argyrotsipi/train-dataset huggingface dataset:
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Ben Everitt (Conservative, Centre-right): This is in the spirit of my hon. Friend’s interventions on the hon. Member for Cardiff North (Anna McMorrin). Does my hon. Friend agree that green gilts and green bonds are a much more precise way of targeting the interventions that are so clearly the intention behind the hon. Lady’s policy?
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Gareth Mark Davies (Conservative, Centre-right): I entirely agree with my hon. Friend that bonds as an instrument of capital markets are a more precise way of targeting private capital towards green projects, which is what the hon. Member for Cardiff North is aiming to do. I entirely agree that the sovereign level, as we have seen recently with the German €6 billion bond issuance, has been a very effective way of moving private capital into green infrastructure investments. Indeed, of that bond issue, 22% came from British investors. I would like British investors to be investing in British renewable infrastructure. I therefore suggest to her that bonds may be a more effective security than shares to help co-operatives move and raise capital towards environmental purposes Last year, the Co-op, the second-largest co-operative, issued a £300 million sustainability bond funding its Fairtrade work. It was a real flagship, and I would like to see more. I hope that the hon. Lady will join me in encouraging co-ops to issue more green and sustainable bonds As I have just mentioned, bonds provide several advantages over equities. They are more targeted. We can ring-fence the capital and the use of proceeds in a much more effective and accountable way. Green bond principles, which are now an international standard for what we mean by "green", are a clear benefit of bonds. Again, one of my criticisms of this Bill is that it is not clear or specific enough. I know that the hon. Lady talked about dealing with that in Committee, but I would like to see more detail at this stage on what we mean by "green" so that we avoid greenwashing. Finally, green bonds are a huge market. They are a proven way of raising private capital towards green benefits. It is a trillion-dollar market globally, yet only 2% of green bond issuance is denominated in pounds sterling.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Gareth Mark Davies (Conservative, Centre-right): I thank my hon. Friend for her intervention. I will comment on the protection of members’ rights shortly. It is not just me who is critical of the detail of this Bill. As my hon. Friend the Member for Hertford and Stortford (Julie Marson) noted, Co-operatives UK said that the Bill is "impracticable and counter- productive". The hon. Member for Cardiff North did intervene on my hon. Friend to note that Co-operatives UK said that detail should be filled in at a later stage, but I would have liked to have seen the detail at this stage.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Gareth Mark Davies (Conservative, Centre-right): I thank the hon. Lady for her intervention. She is right that Co-operatives UK is supportive of the Bill, its principles and its spirit, as am I, but it did say that it was "impractical and counterproductive" and that the detail needed to be filled in at a later stage. My point is that this is lacking in detail and is not clear I will give her an example. In proposed new section 27A(3) of the Co-operative and Community Benefit Societies Act 2014, the Bill states: "A green share may be transferable but is not withdrawable" However, proposed new section 27B discusses the detail of withdrawing and redeeming shares. This is clearly contradictory. I suspect that the Bill should have said that the green shares are non-transferable but are withdrawable, which would have made it consistent with shares currently issued by other co-operatives and their members. My point is that the Bill we are debating today is just not clear enough and the detail is lacking, as I will mention in a moment.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Gareth Mark Davies (Conservative, Centre-right): I thank the hon. Gentleman for his intervention. As I will go on to explain, I think the issues are deeper and more multivarious than I have sought to describe If the Bill raises questions, the substantive issues raise even more. I have five issues with the Bill. First, it does not allow co-operatives to issue shares to non-members unless they are a group. The distinction leaves co-operatives without the right tools to raise capital for non-green ends.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Anthony James Holland Mangnall (Conservative, Centre-right): The hon. Member for Cardiff North (Anna McMorrin) does not need me to come to her rescue, but the Bill does clearly refer to sustainable development goals, which covers a broad spectrum of issues that could be addressed on this point.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Other
Christopher Robert Chope (Conservative, Centre-right): Clearly, the hon. Lady disagrees that there is a lack of intellectual rigour. Although we may disagree, it is incumbent upon Members to ensure that this is subject to rigorous scrutiny In this extraordinary world in which somebody can have 150 proxy votes in their back pocket, anything could happen if it came to a vote. Perhaps the hon. Lady has a very large number of proxy votes in her back pocket, in which case I congratulate her in advance on her preparedness. Who knows what will happen and whether the Bill will get a Second Reading. It is clear from the debate that, were the Bill to get a Second Reading and go into Committee, it would have to be completely rewritten, taking up hours of valuable and scarce Committee time. As the hon. Lady will know, normally, unless the Government say otherwise, there can be only one private Member’s Bill in Committee at a time, so a Committee that went on for a very long time would deprive other Bills of the opportunity of being subject to scrutiny. That is another reason why a more tightly worded Bill is the solution, rather than struggling on with this one. The hon. Member for Stockton North (Alex Cunningham), who is sitting behind the hon. Lady, said that the Bill may not be fit for purpose currently but that it will be after it has come out of Committee. Frankly, Bills need to be fit for purpose before they go into Committee I will not say much more now, because I have other business on the Order Paper that I hope we will be able to reach. I congratulate the hon. Member for Cardiff North on having excited such interest in her Bill among Government Members, even if relatively few Opposition Members seem to be that interested.