Infected Blood Inquiry

Debate between Debbie Abrahams and John Glen

Tuesday 23rd April 2024 Commons Chamber

[John Glen]

I very much recognise what the hon. Lady is saying with respect to the impact of time on suffering, and I want to bring this forward as quickly as I can. I am doing that work and sponsoring work to gain the advice we need to make informed decisions that will allow us to make the widest possible decision in a few weeks’ time.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

I too am speaking on behalf of a constituent, who lost a brother and sister-in-law and whose nephew was left to be brought up by the family. I want to raise the urgency of this. I appreciate the Minister’s sincerity about what he is trying to do, and the fact that he has been in post for only a few months, but it is over a year now since Sir Brian Langstaff brought forward his report and said that interim payments were absolutely essential. I am trying to understand exactly where the block is. If this was a priority for the Government, it would have been done in that year, so where is the block?

[John Glen]

There is not a block. Last year, there was a process of looking at how we could work out the costs and the way of translating and operationalising the recommendations. That work is well under way, and Professor Sir Jonathan Montgomery and his team are helping with that. As I say, I hope that in a few weeks’ time we can get to a point where we will be able to make a substantive assertion of the Government’s position.

Infected Blood Inquiry: Government Response

Debate between Debbie Abrahams and John Glen

Monday 18th December 2023 Commons Chamber

[John Glen]

Today we are putting in place the expertise needed to deal with the recommendations and look at the distribution for compensation. The Government are committed to responding after those 25 sitting days from the day that the report is published, the date of which will be known on 17 January. What I have announced today is a milestone on that journey, and we are in that last lap as we get towards the day when the Government will respond substantively.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

My constituent lost her brother and her sister-in-law, and her nephew was orphaned at a young age. Her mother, a pensioner, was left to raise her nephew. The family has not received a penny, and her nephew is in dire need of support. As everybody has said, this is already too late, so I urge the Minister to do everything in his power to ensure that something is done sooner rather than later. Will he explain exactly what new legislation he needs to bring in?

[John Glen]

Some ex gratia payments have been made since 1992, but I recognise that a large number of people have been excluded in different ways. The work that will be undertaken and the experts who have been appointed will be designed to ensure that the fairest settlement is made, taking full account of the inquiry’s recommendations. I cannot offer any specific assurances to the hon. Lady or her constituents, but I will be doing everything I can to bring this forward as quickly as I can.

Mortgage and Rental Costs

Debate between Debbie Abrahams and John Glen

Tuesday 27th June 2023 Commons Chamber

[John Glen]

I wish to make more progress.

Where there are non-inflationary measures that we can take to relieve the anxiety faced by families, we will do so and we will do everything we can to address the situation. That is why, on Friday, the Chancellor met the UK’s principal mortgage lenders, alongside senior representatives from the Financial Conduct Authority and UK Finance, to agree new support for those struggling with their mortgage payments.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

I am grateful to the Minister for giving way. Can he give an answer to my right hon. Friend the Member for Leeds West (Rachel Reeves), who asked whether the mortgage charter, which the Chancellor announced yesterday, will cover buy-to-let mortgages? Why exactly has the Chancellor not made that mandatory?

[John Glen]

I will come on to set out in detail what arrangements we have made. As the Chancellor set out pretty clearly yesterday, we will hear in the next couple of weeks the details of that agreement, which includes a growing number of lenders—it currently covers 85% of lenders in the country.

Oral Answers to Questions

Debate between Debbie Abrahams and John Glen

Tuesday 7th February 2023 Commons Chamber

[The Chief Secretary to the Treasury (John Glen)]

I take that report and my hon. Friend’s advocacy for the needs of coastal communities seriously, and I look forward to meeting him shortly. Alongside the rural England prosperity fund, the £2.6 billion UK shared prosperity fund gives local leaders in coastal areas the freedom to target local issues, but I look forward to further conversations with him.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

T5.   Last year’s register of overseas entities was meant to crack down on corrupt elites using the UK to launder illegal wealth, but today’s BBC and Transparency International report shows that it is clearly not working, with less than half the required firms making declarations and others fudging it. That brings into question the Government’s commitment to tackling illegal wealth and wealth inequalities. What will the Government do about this?

Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

Debate between Debbie Abrahams and John Glen

Monday 17th December 2018 General Committees

[The Economic Secretary to the Treasury (John Glen)]

I beg to move,

That the Committee has considered the draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.

May I say what a pleasure it is to serve under your chairmanship, Mr Sharma? The Treasury has been undertaking a programme of legislation to ensure that if the UK leaves the EU without a deal or an implementation period, there continues to be a functioning legislative and regulatory regime for financial services in the UK. The Treasury is laying before Parliament statutory instruments under the European Union (Withdrawal) Act 2018 to deliver that, and several of them have already been debated in this place, and in the House of Lords. The SI being debated today is part of that programme. It was debated in the House of Lords on 28 November.

