Climate Risk Models
Debate between Lord Brooke of Alverthorpe and Baroness Vere of Norbiton(11 months ago)
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Baroness Vere of Norbiton (Con)
No, the Government will not ask the PRA—or indeed anybody else—to do that as a matter of urgency. It is up to those independent regulators to decide the next stage at which CBES may be rerun. However, an important learning experience came out of CBES, which was that many of the capabilities needed to be embedded in the system. It is pointless running a scenario if the underlying information and the risk scenarios and outcomes coming from firms have not been updated to reflect the new scenarios. The independent regulators are very seized of the issue. Obviously, CBES will be run in due course if the Bank of England decides that the results of its previous running have been embedded in the system.
Lord Brooke of Alverthorpe (Lab)
My Lords, the noble Lord, Lord Lilley, said that the Bank of England has to take into account a variety of issues. Can the Minister say what work it is doing on AI? Is it in a better position than we are to see what is happening and the consequences?
Baroness Vere of Norbiton (Con)
The noble Lord raises a very important issue. However, it is slightly beyond the remit of the Question.
Trains: Wifi Provision for Passengers
Debate between Lord Brooke of Alverthorpe and Baroness Vere of Norbiton(1 year, 7 months ago)
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Baroness Vere of Norbiton (Con)
As I have said many times, business cases will be drawn up by the train operating companies, and those considerations will be top of mind.
Lord Brooke of Alverthorpe (Lab)
Can the noble Baroness let the noble Lord, Lord Berkeley, and the House know just what saving would be made if wifi were withdrawn, and what alternatives might be available to keep it running?
Baroness Vere of Norbiton (Con)
Of course, I cannot say that at the moment because there is no plan to completely withdraw all wifi from across the network. That is the whole point. However, once the business cases have been done and there is an agreement as to which wifi might continue and which might not—one might assume that it would be a prerequisite on longer journeys, but I am not going to prejudge the outcome of the business cases—at that stage we will have a better idea of the future economics.