UK Cash Network

Debate between Baroness McIntosh of Pickering and Lord Agnew of Oulton

Monday 8th November 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, as part of the FCA’s role in monitoring and enforcing cash access, the Government consider that it should be given responsibility for ensuring that access points provide reasonable access. In terms of recent activity, since the passing of the Financial Services Act, retailers now have the ability to offer cashback without purchase—I think it was from 29 June—and we are already seeing some take-up of that. Indeed, PayPoint, which operates terminals in several thousand outlets across the country, has committed to provide that extension to its service.

[Baroness McIntosh of Pickering (Con)]

Will my noble friend give an assurance that there will continue to be access to cash in rural areas? Could he please define what, in his view, is a reasonable distance to travel to pay in or take out cash?

[Lord Agnew of Oulton (Con)]

My Lords, to reassure the noble Baroness, the provision of cash access across the UK remains extensive. As of March this year, 95% of the population were within two kilometres of a free cash withdrawal point.

Net-zero Emissions Target

Debate between Baroness McIntosh of Pickering and Lord Agnew of Oulton

Monday 11th October 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, we already do a great deal to support those on lower incomes. We have a number of schemes to support those who are under pressure financially and at risk of higher energy prices. We will, of course, keep all those measures under review.

[Baroness McIntosh of Pickering (Con)]

Will my noble friend ensure that the Government commit water companies to reach their net-zero targets by ending the automatic right to connect for massive new housing developments where water companies simply cannot accommodate the huge amounts of waste water required in antiquated Victorian pipes?

[Lord Agnew of Oulton (Con)]

My Lords, there are currently no restrictions to water companies raising funds to make investments in reaching net zero, and water companies are able to submit plans for such investment to Ofwat as part of the price control. The Government are currently consulting on the strategic direction for the water sector. This consultation outlines the expectation that Ofwat will contribute towards protecting and enhancing the environment and will appropriately challenge water companies’ plans to deliver the change needed in the water sector to meet net zero.

Economic Update

Debate between Baroness McIntosh of Pickering and Lord Agnew of Oulton

Tuesday 12th January 2021 Lords Chamber

[Lord Agnew of Oulton (Con) [V]]

My noble friend raises important points. As I mentioned earlier, we are a few days into an enormous change in how trade operates across GB and the EU, and across GB and NI, but I reiterate the Government’s absolute commitment to keep the friction between GB and NI to an absolute minimum. We are doing everything we can to do that. I ask my noble friend to bear with us, because there will be a learning process over the next few weeks.

[Baroness McIntosh of Pickering (Con) [V]]

My Lords, the night-time economy contributes, in its heyday, over £66 billion per annum in revenue and employs 8% of the workforce—a disproportionate number of whom are young people, helping motivate them and often launching them on a career. Will my noble friend look carefully at what specific long-term help can be given to all businesses in the night-time economy, not just bars, nightclubs, restaurants and street vendors but also those that advise them—marketing companies, record labels, agents, managers, PR companies, taxicabs and newsagents—to enable those which are not facing ruin in the meantime to bounce back sustainably?

[Lord Agnew of Oulton (Con) [V]]

The noble Baroness raises a very important point. I share her concern for this sector because, as she quite rightly says, it is not just about bars and clubs but our cultural heartland—theatres and everything that goes with it. I reassure her that this is very much on the Government’s mind and will be addressed as we come out of this crisis.

Future of Financial Services

Debate between Baroness McIntosh of Pickering and Lord Agnew of Oulton

Wednesday 11th November 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

To reassure the noble Baroness, full disclosure will be made on any further progress with equivalence. The new Finance Bill, just starting its progress through both Chambers, will give opportunities to noble Lords to contribute.

On the issue of pension fund asset allocation, I agree that we have been too focused on pushing too many assets into government gilts or equivalent instruments and that enormous opportunity exists for investment in UK infrastructure.

[Baroness McIntosh of Pickering (Con)]

My Lords, I take this opportunity to welcome the Statement from my noble friend today, in particular the part relating to the issuing of the green sovereign bond. Among my interests on the register, I am vice-president of the Association of Drainage Authorities. I urge him to consider that a fundamental shift of thinking is required on environment issues at the heart of the Treasury, relating to spending on environmental projects and more especially flood defences, which will increasingly become a challenge given the threat of climate change. Will the Government ensure that revenue and maintenance activities receive a greater balance of spending than those on capital work? So often when flood defences fail, it is due to the lack of maintenance. Given the pressure of climate change, I hope that my noble friend will agree to review this urgently.

[Lord Agnew of Oulton (Con)]

I take on board my noble friend’s comments. In relation to flood defences, I must declare an interest: my farm runs down to the sea and I have some three miles of coast, which is under continual attack by the elements. But we have increased the commitment of funding for flood defences; I think it was in the Budget in March, and it certainly recognised that this is a major element of our national infrastructure. In terms of seeing an allocation into these kind of assets, this falls partly into the previous question about ensuring that we get a wider allocation into infrastructure and of course into sea defence and indeed flood defence.

Economy: Update

Debate between Baroness McIntosh of Pickering and Lord Agnew of Oulton

Tuesday 28th April 2020 Lords Chamber

[Lord Agnew of Oulton]

The noble Baroness is right to say that universities play an extremely important part both in our society and in our economy, but it is worth reassuring her that they are eligible in aggregate, as business in their own right, for some £700 million-worth of coronavirus support. That support is available to them now. Very active discussions are going on, particularly about the loss of foreign students, because of course they pay a higher tariff and thus have in the past provided good cash flow for universities. It is worth making the point that universities have always been jealous of their independence, and if they need government support now, I hope that there will be a bit of humility on the part of those vice-chancellors who take very large salaries from their organisations. I would expect there to be some conversation about that if there is to be any support.

[Baroness McIntosh of Pickering]

Perhaps I may I impress upon my noble friend the Minister the plight of small and medium-sized businesses, particularly those in the tourism, hospitality and retail sectors. My noble friend will appreciate that many in the hotel and tourism sectors have already lost what is the main part of their season, from Easter, and in addition they have a great number of staff who are on zero-hour contracts. Many have chosen to take council tax payments in lieu of business rates but are also faced with commercial mortgages, on which they cannot get any form of mortgage payment holiday. Will my noble friend ensure that the Treasury directs some support particularly to those in the hospitality, tourism and retail sectors whose cash flow is at rock bottom?

[Lord Agnew of Oulton]

I share my noble friend’s concern for these particular sectors, and I understand absolutely where she is coming from. It is worth reiterating the specific support which has already been made available. I refer to the 100% holiday for business rates which is estimated to be worth £11 billion just to English businesses, as well as the grant system. Some 203,000 properties are eligible for a £10,000 grant and 120,000 properties are eligible for a £25,000 grant which in aggregate comes to around £5 billion. I also refer to the bounce-back loans which were announced yesterday since they will be some which these businesses can take advantage of. However, I repeat that I share my noble friend’s concerns.