argyrotsipi/train-dataset huggingface dataset:
Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 — House of Lords, 2020-06-18
Topic: Mixed Topics
Nathanael Ming-Yan Wei (Conservative, Centre-right): My Lords, I declare my interests as in the register. I broadly welcome this instrument; it comes in extraordinary times, and we do not really have enough time to debate it, but we are at a critical point in our negotiations with the EU during the transition period. This is an incredibly technical instrument, and I am glad to be among the notable Peers who have far more expertise than I do on this matter In the limited time, I will focus on questions of sovereignty, because a lot of this has been picked off by our exiting the EU. I have had some contact with both the financial services industry and this area of derivatives, which, though often castigated in public, is crucial to our future as a financial hub. It is a growth sector and, as the world becomes riskier, we need to cement our position in this kind of trading globally to help reduce risk for businesses, organisations and markets around the world I have a couple of concerns for my noble friend the Minister to address. She may not have time to fully answer them all, so I would be happy to have a letter placed in the Library in response. My concerns are about sovereignty and how governance may shift over time, particularly in the course of our negotiations—and if they perhaps break down—and post this transition period. As mentioned, we are giving quite a bit of leeway to the Bank of England. What provision has been made, or what guidelines exist, to ensure that the Bank of England does not give away any powers during this period, given the freedoms it has around regulating and bringing in third parties to that regulation My second question is on human rights. We are obviously in a period when financial services are being pulled into discussions about past slavery and practices within supply chains. I would be interested to know how the sovereignty in this instrument works with third parties and the question of who decides about human rights. This could very much complicate these markets, which are huge Finally, and this is perhaps more of a speculation, but what thought has been given to the provisions in this instrument and decisions that might be made in the Bank of England? Should our relationship with the EU turn sour—I hope it will not—and the EU choose to impose further protectionist measures against us, this could somehow undermine our position in discussions. I look forward to hearing the rest of the debate, but I would welcome some answers from the Minister.
Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 — House of Lords, 2020-06-18
Topic: Domestic Commerce
Rosalind Altmann (Conservative, Centre-right): My Lords, I support this statutory instrument. I welcome it and congratulate my noble friend on her introduction. It is of course important that derivatives are increasingly cleared through CCPs since the lessons that we learned in 2009. The security of global derivatives markets is vital to the functioning of the financial system and the stability of institutions such as pension funds and insurers, which use derivatives widely nowadays in their risk management processes Extending the Bank of England’s supervision of domestic CCPs to global CCPs is necessary as we depart the EU; likewise, ensuring that it can continue to maintain its responsibilities for safeguarding financial stability and systemic risk is important. However, does my noble friend feel that the Bank of England has sufficient resources to deal with these wide-ranging new responsibilities and technical standards, especially if we leave the EU without any formal agreement or continuation of the transition, should that be necessary at the end of this year I also welcome the fact that the Treasury will take responsibility for location policy, because that is where such responsibility should rightly lie in the post-Brexit environment. I do not believe that the Bank of England would be the appropriate place, especially given all its other extra duties. Has consideration been given to the concerns expressed that this may become a political issue, with a trade-off of competing interests? Finally, what scrutiny will Parliament have over this broad extension of powers to the Treasury and the Bank of England? It seems of concern, as other noble Lords have suggested, that this is to be subject to the negative procedure should changes be made. I did hope that Parliament would have more of a say.
Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 — House of Lords, 2020-06-18
Topic: Domestic Commerce
Anne McIntosh (Conservative, Centre-right): My Lords, I congratulate my noble friend on introducing the regulations and thank her for the opportunity to consider them. I have a number of queries I share the concern of the noble Baroness, Lady Bowles. If it is difficult for the Treasury to know where all the instruments are, how on earth are industry and investors expected to keep on top of all the changes as a result of our exiting the European Union? I make particular reference to paragraph 2.15 of the Explanatory Memorandum. Can my noble friend explain why the functions previously held by the European Commission have been split between the Treasury and the Bank of England? It would be helpful to know the thinking behind that Derivatives are perhaps the most complex area of financial services. We have moved a great deal away from passporting or equivalence. In this regard, what will the status of industry and investors be going forward? Will we enjoy the same protections in the UK under the statutory instrument set out today as if we were still a member of the European Union? Also, what will be the impact of the location policy described by my noble friend on the City of London and its ability to compete on equal terms and on a level playing field with its erstwhile partners and competitors in the European Union Finally, can my noble friend put my mind at rest that, while it might suit the industry to have a weaker overview and oversight of the regulations, the protections for consumers and investors in these instruments will be safeguarded? I would like an assurance on that.
