Financial Services: Mansion House Speech

Lisa Smart Excerpts

Monday 18th November 2024 Commons Chamber

[Tulip Siddiq]

I know that my hon. Friend takes a keen interest in this area—she been talking about it for the 25 years that I have known her. We agree that it is important. The FCA and the PRA are required to have regard to the UK’s net zero emissions target, as set out in the Climate Change Act 2008. The Mansion House speech set out the Government’s next steps to deliver a world-leading sustainable finance framework. That will be a huge part of our financial services strategy, as part of the industrial strategy, next spring. I urge her to consult and feed in on that.

[Lisa Smart (Hazel Grove) (LD)]

I speak as a former trustee of a local authority pension fund. Much of the correspondence that I received from pension fund members was not about the returns that they received, but about the investments they were in but could not choose to come out of because it was a defined benefits scheme. I appreciate that the review is ongoing, but can the Minister confirm that any review will consider retaining the autonomy of local authorities in deciding not to invest—whether in companies, countries or sectors—for environmental, social and governance reasons?

[Tulip Siddiq]

The consultation is ongoing, but I repeat that each administering authority will retain control over impactful decisions by setting out investment objectives and strategic asset allocation, and they will have control over their pooled assets. The Minister for Pensions will be happy to meet the hon. Lady should she wish to discuss that further. As the hon. Lady said herself, the consultation is ongoing, so she may wish to wait until after it is complete.

Oral Answers to Questions

Lisa Smart Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Darren Jones]

I championed this issue in the last Parliament as Chair of the Business and Trade Committee. I am pleased to confirm that I am working with colleagues across Government to make progress, and I will update the House further in due course.

[Lisa Smart (Hazel Grove) (LD)]

T6. Stories of crumbling public infrastructure are all too common. Stepping Hill hospital in Hazel Grove has had to close buildings because their condition was no longer deemed safe, and we have seen footage of medics having to wade through flooded corridors when pipes have burst. The allocated capital money simply cannot cover the repairs backlog. How will the Chancellor ensure that hospitals such as Stepping Hill can access the capital investment they need both to repair crumbling buildings and to deliver additional sites where needed?

[Darren Jones]

The Government are reviewing the new hospitals programme as part of our spending review. We will undertake a full and comprehensive review while continuing to deliver the most advanced and most urgent hospitals in a realistic timeframe.