Future of Financial Services

Lord McNicol of West Kilbride Excerpts

Wednesday 11th November 2020 Lords Chamber

[Lord Bhatia (Non-Afl) [V]]

[Inaudible.]

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

You are on mute. Please unmute. No, you are still on mute. We will move on to the next speaker and come back to the noble Lord, Lord Bhatia, if we have time. I call the next speaker.

--- Later in debate ---

[Lord Flight (Con) [V]]

My Lords, I apologise that my screen has gone wrong while waiting. I first declare my interest. [Inaudible.]

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

Lord Flight, could you come closer to your microphone? Do not worry about your screen.

[Lord Flight (Con) [V]]

Is that better?

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

No. Let us try again: one more time, Lord Flight.

[Lord Flight (Con) [V]]

Is this better?

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

No, you are cutting in and out.

[Lord Flight (Con) [V]]

Is that better now? Hello, hello? Can you hear me?

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

Let us move to the next speaker and we will come back. Apologies, Lord Flight, but you were breaking in and out.

[Lord Bilimoria (CB) [V]]

My Lords, we look forward to the Ron Kalifa report on fintech. The trade credit insurance guarantees making a real difference. Would the Government agree it should be extended until June 2021? Will the Government consider instituting a new 3i-type funding to help provide equity finance for funding, recovery and scale-up? Will the Minister clarify if the Government will consider reinstituting a Green Investment Bank—a question that has been asked before? Finally, will the Minister agree that getting an EU deal with make equivalence much easier to resolve?

--- Later in debate ---

[Lord Agnew of Oulton (Con)]

My Lords, I am not involved in the intricacies of the trade discussions between the US and ourselves. There is a very simple principle with any trade agreement: the more you try to agree in one go, the harder it is. If you include something as complex as financial services, then it will be very difficult. I am sure that that is why the EU has still not been able to negotiate its own deal with the US. However, we will continue to engage with it as practically as we can.

[The Deputy Speaker (Lord McNicol of West Kilbride) (Lab)]

My Lords, that is all we have time for in the 20 minutes.