Football Index Collapse: Lessons Learned
Debate between Stuart Andrew and Baroness Keeley(7 months, 4 weeks ago)
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Stuart Andrew
I was going to come on to that point. I reassure colleagues that the commission will continue to take a very active role in the monitoring of this product, and the FCA is also looking into the KiX business and will take appropriate risk-based action if it identifies that any of its activities fall into the FCA’s remit. However, I will raise this issue with both organisations again to ensure that everything is being done, because, like everybody else here, I do not want this to happen again. I hope I can reassure the House that the commission has been monitoring the market for several years for potential products that attempt to replicate Football Index. It has intervened in several instances. Although it would not be appropriate for me to name those businesses, that demonstrates the commission’s proactive work in this area.
The hon. Member for Blaydon raised the issue of StocksFC. The Gambling Commission is engaged with StocksFC and is monitoring the company at this moment. I will write to the commission for further information on that product and ensure that everything is being done to monitor it.
Barbara Keeley
I want to emphasise the point that my hon. Friend the Member for Blaydon made, but I also want to pose a question: what credibility does the Minister think the Gambling Commission has now, given that so many people have lost so much money? As for the commission posing the question of KiX, “Is it gambling?”, if it is based on the Football Index proof of concept and the expertise going into it is from Football Index, it is Football Index mark 2 in a different form. Hon. Members have all outlined how much this was not an investment and how much it was gambling. In fact, questions of compensation are affected by that, in that Ministers have said that taxpayers’ money should not be used to compensate people for gambling losses. So it seems to me that it is a bit of a joke to ask, “Is it gambling?” Do we have to ask that when it so obviously is?
Stuart Andrew
I understand the hon. Lady’s point, but it is important that these things are looked at properly, under the remit of the existing legislation. The Gambling Commission has done a lot of work in this space to try to deal with the grey area that the hon. Member for Inverclyde (Ronnie Cowan) mentioned. I want to come on to that point, because the cryptoasset side of things brings in another area of work.
I assure Members here that I will speak to my Treasury colleagues to highlight this issue, and to ensure that we do not find ourselves in a position like this again and address each of these issues. I am confident that the relationship between the Gambling Commission and the FCA is much improved and that the regular meetings between the two organisations will ensure that there is not a slip again. However, in order to get this right, I am more than happy to speak to colleagues in other Departments to ensure that no cracks still exist.
Oral Answers to Questions
Debate between Stuart Andrew and Baroness Keeley(1 year, 9 months ago)
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Barbara Keeley (Worsley and Eccles South) (Lab)
The cost of living crisis appears to have caused the BBC to announce that some of the finest musicians in the world will lose their jobs. The BBC’s new strategy for classical music plans to “deliver savings” by axing the world-famous BBC Singers, the only full-time professional choir in the UK, and making 20% redundancies in all BBC orchestras. These plans have been described as
“a dark and shocking day…for the world of choral music”
and “cultural vandalism”.
I urge the Minister and the Secretary of State to support the call on the BBC to reconsider the devastating and damaging decision to disband the BBC Singers and make 20% of jobs redundant in all of its orchestras.
Stuart Andrew
As the hon. Lady will know, of course, the BBC is operationally independent, but my colleagues in the Department regularly meet the BBC, and I am sure they will be happy to raise many of the issues that she has just brought to the House.
Oral Answers to Questions
Debate between Stuart Andrew and Baroness Keeley(1 year, 10 months ago)
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Barbara Keeley (Worsley and Eccles South) (Lab)
The accessibility of cultural organisations will be affected greatly by the Government’s tapering of orchestra tax relief and theatre tax relief from April. The Association of British Orchestras tells me that the 50% rate has enabled orchestras to survive at a time when box office and other earned income is falling. It has enabled concerts in non- traditional venues, reaching new audiences in underserved communities. However, the tapered rate will cost some national organisations as much as £3 million. Jobs will be lost, there will be cuts to productions, and outreach work, such as that we have heard about, will not be possible. Some orchestras and theatres will just not survive. Will the Minister ask the Chancellor to review urgently the reduction in orchestra and theatre tax reliefs?
