Ukraine: Reconstruction

Lord Balfe Excerpts

Thursday 25th January 2024 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

I am aware of the steps that other jurisdictions are taking. I am not going to make policy on the hoof here and suggest that we are now going to impose windfall taxes, et cetera. There could be a general political point I could make towards the Lib Dems on windfall taxes generally and domestically, but I will refrain because of the seriousness of the subject. It is important that actions are co-ordinated and that as other jurisdictions, the US and the EU, take steps we reflect on what they are and see how they can best be reflected in our systems and structures.

[Lord Balfe (Con)]

My Lords, is the Minister aware that one of the messages coming out of this is that this is not a safe place to put money and that countries such as Switzerland and Singapore are probably rubbing their hands with glee? Has he looked at the excellent publication, The Economic Consequences of the Peace, and seen the terrible mess that the Allies got themselves into throughout the 1920s by chasing Germany and the consequences that eventually followed?

[Lord Ahmad of Wimbledon (Con)]

My Lords, on my noble friend’s second question, financial systems and capital markets have developed very differently and progressively since the era he talks of. On the first question, I disagree with him profoundly. The message, which is clear from this House and this Government, is shared by many in this House and beyond. It is that Russia is conducting an illegal war and that for those who conduct illegal wars there will be consequences, including financial sanctions.