Dormant Assets Bill [HL]

Lord Moylan Excerpts

Consideration of Commons amendments
Wednesday 9th February 2022 Lords Chamber

[Lord Parkinson of Whitley Bay (Con)]

My noble friend asks a good question, on which I will have to write to give him the answer and the full list, if he will forgive me for doing so.

I was just coming to the third reason why Amendment 3 is our preferred way of proceeding. The provisions inserted in this House would not achieve their objective of speeding up the pace of delivery. We must reiterate that releasing this money will not be immediate; indeed, we anticipate it taking several years for the £880 million to be released, and we do not expect any funds to be available for some time. Undercutting the consultation process would not materially affect the pace of that funding release. The Government have committed to launching the first public consultation on the purposes of the expanded English portion as soon as possible after Royal Assent. We anticipate that it could be live as soon as this summer and will be open for at least 12 weeks.

I repeat my commitment to write to my noble friend with the answer to his question, and I beg to move.

[Lord Moylan (Con)]

My Lords, before my noble friend sits down, does he agree that, especially in current circumstances, it would be wholly inappropriate to transfer funds from the TfL balance sheet by way of seizing what are alleged to be surplus Oyster assets, many of which are there because people, often from abroad, choose to leave assets on their Oyster card for when they visit London, which may be only once every few years?

[Lord Parkinson of Whitley Bay (Con)]

My noble friend raises an interesting point that has not been made hitherto during the passage of the Bill, but I know that he speaks with considerable experience from his time working with TfL. If he allows me, I will write to him with further information about the implications for Oyster cards, which is a matter that has not been covered. It may have been covered in another place, but I have not seen whether that is the case.