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Ruth Rosamond Edwards (Conservative, Centre-right): It is a pleasure to follow my hon. Friend the Member for Christchurch (Sir Christopher Chope)—a veteran, as he says, of sitting Fridays—on this, my first sitting Friday. I congratulate the hon. Member for Cardiff North (Anna McMorrin) on securing this Bill and on choosing this issue. Her clear concern for the environment and for strengthening the UK’s economy after the coronavirus pandemic is truly commendable As I have mentioned to the House before, now is the time for promoting green investments. Their performance, quality and potential are widely documented. The environment is an issue that the whole House and indeed both Houses stand firmly behind, and I am grateful to be a part of the debate on the Bill. As colleagues have said, Members will be aware of the benefits that co-operatives bring to productivity, innovation and entrepreneurialism across the economy. The Government are in no doubt about the added value they bring. Indeed, I know that previous Governments have legislated to make the setting up and running of our co-operatives simpler, cutting red tape and promoting parity between co-operatives and companies when it comes to areas such as registration and audit Across the UK, membership of co-operatives has remained firm in recent years, with more than 7,000 independent co-operatives employing nearly a quarter of a million people and serving more than 14 million members. Clearly, co-operative values are popular among a significant cross-section of society: values of democratic ownership; autonomy; independence; promoting common economic, social and cultural interests of their members; and concern for the community. Without this shared ownership, many people may feel that they have less of a stake in society, in their community and in the economy Co-operatives have historically proven their mettle. This year’s annual assessment of the sector by the industry network, Co-operatives UK, indicates that a staggering 76% of co-operative start-ups are still running after the first five years, compared with less than half of all new companies. At a time when we are embracing innovation and entrepreneurship, co-operatives have demonstrated that they remain a productive part of the UK’s competitive spirit going forward.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Ben Everitt (Conservative, Centre-right): Perhaps my hon. Friend will agree with me—I think she will, given what she might be implying here—that co-operatives are an absolutely fantastic addition to the corporate landscape of the UK, but that is so because they are part of a diverse landscape of corporate structures. We must recognise that it is within the system that they are most precious to us and that we cannot push things too far.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Anthony Howe Browne (Conservative, Centre-right): Another example, which hon. Members might not be aware of, is the Co-operative Bank, which was one of my members when I ran the British Bankers Association. It collapsed amid huge financial and governance problems and ended up being bought by hedge funds. In fact, the Co-operative Bank is no longer a co-operative at all, and its debt is issued on the London stock exchange. That is another example of where good intentions do not lead to good results if there is bad governance.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Ruth Rosamond Edwards (Conservative, Centre-right): I thank my hon. Friend for that example, which highlights why good intentions have to be underpinned by practical and well-thought-through proposals Finally, in January the Financial Conduct Authority put in place regulations prohibiting the promotion of functionally similar financial instruments—speculative versions of so-called mini-bonds—to public consumers. The reason for that was the collapse of several providers of such mini-bonds, in particular London Capital and Finance, for example, which ended up leaving 11,600 members of the public at risk of losing nearly £240 million in total In conclusion, although I completely back the concept of green investments and have backed strengthening the co-operative sector, I cannot back this Bill today because there are too many fundamental problems and uncertainties within it. The green and sustainable elements of it are not defined, and there are massive areas of risk for investors that have not been properly guarded against. As hon. Friend the Member for Milton Keynes North (Ben Everitt) pointed out, the Bill also risks undermining the integrity of the co-operative model. These are not details that I feel can be ironed out in Committee, but fundamental problems, which is why I cannot support the Bill today.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Marco Longhi (Conservative, Centre-right): Does my hon. Friend agree that some of the plethora of green investment opportunities may have unintended consequences and that the Bill does not contain a strategic framework for risk-assessing these investments and therefore informing investment decision making?
