(2 years, 9 months ago)
Lords ChamberMy noble friend makes a very good point. As I alluded to earlier, HMRC and BEIS are working very hard in conjunction with the lenders to recover as much as we possibly can. I reiterate that the figures, as noble Lords will tell me, are big. We have paid out altogether more than £400 billion to support the economy. It is fair to say that to that extent it has been a great success, because the economy is in very good shape.
My Lords, I listened to the debate yesterday, in which the noble Lord, Lord Agnew, indicated that some lenders were failing on fraud. Can the Minister say which lenders are failing on fraud?
I do not accept the premise that lenders are failing on fraud, and, of course, the noble Lord, Lord Patel, will know that I am not in a position to name individual lenders. However, lenders continue to work closely with the Government on counterfraud, including recovering £1.2 million on facilities identified as fraudulent so far. It is important that lenders are held accountable for taxpayers’ money, and all lenders continue to be subject to a robust audit process by the British Business Bank.
(4 years, 8 months ago)
Lords ChamberThe reason I suggested that it came from bats is that there is an 85% genomic match in the sequencing of the viruses affecting humans and bats. On the other hand, the sequencing of the virus in pangolins is showing virtually a 100% match. However, it will not come to farm animals—they are not bothered by this virus—so chickens and sheep will not be affected.
It is unusual to have that kind of interruption. Perhaps I may ask that Peers ask short questions to allow more Back-Benchers to intervene.
As I say, the Government are considering the panel’s recommendations. There is no doubt that the impact of provider funding as a whole, including tuition fees and grant funding, is an important consideration. We will work with the OfS to make sure that overall funding supports teaching costs, access and successful participation for disadvantaged students and maintains the world-leading reputation of UK higher education. Overall, we are committed to ensuring that funding reflects a sustainable model that supports the skills needs of the country.
My Lords, one of the key recommendations of the Augar review is that the shortfall created by a reduction in fees is filled by a direct teaching grant from government. How will the teaching grant be distributed?
That is certainly being discussed by the Government and various stakeholders, particularly the OfS. It is worth pointing out that teaching and research represents 49.2% of total higher education institute spending, which totals £31.3 billion. The teaching grant to which the noble Lord referred represents £1.4 billion in funding in 2018-19.
Again, I do not share the pessimism that has come across from the noble Lord. I was very pleased to be part of the process of the Bill. There were over 500 amendments, and I appreciated the noble Lord’s contribution. I repeat that it is an iterative process. Once the TEF has been properly introduced a year or so down the line, there will be that proper independent review and, as we pledged in the process of the Act, it will look at the metrics and the definitions. We will see what happens from there.
My Lords, does the Minister agree with me that a system that ends up giving a gold teaching award to his alma mater and mine, the University of St Andrews, as well as to my university, the University of Dundee, of which I am chancellor, must be the right system?
I can only agree with the noble Lord. In congratulating the University of St Andrews, I would like to take this opportunity, which other noble Lords have not done, to congratulate all those who have got a gold award but also those who have got silver and bronze.