Oral Answers to Questions

Alex Cunningham Excerpts

Monday 9th January 2017 Commons Chamber

[Richard Harrington]

I must totally disagree with the hon. Gentleman’s analysis of the importance that the Government place on pensions. A lot of effort goes into communicating with people, on television and elsewhere, about auto-enrolment. The auto-enrolment of so many people has been one of the great successes of this Government and of the coalition, and I hope that that continues.

[Alex Cunningham (Stockton North) (Lab)]

I know that the Minister agrees with me on the need for greater transparency in the pensions world, particularly around costs. He will therefore be keen to address the widespread criticism of the Government’s failing to act to ensure that people get the best possible returns. The Financial Conduct Authority’s interim report in November highlighted a number of failures in the asset management industry relating to the transparency of costs and charges applied to pension investments, stating that “weak price competition” was having a “material impact” on investment returns. Labour is committed to implementing all the FCA’s recommendations. Are the Government?

[Richard Harrington]

Yes.

--- Later in debate ---

[Damian Green]

I have already given the hon. Lady a number of figures relating both to adult poverty and child poverty—

[Alex Cunningham]

Up or down?

[Damian Green]

Well, the fact is that since 2010 there are 100,000 fewer children in relative poverty. I would hope that the hon. Lady would welcome that and the fact that the child poverty unit is now covering a much wider range of policies and is based inside the Department for Work and Pensions.

--- Later in debate ---

[Damian Green]

I too welcome those figures. I can tell my hon. Friend that the new enterprise allowance has helped to create nearly 100 new businesses in North Cornwall since it began. We are moving to a second phase, beginning this April, with an improved NEA. Since it began, over one in five businesses supported by the NEA have been started by disabled entrepreneurs, which is an extremely encouraging development.

[Alex Cunningham (Stockton North) (Lab)]

It was great to hear earlier that there is consensus on the need to implement in full the Financial Conduct Authority’s recommendations on transparency in pension scheme costs. We hope that that will be soon, and we will hold the Government and the Minister to account on that.

Let us try another subject. Labour is committed to the state pension triple lock. Are the Government?

[Damian Green]

The Government are committed to the triple lock for the whole of this Parliament.