infrastructure and Projects Authority believes that there is an opportunity for the public and private sectors to reset relationships, improve performance and deliver high-quality public facilities and services. Of course, lessons have been learned from the past. On 24 March the National Audit Office will publish a report called:
“Lessons learned: Private finance for infrastructure”.
Lord Tyrie (Non-Afl)
The PFI has been a very mixed bag, but parts of it have been highly successful. Unfortunately, the Treasury’s approach to negotiating run-off in PFI has led a large number of top-flight managers in these good PFI projects to leave the industry altogether and seek work elsewhere. What steps are the Government taking to make sure that there is no further attrition?
Lord Livermore (Lab)
As the noble Lord says, many of the private finance initiative contracts are coming to an end within the next decade. It is important to prepare early for a seamless transition to the public sector to protect taxpayers’ money. The Infrastructure and Projects Authority is responsible on the Treasury’s behalf, providing oversight and support to the portfolio of operational PFIs. It carries out regular health checks and, to date, around 215 expiry health checks have already taken place.
Economic Productivity
Debate between Lord Tyrie and Lord Livermore(3 months, 1 week ago)
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Lord Livermore (Lab)
That is a very good question, which I am not sure I know the answer to. Obviously, the Department for Business and Trade has an ongoing programme of dialogue with small businesses, as the noble Baroness said, in terms of communication, and it will continue to do that. The recent Mansion House reforms outlined by the Chancellor will, I hope, address the noble Baroness’s points.
Lord Tyrie (Non-Afl)
Do the Government accept that the fall in business confidence since the Budget will have a depressing effect on the investment needed to secure productivity gains?
Lord Livermore (Lab)
Well, I hope that the recent international investment summit, which saw £64 billion of investment come into the UK, suggests otherwise. The Office for Budget Responsibility, the Bank of England and the OECD have all upgraded their forecasts for the growth of the UK economy over the next three years; that is a very encouraging sign.
United Kingdom Declining Birth Rate
Debate between Lord Tyrie and Lord Livermore(4 months, 1 week ago)
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Lord Livermore (Lab)
I am grateful to the noble Baroness for her question. I agree with much of the sentiment that sits behind it. The Government recognise and value the contribution that legal migration makes to our country. We will continue to strike a balance between ensuring that we have access to the skills that we need while encouraging businesses to invest in the domestic workforce.
Lord Tyrie (Non-Afl)
Further to that question, what conclusions do the Government draw from the substantial evidence now that immigration at the margin increases the tax yield by more than it increases public expenditure?
Lord Livermore (Lab)
It is a very important point and one that we should retain as we make policy.