Arrangement of Business — House of Lords, 2020-06-18
Topic: Other
Ian Duncan (Conservative, Centre-right): My Lords, proceedings will now commence. Some Members are here in the Chamber and others are participating virtually, but all Members are treated equally. For Members participating remotely, microphones will unmute shortly before they are to speak—please accept any on-screen prompt to unmute. Microphones will be muted after each speech. If the capacity of the Chamber is exceeded, I will immediately adjourn the House. I ask noble Lords to be patient if there are any short delays as we switch between physical and remote participants. The usual rules and courtesies in debate apply. The time limit for the Motion in the name of the noble Baroness, Lady Penn, will be one hour.
Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 — House of Lords, 2020-06-18
Topic: Domestic Commerce
Joanna Penn (Conservative, Centre-right): My Lords, noble Lords will be aware that since July 2018 Her Majesty’s Treasury has put in place legislation using powers under the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, to ensure that the UK has an independent and coherent financial services regulatory regime at the end of this year, when the UK leaves the transition period This SI is part of that programme of work, and the approach aligns with the general approach established by the EU withdrawal Act 2018: providing continuity by retaining existing legislation at the end of the transition period, but amending where necessary to ensure that it continues to function and is effective in a UK-only context. This SI makes deficiency fixes to a new piece of EU legislation that has recently become— My Lords, I apologise; I am speaking to the wrong SI. I will have to briefly get the correct SI, so I will defer to the Whip.
Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 — House of Lords, 2020-06-18
Topic: Domestic Commerce
Ian Duncan (Conservative, Centre-right): My Lords, on this occasion I will not read out the usual preamble but will go straight to the point. Motion in the name of the noble Baroness, Lady Penn, to approve the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020. The time limit is one hour.
Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 — House of Lords, 2020-06-18
Topic: Mixed Topics
Anne McIntosh (Conservative, Centre-right): My Lords, I thank my noble friend the Minister for introducing this regulation and giving us the opportunity to debate it this afternoon. I commend her for her speedy recovery in a very difficult opening. She has certainly worked extremely hard this afternoon for the House and, indeed, the public I notice that, at the end of the transition period, the passporting provisions will no longer apply. I join other noble Lords who have spoken in expressing my deep regret and recording the massive contribution that financial services have made to facilitating investment not just in this country but across the European Union. Obviously, the loss of passporting equivalence will be a very poor second; again, I join other speakers in wanting to make sure that this will work as well as it possibly can I welcome the fact that the regulations, as set out by my noble friend the Minister, will ensure that low-carbon benchmarks enable investors to have the knowledge and choices to make their investment—in particular, recognising the environmental, social and governance factors that this covers. They are extremely important; I am pleased that environmental and social policies feature as strongly as they do in the instrument before us I have a specific question for my noble friend. The statutory instrument clearly sets out the exemption that investment funds do not have to produce a key information document detailing potential investment risks and how the funds will operate; that exemption is extended for a further period of two years. Is she minded to extend it beyond this period, and will Parliament be consulted at that time What is the significance of replacing a "duty" on the UK supervisory authorities to co-operate with other supervisory bodies with only a "power" to do so? Surely it is in the best interests of the industry and investors to seek to co-operate wherever it is appropriate, particularly in sharing best practice.
UK-EU Negotiations — House of Lords, 2020-06-18
Topic: Domestic Commerce
Nicholas True (Conservative, Centre-right): I did not hear the comments to which the noble Lord refers—that is not because I am under some ban on listening to the "Today" programme; I gave up listening to that when I worked in No. 10 many years ago—but I agree with him that Northern Ireland business is hugely important. It is made up of many small businesses, which makes the task of keeping them informed and supporting them particularly germane. I assure him that we will step up and sustain a process of engagement there. I am sorry that the gentleman concerned felt that it had not started enough. He is not necessarily wrong now, but we will hope to prove him wrong in the weeks and months ahead. I understand the important point that the noble Lord makes.
European Union: Negotiations (European Union Committee Report) — House of Lords, 2020-03-16
Topic: Mixed Topics
Archibald Gavin Hamilton (Conservative, Centre-right): The document that I am reading says that this statement was made on 18 February. That is quite a distance from 3 March, when the report went to the printers. I question whether you can reach a decision as a committee unless you have taken evidence. The whole business of whether how close you are to the EU counts or whether the size of your trade is a determinant factor is surely something that the committee can make its mind up about without taking evidence.