The regulations address legal deficiencies in the EU markets in financial instruments regulation and its accompanying directive; in the UK legislation implementing the directive; in other related domestic financial services legislation; and in EU delegated regulations. I will refer to those collectively as MiFID II. The instrument is extremely important for the financial services sector, as without it, essential components of financial services legislation would become inoperable, should the UK leave the EU without a deal. The approach taken in the legislation aligns with that of other SIs being laid before Parliament under the European Union (Withdrawal) Act 2018: it provides continuity by maintaining existing legislation at the point of exit, but amending deficiencies where necessary and introducing transitional provisions to ensure that it works effectively in a no-deal context.

MiFID II is a significant set of EU legislation that regulates the buying, selling and organised trading of shares, bonds and more complex financial instruments. It governs the practices of investment firms, exchanges and portfolio managers among others, and came into effect across the EU on 3 January 2018. One feature of MiFID II is that it requires buyers and sellers on financial markets to disclose data, such as price and volume information for their trades, to bring transparency to the process of price formation in financial markets.

Exemptions from those requirements are available in several cases, and formulae are used to calculate whether a trade may fall under an exemption. They are generally specified by reference to a proportion of pan-EU trading data. However, in a no-deal scenario, the UK may no longer have access to the pan-EU data that the European Securities and Markets Authority uses to calculate the appropriate thresholds. Calculating those thresholds at a UK-only level may create different thresholds in the UK and the EU. That may create opportunities for regulatory arbitrage and market disruption.

The instrument therefore grants the Financial Conduct Authority new flexibilities and a set of temporary powers, which will last for a period of up to a maximum of four years from exit day, to address certain operational difficulties that the FCA may face after exit. The powers will allow the FCA some controlled flexibility over how the MiFID II transparency regime is operated. The FCA’s temporary powers are required because the FCA will not be immediately ready on exit day to operate the transparency regime independently. One challenge facing the FCA is that it does not at present collect all the data that it will require to operate the transparency system on exit day. The FCA will need time to build appropriate IT systems to collect the data required to operate the transparency regime.

The FCA will also need to consider market movements in the immediate aftermath of the UK’s exit from the EU before it can estimate an equilibrium on which to base certain adjustments to the UK’s transparency regime. Accordingly, the FCA’s powers will include the ability to freeze certain pre-exit-day transparency calibrations, so that they have continued binding effect on exit day and for a period thereafter, until such time as the FCA can collect and produce its own data.

The FCA will also have temporary powers to suspend certain transparency provisions during the transitional period. For instance, it will have the power to stop the dark trading of shares, to ensure that such dark trading does not unduly harm price formation in UK markets. To be clear, the intention in granting the temporary powers is to enable the FCA to operate the transparency regime in the UK from exit day and beyond.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

I am sorry, but I have not read the regulations, so the Minister may be able to help me. Do they also provide the FCA with the additional skills and resources it will need to undertake that rigorous and important role?

[John Glen]

The hon. Lady is absolutely right to draw attention to the significant resources that will be required. The FCA has been in conversation with my officials in the Treasury, and we are reassured that it is in a position to do the work, and that it can do so under the provisions of the levy that it has.

--- Later in debate ---

[Debbie Abrahams]

I extend my earlier question to the capability in the Treasury. Are there sufficient skills and resources in the Treasury to undertake its new and additional roles?

[John Glen]

Absolutely. I can confirm that those skills exist. New equivalence decisions issued by the Treasury will be laid before Parliament and will be scrutinisable.

To provide as much certainty to business as possible, the Government have introduced a temporary permissions regime, as set out in the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, which were made on 6 November. That will enable relevant EEA firms operating in the UK through a passport to continue their activities in the UK for a limited period after exit day, and will allow them to apply for UK authorisation, or transfer business to a UK entity, as necessary.

This instrument makes special provisions for EEA firms that intend to operate in the UK under the temporary permissions regime by ensuring that they will not be deemed in breach of the UK’s MiFID II rules if they can demonstrate that they comply with corresponding provisions in the EU’s MiFID II rules. This is necessary because, in the absence of such provisions, legal conflicts could arise that may impede the activities of firms operating under the temporary permissions regime in the UK in certain areas, and that may require them to comply with duplicative regulations.

This provision will apply only to certain provisions of MiFID II during the temporary permissions regime, and only where the EEA MiFID II requirement has equivalent effect to the UK MiFID II requirement. This instrument will also put in place transitional arrangements for data reporting service providers, which are entities that report details of transactions to regulators and publish information under the transparency regime.