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Ben Everitt (Conservative, Centre-right): I wish just to underline the point my hon. Friend is making about shareholder activism. Does he agree that the mechanism in respect of the demutualisation of any funds, should it be subject to shareholder activism, is dangerous in this context?
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Civil Rights
Christopher James Green (Conservative, Centre-right): I agree entirely; if this were a mechanism or route to demutualisation, that would be fundamentally against the views of these organisations as they are at the moment—they could change in the future—and against the views and values of the hon. Member for Cardiff North We have heard really positive contributions from colleagues from right across the House. When I look at the Members who are supporting the Bill, I see that it is a distinguished group, which includes someone who is now a Minister. I am sure that the hon. Lady will therefore get a great deal of support in the future in her aims.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Paul Howell (Conservative, Centre-right): It is a pleasure to speak in this debate on the Bill put forward by the hon. Member for Cardiff North (Anna McMorrin). As an accountant by profession, having spent my previous career in manufacturing businesses in and around Sedgefield, I am still in awe of the detailed discussion that has been brought to this debate, particularly by my hon. Friends the Members for Grantham and Stamford (Gareth Davies) and for Clwyd South (Simon Baynes), and I shall pick up later on one of the points made by the latter Before looking to speak on this Bill, I had to clarify for myself what a "co-operative and community benefit society" is and what an "environmentally sustainable investment" is. A co-operative society is run for the mutual benefit of members who use its services. This is based on the common economic, social and cultural needs, or interests, of the members. A community benefit society is run primarily for the benefit of the community at large, rather than just for the members of the society, which means it must have an overarching community purpose that reaches beyond its membership. One type of co-operative is a credit union, and I am concerned about the unintended impact of this measure on the users of these credit unions A credit union is a co-operative bank that is owned and managed by its members, all of whom have accounts in the bank. Like banks, credit unions accept deposits and make loans, but, as member-owned institutions, credit unions focus on providing a safe place to save and borrow, at reasonable rates. I have visited a number of them, including the NE First Credit Union service point at the leisure centre at Newton Aycliffe, in the north-east, and I strongly encourage people to use its services before buying on any high-interest hire purchase scheme, as that normally results in substantially higher costs being paid. Such services are a real alternative to the exploitative payday loans and high-interest rent-to-own payment systems most commonly used for household good such as fridges and washing machines With a rent-to-own scheme people get the product straightaway, and then make weekly, fortnightly or monthly payments, plus interest; insurance or warranty policies are often included in with the item. The interest to be paid on rent-to-own agreements will now be limited to no more than the cost of the product. Therefore, someone who buys a fridge from an RTO company for £250 will pay no more than £500 in total, and interest and other RTO charges will be benchmarked against mainstream retailers and the cost of living. That still means, however, that someone’s fridge that costs £250 will cost them another £250 in interest. With a credit union, the interest is more likely to be around £50. We want opportunities for credit unions to develop, but they must be safe havens with little risk, because the people who save with them are likely to have little alternate capital.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Christopher James Green (Conservative, Centre-right): I learned recently from a local credit union that although many people know they are there to borrow money from, if more people recognised that they could also deposit money there safely and securely, that would provide far more opportunity for people to borrow products.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Paul Howell (Conservative, Centre-right): I agree with my hon. Friend. Credit unions are also the place where people first start saving, and they are regularly a first step for people getting out of high-finance debt traps. Security is paramount, because people must have confidence that when they put their money in, it will not be at any risk. It would be particularly concerning for those investing if the laudable aims of ethical ambitions resulted in those ambitions overriding the security of the investment In the 2020 Budget, the Chancellor announced that the Government would bring forward legislation to allow credit unions to offer a wider range of products and services. That will support credit unions to continue to grow sustainably in the longer term and to play a pivotal role in financial inclusion. In a speech to the Association of British Credit Unions in March this year, the Economic Secretary to the Treasury said: "I am delighted to confirm that this week’s Budget included the announcement that the Government is to bring forward legislation to amend the Credit Unions Act. This will permit credit unions to offer a wider range of products and services than ever before…helping you better meet the needs of existing members."