European Union: Negotiations (European Union Committee Report) — House of Lords, 2020-03-16
Topic: Other
Archibald Gavin Hamilton (Conservative, Centre-right): We could go on arguing about this indefinitely. However, the noble Earl is rather underestimating the intellectual abilities of his committee if it cannot reach a conclusion on this relatively simple issue without taking evidence. I will move on to the amendment in the name of the noble Baroness, Lady Hayter.
European Union: Negotiations (European Union Committee Report) — House of Lords, 2020-03-16
Topic: Mixed Topics
Archibald Gavin Hamilton (Conservative, Centre-right): I do not know whether or not the noble Lord, Lord Lea, was on the committee. I am saying merely, as he did, that committees should be intelligent enough to reach their own conclusions without necessarily having to take evidence. The noble Baroness, Lady Hayter, said that it was not good enough for the Government to inform devolved assemblies what was happening: there should be consultation. However, when we talk about consultation we are actually talking about reaching agreement, so you are, therefore, giving the devolved assemblies a veto over a compromise on the final deal. I have a problem with Parliament getting too involved in all this. At the end of the day, everybody has a different opinion. My noble friend Lady Noakes thinks that we should be preserving all our fishing. I suspect that quite a bit of it will be given away. That will be part of the negotiating ploy and my noble friend will have to ask herself whether or not the compromise which the Government have reached and the overall deal—which I suspect will include some sacrifice of fishing—are acceptable as a whole. That is what Parliament will have to decide However, the Government cannot possibly go into these negotiations constantly referring back to Parliament and asking if it is all right to do this or that. By their nature, the negotiations will be a compromise. Concessions are going to be made in some directions and gains made in others. At the end of the day, the Government have to be judged on whether the overall package is satisfactory as a whole. We have to be wary of undermining the Government’s negotiating position but, now that they have a decent majority, I do not think they will be too moved by many of these arguments.
European Union: Negotiations (European Union Committee Report) — House of Lords, 2020-03-16
Topic: Mixed Topics
Archibald Gavin Hamilton (Conservative, Centre-right): I thank the noble Lord for giving way. The issue that I was raising was why this was not considered in the report. It first came to light on 18 February and the report went to bed and to the printers on 3 March. There was plenty of time to consider these issues. It is remiss of the report that it did not consider whether our closeness to the EU and the size of the trade that we were doing were material issues.
Covid-19 Update — House of Lords, 2020-03-16
Topic: Mixed Topics
James Bethell (Conservative, Centre-right): The noble Lord, Lord Scriven, asks all the right questions. The honest answer is that it is a changing situation. The information that I had on this a week ago has changed even to today. What I can tell you is that there is an enormous global effort going into research in this area. The noble Lord, Lord Scriven, rightly cites the Singapore test, about which we are in touch and keen to find out more. A huge number of offers are incoming to the central co-ordinating committee. An enormous amount of funding and money is coming not just from the UK but from America, Europe and all the major nations trying to crack this. I live in hope that we will be able to do mass testing within the near horizon.
Covid-19 Update — House of Lords, 2020-03-16
Topic: Domestic Commerce
Michael Bruce Forsyth (Conservative, Centre-right): My Lords, following the comment of my noble friend Lord Bridges on IR35, which will impose huge costs and burdens on small businesses and entrepreneurs, would it not be sensible for the Government to defer its implementation? More importantly, it is obvious that these measures are going to result in a deep recession in this country. Many good businesses are going to go to the wall, unless they are helped with their cash flow. Declaring an interest as a banker, I know that the banks will want to extend credit to those businesses, but the regulatory rules and the senior managers regime prevent them from doing so. Of course public health is the most important thing, but it is of the utmost importance that the Government enable the banks to provide support for those businesses, and that they recognise that the Budget package, welcome as it is, is a mere flea-bite compared to what is required—and required now.
Covid-19 Update — House of Lords, 2020-03-16
Topic: Other
Patrick Cormack (Conservative, Centre-right): Will my noble friend say a word or two about the Bill that is going to come before both Houses of Parliament? Is he effectively saying that those of us who happen to be in our 70s or 80s will not be allowed to take part in that debate, or is this merely advice? Could he also tell me whether there are testing facilities within the Palace of Westminster?
Covid-19 Update — House of Lords, 2020-03-16
Topic: Other
James Bethell (Conservative, Centre-right): The Bill will arrive on Thursday and the plan will be published then. In terms of those who wish to attend the House, all I can do is share the advice of the CMO, which is very simple and very clear, but it is down to the choices and decisions of those here as to how they wish to conduct their travel and attendance arrangements.