Finally, under the transaction reporting regime in MiFID II, investment firms are required to submit a report to their national regulatory authorities following the execution of a trade. Those transaction reports are used by regulators to detect and prevent market abuse. UK branches of EEA firms do not send reports to the FCA, but rather send them to their home regulator, which can then share them between EU regulators. As we will no longer be part of that system, the draft regulations will require UK branches of EEA firms to report to the FCA, in the same way that UK branches of non-EEA firms are required to do. In addition, this instrument provides that firms must continue to report on trades in financial instruments admitted to trading, or traded, on trading venues in the UK and in the EU. That will maintain the existing scope for the monitoring of markets by the FCA and will minimise disruption and adjustment costs for firms.

The Treasury has been working closely with the FCA, the Bank of England and industry bodies—representing large and small firms—in the drafting of these regulations. The Treasury published the instrument in draft, along with an explanatory policy note, on 5 October 2018 to maximise transparency to Parliament, industry and the public, ahead of laying it before Parliament. Regulators and industry bodies have generally been supportive of the provisions in this SI.

To conclude, the Government believe that it is necessary to ensure that MiFID II continues to function appropriately if the UK leaves the EU without a deal or an implementation period. I hope that colleagues will join me in supporting the draft regulations. I commend them to the Committee.

Youth Unemployment and Bank Bonuses

Debate between Debbie Abrahams and John Glen

Monday 23rd January 2012 Commons Chamber

[John Glen (Salisbury) (Con)]

I am grateful for the opportunity to participate in the debate. I would like to make three points, but before I do I wish to put on record my grave concern about the issue of youth unemployment. It is most regrettable that when we have debates such as this, Opposition Members seek to label Government Members as being glib and unconcerned about the plight of their constituents who are in real difficulty.

I was put here by the people of Salisbury, and in my constituency 340 young people between the ages of 16 and 24 are unemployed. I readily concede that that number is significantly higher than it was in the previous year, but I do not accept the comments of the hon. Member for Walsall North (Mr Winnick), who is no longer in his place, that somehow my colleagues and I do not care. I am not complacent about the matter or unwilling to acknowledge the grave seriousness of the problem of youth unemployment, nor am I unwilling to listen to suggestions from Members of all parties of how to tackle it effectively.

I do not see the point of belabouring the fact that the trend from 2004 was in the wrong direction, or that there were 279,000 more unemployed young people when we came to power than there were in 1997. As the right hon. Member for South Shields (David Miliband) said, that trend started in 2004, well before any global banking crisis. Let us therefore be honest in the debate about the nature of the problem and how long we have faced it.

However, we must realise that we owe it to those young people to find a lasting and effective solution. The Opposition suggest that the Government’s cuts and tax increases have choked the economy, that our welfare-to-work programmes are failing and that borrowing has increased, so that the solution, very simply, is to tax bankers’ bonuses and introduce a permanent bank levy. That is supposed to sort everything out overnight.

I have three concerns about that. Fundamentally, I am worried about the economic literacy of such a proposal. One cannot just buy jobs. That logic led to the current ruinous situation. It is misguided on several levels. The Government are doing things to address the points that the right hon. Member for Oldham West and Royton (Mr Meacher) legitimately highlighted: the grave frustration and anger about bankers’ bonuses. However, the banking levy that the Government introduced, which was effective from January 2011, will yield more than the one-off policy on bankers’ bonuses in the last year of the previous Government. That is factually correct.

The Government will take on board the Vickers commission’s conclusions, and reforms to the banking sector will be adopted. However, when the right hon. Member for Wolverhampton South East (Mr McFadden), who is no longer in his place, worked alongside former Prime Minister Tony Blair in No. 10 Downing street, I wonder where the desire to reform the culture and the system of banking bonuses was then. We have all failed to address the creeping callus of immorality in our society.

However, the notion that the Government can somehow just kick-start things and buy a few jobs here and there does not do justice to the macro-economic realities. The financial systems—the markets—will not see more spending as a signal that the Government are serious about tackling the underlying problem of the debt in this country. Interest rates would rise. That would lead to mortgage payments rising and businesses losing confidence in making investments.

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

I am listening carefully to the hon. Gentleman, and I do not want to impugn him or any of his colleagues who are genuinely concerned about, for example, the plight of young people in my constituency. I meet college students who are devastated because of the impact of withdrawing education maintenance allowance and trebling tuition fees, and the fact that 10 people are chasing every job. However, all the evidence shows that some of the measures, such as enterprise zones, that the Government have introduced have no effect. Would the hon. Gentleman like to comment on that?