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Kevin Paul Hollinrake (Conservative, Centre-right): My hon. Friend is putting forward a good case for credit unions. Is he aware that credit unions in the UK have collective assets of around £4 billion, compared with mutual banks and co-operatives in the United States that have £4.7 trillion—a thousand times as much? We need to invest more in credit unions and co-operatives and make it easier for them to establish and grow in the UK. Does my hon. Friend agree with that sentiment?
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Paul Howell (Conservative, Centre-right): I bow to my hon. Friend’s greater knowledge. My concern, from my reading and my understanding of this, was that the impact could sometimes be addressed in such a focused manner that it put the capital at risk, and in this particular circumstance that concern needs to be evaluated.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Gareth Mark Davies (Conservative, Centre-right): My hon. Friend is not wrong; it is simply that every investment carries risk. Investments can go up as well as down, as I know personally. Again, I merely caution him that the impact of sustainable, green or social investments does not always mean downside risk. It can mean upside potential as much as it means downside risk.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Paul Howell (Conservative, Centre-right): I endorse the fact that investments can go up and can go down. My concern here is more about the degree of innovation as opposed to the impact itself: the more we are at the innovative end or at the cutting edge of any procedure, the more risk there is, and particularly for credit unions I am not sure that such risk is the right thing. The point is that it would be beyond disappointing should a Bill promoting environmentally sustainable investment resulted in the creation of a hidden inappropriate risk profile for the small saver in a credit union. Such savers could be misled into believing, just because their investment was environmentally sustainable—however positive that is—that it was not more risky than normal, and they might therefore prefer it. I am concerned that that could happen Credit unions are an incredibly important facility supporting members of our society, and it is critical that nothing is done that would undermine their credibility. I hope this could be fully explored should the Bill make further progress, and I commend the hon. Member for Cardiff North for bringing it forward.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Ben Everitt (Conservative, Centre-right): The House recognises, of course, that risk needs to be carefully considered and avoided, but as my hon. Friend has so eloquently pointed out in what I think today is a home game for him, risk often has potential upsides and benefits, not only for investors but for wider society.
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Domestic Commerce
Dehenna Sheridan Fareham (Conservative, Centre-right): Co-operatives UK produced a report in 2019 which said that the north-east has the highest number of co-operatives per head of population. Does my hon. Friend agree that getting the policy on co-operatives right is even more vital for the north-east and the areas that he and I represent?
Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill — House of Commons, 2020-09-11
Topic: Mixed Topics
Peter Alexander Gibson (Conservative, Centre-right): I am grateful to my hon. Friend for her intervention. She is a strong champion for all that is great about the north-east, and I welcome her contribution I recognise the phenomenal contribution of co-operatives to our diverse economy. However, I cannot support this Bill. My hon. Friend the Member for Christchurch (Sir Christopher Chope) got to the nub of the issue—this is not a green Bill; it is a Bill to change the laws around co-ops to the detriment of their members.