UK-EU Trade

Lord Loomba Excerpts

Thursday 18th March 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, of course we seek a constructive relationship with our European friends in all areas relating to the trade and co-operation agreement, and we look to build a friendly relationship between sovereign equals. That is what we intend to do. That is what we are working towards. We are acting constructively when we can, but we are standing up for our interests when we must.

[Lord Loomba (CB) [V]]

My Lords, after leaving the EU, the UK has the advantage of trading with any country around the world. The EU has already negotiated a trade agreement with China and, considering our present relationship with China on account of human rights, can the Minister tell us whether the UK will be able to sign a trade agreement with China? If so, when is it likely to happen?

[Lord Frost (Con)]

My Lords, the Department for International Trade made a huge and successful effort last year to roll over many of the trade agreements that we benefited from as an EU member and is negotiating a large number of new agreements at the moment. I note that in its 12 March press release relating to the trade figures the Office for National Statistics noted that there was already a visible potential benefit from our agreement with Singapore and markets in Asia. That shows the benefits we can gain from such agreements in future.

Budget Statement

Lord Loomba Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Loomba (CB) [V]]

My Lords, I also congratulate all those noble Lords who made their maiden speeches today, and I look forward to hearing from them in the future.

The Chancellor of the Exchequer’s Budget announcements last week to extend Covid-19 support and relief, strengthen public finances and encourage investment are all positive steps. However, I am concerned that the Government have failed to address a fundamental weakness in the UK economy, namely our overreliance on imported goods and an outsourced supply chain.

I declare my interest here, as I started my fashion business in the north of England in 1964. All my supplies were manufactured in Manchester or Leicester. I still remember that, in those days, Marks & Spencer used to sell goods made in the UK only. From the late 1970s, manufacturing shifted to the Far East and factories in this country closed.

I believe that this country has the expertise to create a 21st-century domestic supply chain, and the Chancellor ought to be targeting investment in this area through fiscal policy. I urge the Government to think carefully about how to revive domestic manufacturing, which would increase employment, reduce imports and give us greater opportunities to export our goods around the world.

COVID-19 Vaccine Certification

Lord Loomba Excerpts

Thursday 4th March 2021 Lords Chamber

[Lord True]

Again, there are obviously two strands here. There is the strand of international discussion about enabling international travel, which is subject to a review being conducted by my right honourable friend Mr Shapps, and there is the current review addressing the issues that noble Lords have been speaking about. As I have said, these are very early days—the review was announced only last week—but, as the Prime Minister said, we will seek the best scientific, moral, philosophical and ethical viewpoints on the way forward. Obviously, public opinion will be part of that.

[Lord Loomba (CB) [V]]

My Lords, a Covid variant first identified in Brazil has been found in the UK. Some variants, like this one, appear to be more contagious, and there are concerns that current vaccines may not work as well against them. The UK Government have already announced a deal with the biopharmaceutical company CureVac to develop vaccines against future variants, with a pre-order of 50 million doses. Can the Minister tell us what steps the Government will take to ensure that no vaccine will be approved unless the expected high standards of safety, quality and effectiveness are met as those new vaccines will be developed in as short a time as possible?

[Lord True]

My Lords, obviously I am not the lead Minister on vaccines, but what I do know, and I think the public know, is that our standards in this country in terms of assessing vaccines are among the highest in the world, if not the highest. The Government would never in any circumstances do anything that would jeopardise the safety of the public.

Economic Update

Lord Loomba Excerpts

Tuesday 12th January 2021 Lords Chamber

[Lord Agnew of Oulton (Con) [V]]

I very strongly support my noble friend’s views on this. We have seen some remarkable decision-making across government over the last few months, at a much faster rate than normal, and I encourage my noble friend to keep up his campaign to remind people of what is possible. In my own oversight of HMRC border-readiness, I used a simple mantra, which is that it does not take any longer to make a decision than not to make a decision, and it was remarkable how quickly decisions were made. I hope very much that we can continue with that philosophy.

[Lord Loomba (CB) [V]]

My Lords, I welcome the Chancellor’s timely update on our economy and the large amount of support he has given to businesses across all sectors throughout the country. As we are all too aware, we have a challenging time ahead balancing the books. Can the Minister say what steps are being taken to ensure that businesses inappropriately claiming financial assistance pay it back?

[Lord Agnew of Oulton (Con) [V]]

We are aware of the possibility of wrongdoing by businesses and the claiming of grants that were not legitimately theirs but, as I said on an earlier question, the priority was to get the money out quickly to the overwhelming numbers of people who deserved it. Some 1.4 million bounce-back loans were approved, worth over £43 billion; on CBILS, there were 82,000 loans worth £19 billion. There will undoubtedly have been wrongdoing in that. I assure the noble Lord that we are active in our efforts to clamp down on any wrongdoing.

EU-UK Trade and Cooperation Agreement

Lord Loomba Excerpts

Friday 8th January 2021 Lords Chamber

[Lord Loomba (CB) [V]]

My Lords, I welcome the certainty and stability that the EU-UK Trade and Cooperation Agreement brings to businesses and individuals alike. The Government have achieved a truly remarkable feat in agreeing a deal that maintains tariff and quota-free trade with the EU—a first for a third-country deal with the EU.

