UK Infrastructure Bank Bill [ Lords ] (Second sitting)

Valerie Vaz Excerpts

Committee stage
Tuesday 22nd November 2022 Public Bill Committees

[Andrew Griffith]

There is indeed scope, but there is also interplay with other expected reviews to which the UK Investment Bank will be subject. While I oppose, fairly, all the amendments put forward, I undertake to come back on these points at subsequent stages.

[Valerie Vaz (Walsall South) (Lab)]

I understand that the Minister considers that hon. Members are being well meaning but, if I may say so—I do not know if this is parliamentary language, Mr Bone—that is a tad patronising. We are talking about transparency and ensuring that the bank, which is using public money, is going in the right direction. It should not be too difficult for the bank to come back and have a review in a much shorter time than seven years. Given that we have had three Prime Ministers in a year, we might see many Ministers in those seven years. This Minister may give us his undertaking, but he might not be in place throughout that period.

[Andrew Griffith]

I am not sure quite how to react to the right hon. Lady’s predictions about my expected tenure, but I dare say she is probably right in many respects. Let us try to get through the remainder of the afternoon before making any amendments. I certainly did not intend to patronise any colleagues.

We have to get this right. The most important thing is that the bank is equipped to deliver the outcomes that we seek by deploying its capital in pursuit of its statutory objectives. I do not want us to trip over a particular interval when, inevitably, a number of reviews will be ongoing. Whether the right hon. Lady likes it or not, the undertaking that I am going to give is to come back on this. The Government have already moved in respect of clause 9(5)—from 10 years to seven. I hear from Members on both sides of the Committee that there is concern that seven years is still too long, and I undertake to come back on that.