Covid-19 Update — House of Lords, 2020-03-16
Topic: Domestic Commerce
James Bethell (Conservative, Centre-right): The noble Baroness is entirely right. As a trustee of Sadler’s Wells, I understand completely the implications of what she is saying, her point about insurance, and the confusion there might be about what the current status is. I simply cannot answer the question right now. I am not trying to avoid a difficult question; I simply do not have the information. When I do, I will be very happy to write to her and to others who have asked about this.
Covid-19 Update — House of Lords, 2020-03-16
Topic: Other
James Bethell (Conservative, Centre-right): The situation is fluid. The CMO spoke about this in detail at the press conference. He is not speculating or giving an exact date, because the modelling is not as clear as one would hope it to be. However, it will certainly be within weeks, rather than months.
Covid-19: Support for the Self-employed — House of Lords, 2020-03-24
Topic: Domestic Commerce
Sandip Verma (Conservative, Centre-right): My Lords, I will not ask about the self-employed; I will wait for the Chancellor’s Statement in a few days’ time. Will the small businesses able to access zero-interest loans have to put up any form of security for that loan?
Covid-19: Support for the Self-employed — House of Lords, 2020-03-24
Topic: Domestic Commerce
James Stopford (Conservative, Centre-right): My noble friend refers to the business interruption loan scheme, I think. The recent Budget announced a temporary new coronavirus business interruption scheme to help businesses access the finance that they need. On 17 March, the Government went further by increasing the value of the facilities available under the scheme from £1.2 million to £5 million. Alongside the action being taken by UK lenders, this will help to ensure that eligible businesses facing short-term cash-flow difficulties continue to access the finances that they need to respond to the temporary impact of the coronavirus outbreak on their cash flow My noble friend asked a specific question about security. I will write to her on that matter.
Covid-19: Support for the Self-employed — House of Lords, 2020-03-24
Topic: Domestic Commerce
James Stopford (Conservative, Centre-right): My Lords, the noble Lord, Lord Clement-Jones, is quite right to raise the situation of freelance workers in the entertainment and music industries. He makes a very good point. We will carefully consider the schemes of all other countries. We want to ensure that we can look after the self-employed and will try to give them every opportunity to take some of their worries away.
Covid-19: Support for the Self-employed — House of Lords, 2020-03-24
Topic: Domestic Commerce
Rosalind Altmann (Conservative, Centre-right): My Lords, I commend the Government for removing the universal credit minimum income floor for the self-employed and for the business interruption loan scheme for sole traders and freelancers. However, in the meantime, self-employed and freelance workers are likely to need to turn to their banks, either for a credit card or an arranged overdraft. Credit card interest rates are now significantly higher than they were before the 2008 crash—they have just reached another record high—and arranged overdraft interest rates have just increased significantly to around 40%. Given the dramatic drop in Bank of England interest rates, would my noble friend agree that it might be time for the banks, especially given the huge sums they received from the public during the last crisis, to consider dramatically reducing interest rates on credit cards and overdrafts? Will he take that back to the department and discuss it?
Covid-19: Support for the Self-employed — House of Lords, 2020-03-24
Topic: Housing
James Stopford (Conservative, Centre-right): My Lords, I will of course take that back. My noble friend will also be aware that we have been talking to the high street banks—there is now the mortgage holiday situation—and there will be an announcement from my right honourable friend the Secretary of State for Housing, Communities and Local Government on renters and evictions.
British Citizens Abroad — House of Lords, 2020-03-24
Topic: Mixed Topics
Tariq Ahmad (Conservative, Centre-right): My Lords, I cannot agree with the noble Lord. First, I pay tribute to my right honourable friend the Prime Minister, who is doing an incredible job in leading our country through an unprecedented crisis, and now is the time for us all to get together and ensure that we act as one. The noble Lord raises the issue of co-operation with our European partners, which is a genuine question. We are indeed co-operating. There were 1,444 British nationals repatriated, including from Wuhan, the "Diamond Princess" through Japan, the "Grand Princess" through the United States and the "Braemar" through Cuba. There were an additional 254 non-British nationals. We are readily talking with our European counterparts, acting as one and ensuring that we help each other. I quote a phrase we have often talked about: we are all in it together.
British Citizens Abroad — House of Lords, 2020-03-24
Topic: Immigration
Rosalind Altmann (Conservative, Centre-right): My Lords, I echo the thanks to all our staff around the globe and here in the UK who are working day and night to help British citizens stranded abroad. Can my noble friend assist me? I have a friend whose daughter is one of the 400 stranded in Peru. Apparently, the problem is not so much that they cannot get any flights but that they are stuck in an area that is not by the airport and are not able to get to an airport. I ask my noble friend to give some information to the House on what the Government’s plans might be to get them to the airport.