Retail Sector: Unemployment Debate
Full Debate: Read Full DebateLord Faulkner of Worcester
Main Page: Lord Faulkner of Worcester (Labour - Life peer)Department Debates - View all Lord Faulkner of Worcester's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 7 months ago)
Lords ChamberI enjoyed debating the moratorium with my noble friend—an area in which he has considerable expertise. The moratorium that was introduced is designed to help companies that are financially distressed, and I was very grateful for his recognition of and support for it during the passage of the Corporate Insolvency and Governance Bill. I assure him that the rules for the monitor of the moratorium, who must of course be a licensed insolvency practitioner, will not in any way impede the monitor seeking advice from other restructuring professionals and finding an alternative source of rescue.
The noble Lord, Lord Field of Birkenhead, is not available, so I call the noble Baroness, Lady Goudie.
My Lords, high-street retailers, their customers and their staff should not be prejudiced by unfair online competition, which is contrary to the public interest. To an extent, the supply chains of online retailers rely on the victims of human trafficking, modern slavery, appalling working conditions and exploitation through low pay. These issues are notoriously prominent among a number of the bigger names in online shopping. This is a scandal that must be stopped.
My noble friend makes a very good point. I appreciate that these will be concerning times for members of these pension schemes, but there are measures in place for these situations. We will ensure that we do everything we can to provide support for those who potentially will be impacted. The Pensions Regulator is working closely with both the company and the scheme to ensure that all prior commitments entered into are fulfilled.
My Lords, all supplementary questions from Members available to ask their questions have been asked.