Nuclear Energy (Financing) Bill

Debate between Baroness Bloomfield of Hinton Waldrist and Lord Vaux of Harrowden

Committee stage
Tuesday 8th March 2022 Grand Committee

[Baroness Bloomfield of Hinton Waldrist (Con)]

What I can say is that the Government will meet all our obligations to communities in decommissioning the site.

[Lord Vaux of Harrowden (CB)]

When the Minister was answering on Amendment 42, I think that she confirmed the existence of the loophole that I had pointed out, so I will just ask her a direct question. If someone whose stake was, say, 30% managed to structure it so that it was 19% and debt, then that debt was subsequently rejigged to bring us back above the 20% threshold, should that person be treated as associated or not?

[Baroness Bloomfield of Hinton Waldrist (Con)]

I am told that Section 67 of the 2008 Act already provides for this, because the totality of the investment would be taken together. If it is over the threshold, it will be caught.

[Lord Vaux of Harrowden (CB)]

But the whole point of Clause 40 is to create an exemption, so that share security rights that arise from debt are not taken into consideration when deciding whether someone is over the 20% or not. That is the whole point of Clause 40 and is precisely the problem that I was alluding to. I am happy to meet the Minister to discuss it, if that is easier.

[Baroness Bloomfield of Hinton Waldrist (Con)]

I am happy to explore this further out of Committee.

Corporate Insolvency and Governance Bill

Debate between Baroness Bloomfield of Hinton Waldrist and Lord Vaux of Harrowden

Committee stage & Committee: 1st sitting (Hansard) & Committee: 1st sitting (Hansard): House of Lords
Tuesday 16th June 2020 Lords Chamber

[Baroness Bloomfield of Hinton Waldrist]

My Lords, these are important amendments, which deserve a proper response. The Government agree with much of the sentiment behind some of the amendments, and so I hope noble Lords will forgive me if I commit to write to them with a proper response tomorrow. Clearly, the Government are not able to accept the amendment, and I hope that the noble Lord will therefore withdraw it.

[Lord Vaux of Harrowden [V]]

My Lords, given the time, I will not try to sum up the brief debate we have had on these 18 amendments, including one dealing with small companies and one relating to employment situations. I look forward to the letter from the noble Baroness and ask that she has another look at how we might mitigate the impacts on the very smallest of businesses, otherwise we may have to revisit the matter on Report. That said, I beg leave to withdraw the amendment.