Throughout the delicate course of the negotiations we have had many descriptions of what a deal might look like, from an Australian one to a Canadian-style one, to the worst-case scenario of no deal and WTO trading terms. But what we have in the TCA is a truly remarkable and unique deal that befits our special relationship with our friends in the European Union. As we move forward as an independent sovereign nation, it also gives us an opportunity to trade with many other countries in the world. I believe that the UK and India are currently negotiating a trade and business agreement worth about £100 billion. That cannot be bad.

European Union (Future Relationship) Bill

Lord Loomba Excerpts

3rd reading & 2nd reading & Committee negatived & 2nd reading (Hansard) & 2nd reading (Hansard): House of Lords & 3rd reading (Hansard) & 3rd reading (Hansard): House of Lords & Committee negatived (Hansard) & Committee negatived (Hansard): House of Lords
Wednesday 30th December 2020 Lords Chamber

[Lord Loomba (CB) [V]]

My Lords, I welcome the Prime Minister’s valiant efforts to secure a trade deal with our friends in the European Union ahead of 1 January. It is no mean feat to have accomplished such an important and complex deal during the unprecedented pandemic crisis in the UK. Many speakers have already said that a deal is a better outcome than the alternative of no deal at all, and a great many things have been achieved in this deal, such as no extra charges on goods and no limits on the amount of goods that can be traded. We now also have control over our own laws and borders, as any sovereign state rightly should have.

Sadly, some MPs in the other place voted against the Bill today, especially those from the devolved nations. Some of their issues relate particularly to fishing rights around the coastal waters of Scotland and Wales, and in Northern Ireland there is continuing disquiet about the protocol. Can the Minister tell us how the Government are going to take things forward, so that we have a united front on all matters and harmony between our devolved nations, and so that the United Kingdom does not break up as a result of this deal?

Spending Review 2020

Lord Loomba Excerpts

Thursday 3rd December 2020 Grand Committee

[Lord Loomba (CB) [V]]

My Lords—[Inaudible.] Just one minute, please.

[The Deputy Chairman of Committees (Baroness Barker) (LD)]

Please go ahead, Lord Loomba.

[Lord Loomba (CB) [V]]

Yes, I am coming. It is just that—[Inaudible.]

--- Later in debate ---

[Lord Loomba (CB) [V]]

My Lords, 2020 has been [Inaudible.]

[The Deputy Chairman of Committees (Baroness Barker) (LD)]

I am sorry, we cannot hear the noble Lord, Lord Loomba. We will have to go to the next speaker, the noble Lord, Lord Davies of Brixton.

--- Later in debate ---

[Lord Loomba (CB) [V]]

My Lords, 2020 has been an unprecedented year, with many charities—[Inaudible.]

[The Deputy Chairman of Committees (Baroness Barker) (LD)]

I am sorry, Lord Loomba. Yet again we cannot hear you. I am afraid that we will have to move on to the next speaker. I call the noble Baroness, Lady Redfern.

Wales: Customs Sites

Lord Loomba Excerpts

Wednesday 25th November 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

I am pleased to tell my noble friend that yesterday we agreed verbal heads of terms for a site on the island of Anglesey. It is not a done deal by any means, but I am confident that we will do that deal, and that it will give the answers that my noble friend is asking for.

[Lord Loomba (CB) [V]]

My Lords, uncertainty about how Holyhead as a major gateway out of the European Union will operate raises concerns about jobs and livelihoods for local people. Can the Minister say if the levelling-up agenda applies to Wales, too, or is it just for Northern Ireland? Does he agree that this is an opportunity to help the local economy and Wales as a whole by ensuring that customs checks are carried out on the island, as well as alleviating security concerns inherent in checks done as far away as Warrington and Birmingham?

[Lord Agnew of Oulton (Con)]

I agree with the noble Lord, which is why we have made the decision to move at pace to acquire the site on the island of Anglesey. That will bring jobs to the island and will ensure that security checks are as close to the port as possible.

Finance Bill

Lord Loomba Excerpts

2nd reading & Committee negatived & 3rd reading & 2nd reading (Hansard) & 2nd reading (Hansard): House of Lords & 3rd reading (Hansard) & 3rd reading (Hansard): House of Lords & Committee negatived (Hansard) & Committee negatived (Hansard): House of Lords
Friday 17th July 2020 Lords Chamber

[Lord Loomba (CB) [V]]

My Lords, I will concentrate my remarks on the stamp duty land tax Bill. This is a welcome move by the Chancellor to reduce the amount of stamp duty payable on property sales in the UK. It will help the economy as the country gets back on its feet and will help people as they assess their situation and make decisions about moving or buying a home.

However, the Bill is lacking in specific help for first-time buyers. Previously, there was an incentive for first-time buyers to gain a foothold on the property market, as compared with the people who bought properties as their second home or properties to let, thereby depriving young first-time buyers, who primarily start out in life on lower salaries than their older contemporaries. Many young people will now be hit with a double whammy of finding it harder to get or move jobs as the ongoing certainty in the jobs market continues, and then having to compete for housing without any help or incentives. Can the Minister say whether the Government will look more closely at what can be done for first-time buyers so that they are not priced out of the market and deprived of buying their first house? They need incentives, as this Bill could well encourage second home ownership, to the detriment of young people.