Corporate Transparency and Economic Crime
Debate between Layla Moran and Kwasi Kwarteng(2 years, 9 months ago)
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Kwasi Kwarteng
Absolutely. That is the point of this raft of measures. We want to shine the light of transparency on these transactions and to minimise the likelihood of people using our property and our goodwill to hide their ill-gotten gains.
Layla Moran (Oxford West and Abingdon) (LD)
As the MP whose name is on the Registration of Overseas Entities Bill, which is already tabled, may I express my delight that the Government are taking this up and more? Could I draw the Secretary of State’s eye to the amendment to the National Insurance Contributions Bill that was passed in the other place on the ownership of freeports? There is real concern that we may be dealing with one part but leaving a door open somewhere else. Will he assure us either that he will accept the amendment or that the matter will be covered in the Bill?
Kwasi Kwarteng
I am delighted to accept the hon. Lady’s warm words on the Bill. I am delighted that she is supporting it enthusiastically, and I am happy to engage with her on the passage of the Bill and to examine the amendment she has referred to.
Bulb Energy: Administration
Debate between Layla Moran and Kwasi Kwarteng(3 years ago)
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Kwasi Kwarteng
I have two points in response to my hon. Friend. First, I am not embarrassed about the retail price cap. It has protected consumers effectively and we are proud to maintain it. On the security of gas, I could not agree with him more, but he should be addressing his comments to other Members of this House, who want essentially to shut down the UK continental shelf. We had a North sea transition deal precisely because we recognised that the transition would take a number of years.
Layla Moran (Oxford West and Abingdon) (LD)
The fact that another energy supplier has gone under is causing huge anxiety for constituents everywhere, who will be equally concerned that the supplier of last resort process has not worked in this case. Will the Secretary of State reassure them: how many other energy suppliers is he concerned about this winter and how many customers would that represent? If this process is not working, is he considering a Northern Rock-style energy company to take on customers of companies that have gone under, given that the process has not been working in this case?
Kwasi Kwarteng
As I have maintained, there are two forms of remedy to deal with this sort of situation: the supplier of last resort, and a special administrative regime. In the particular instance that is the subject of the urgent question, it was felt by Ofgem, not the Government, that the supplier of last resort mechanism was inappropriate, and we are therefore looking at the special administrative regime, as I said in my statement—but both the structures are working.
Oral Answers to Questions
Debate between Layla Moran and Kwasi Kwarteng(3 years, 6 months ago)
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Layla Moran (Oxford West and Abingdon) (LD)
Kwasi Kwarteng
The hon. Lady will appreciate that the green homes grant initially had three elements: the first dealt with owner-occupier houses, the second was distributed by local authorities in the way she describes, and the third was about public sector building decarbonisation. Two of those elements were successful. The third was a short-term stimulus, which we have closed and are looking to replace.