Stuart Andrew
The hon. Lady is right to raise those important points. I assure her that both I and my ministerial colleagues in the Department have regular discussions with colleagues in the Treasury. We will continue to do so and raise the points she has highlighted.
Arts Council England: Funding
Debate between Stuart Andrew and Baroness Keeley(1 year, 11 months ago)
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Stuart Andrew
No, I am going to finish.
The Government’s extensive programme of support, through the Arts Council national portfolio organisation programme, is benefiting areas across England, and more of them. The Government’s support for the arts and culture across the country does, of course, stretch beyond national portfolio funding. It also includes our cultural investment fund, creative industries tax reliefs, support for business rate payers, support through the levelling-up fund and the energy bill relief scheme, and that is not to mention our unprecedented support during the pandemic.
I strongly believe that that investment will ensure that our world-class arts and culture continue to thrive into the future and across all parts of the country. I recognise the strong representations made in today’s debate, which I can assure right hon. and hon. Members I will bring to the attention of my noble Friend the Arts Minister.
Performing Arts: English National Opera
Debate between Stuart Andrew and Baroness Keeley(2 years ago)
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Stuart Andrew
I will come on to those points, but I am afraid I do not accept the premise that we are not levelling up areas around the country. I just do not accept that.
Stuart Andrew
If the hon. Member will just let me speak, in Blackburn, for example, there was no funding from the Arts Council at all, but there are now four projects. We are seeing that all over the country. To bring this to life, the investment programme includes £150,000 per year to Magpie Dance, a new joiner in the constituency of my hon. Friend the Member for Bromley and Chislehurst. In short, I am unapologetic about this shift of support to more organisations that will be helping more people around the country and will be supporting more people.
I understand that many hon. Friends may disagree with some of the individual decisions that have been made. These decisions were made entirely independently of Government, so I cannot comment on the individual outcomes.
Stuart Andrew
The premise, but not the individual applications—and that is the critical point. This is an arm’s length body, and if there were any ways in which it was breaching the terms set by the Government, we would of course intervene, but it was following the instructions that were set.
Oral Answers to Questions
Debate between Stuart Andrew and Baroness Keeley(2 years ago)
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Barbara Keeley (Worsley and Eccles South) (Lab)
We all support the fairer distribution of arts funding and the principle that communities outside London should get a fairer share so that everybody everywhere can enjoy the arts, but levelling up should not be about pitting arts organisations against one another. What we have seen is an attempt to address regional disparity by shifting some funding to the regions, but doing so from a funding pot that has been shrinking since 2010. Does the Minister agree that these very short timeframes and the lack of consultation on these cuts to funding could have a very damaging impact on the ecosystem of the arts?
Stuart Andrew
Well, I have to say that London will still be getting the lion’s share of funding from the Arts Council. I make no apology for what we are seeing in areas such as Blackburn, which had never received any funding: four projects there are now receiving funding. Why cannot talented artists in Blackburn get the same access to those opportunities as artists in London? I do not understand the problem.
Business of the House
Debate between Stuart Andrew and Baroness Keeley(4 years, 3 months ago)
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Stuart Andrew
It was this House, through legislation, that gave Ministers the powers to implement these measures. Ministers are not making these decisions lightly; they are not easy decisions to make. We do not want wilfully to restrict people’s civil liberties, but we have to act to ensure that we are keeping our communities safe. If my right hon. Friend wants a debate, I am sure that the Backbench Business Committee would be happy to hear his application.
Barbara Keeley (Worsley and Eccles South) (Lab) [V]
Thirteen-year-old Jack Worwood was walking on the pavement on his way to play football with friends when he was hit by a vehicle. The driver, Liam Wilson, was driving at nearly three times the speed limit, and he fled the scene. Jack died the next day. Liam Wilson was sentenced last Thursday. After various reductions, it is likely that he will serve in prison only two years of a six-year sentence. Jack’s family members in my constituency are devastated at the lack of justice. On 16 October, the Death by Dangerous Driving (Sentencing) Bill is listed ninth for debate. As it is unlikely to be reached that day, will the acting Leader of the House commit to a debate on the issue in Government time, given that both this Government and the previous one committed to legislate to increase sentences for causing death by dangerous driving?