Lord Flight: My Lords, do the Government accept the enormous help provided to entrepreneurship by the Government’s EIS scheme, which I think has raised some £16 billion of risk capital? It is the envy of Europe. I declare my interest as chairman of the Enterprise Investment Scheme Association.
Lord Flight: My Lords, I rise briefly to support the amendments in the name of my noble friend Lord Hunt. We all know what they address and we may have experienced these abuses. The existing law and regulations fail to address them, and it is time that they did so. As has just been pointed out by the noble Earl, this is an appropriate piece of legislation in which to include them. I hope very much that...
Lord Flight: Right next door to this House, Victoria Tower Gardens—a beautiful piece of parkland—is threatened with being overrun by the Holocaust memorial. The Holocaust memorial is a great cause and very worthy, but it must be more sensible for it to be sited at the Imperial War Museum, which desperately wants it. Otherwise, we will lose a rare piece of parkland, slap bang in the middle of London.
Lord Flight: My Lords, I thank my noble friend. Can he clarify a point? Is he effectively saying that in the future interns will count as workers? The problem, as I understand it, is that of greyness in the area.
Lord Flight: I am sorry to bother noble Lords again. The fundamental issue seems to be whether the Government want interns to get paid. We all know what interns do. They are not workers because they are not on contract; but, if they are not paid, the problems we have all talked about arise.
Lord Flight: My Lords, I congratulate the noble Lord, Lord Holmes, on bringing this Bill forward and I very much hope that the Government will support it. Work experience internships are an extremely good idea in themselves, as the noble Baroness, Lady Brady, has just pointed out, helping people to go along the road towards employment; the problem is that, clearly, if they are not paid, only those who...
Lord Flight: My Lords, is the Minister aware that expatriates also have great problems opening bank accounts here, irrespective of whether they are British or otherwise, and that that is quite a problem for people working temporarily overseas?
Lord Flight: My Lords, I pay tribute to an extremely clear summary of the positive reasons for ATOL, which my noble friend Lord Callanan has just described. I am not quite sure why a colleague suggested that I should speak in this debate—whether it was because of my surname or because somebody knew that I was one of the first people to benefit from ATOL. Some 43 years ago, I was on a holiday organised...
Lord Flight: Her Majesty's Government what was (1) the total income raised from the stamp duty levy on additional homes, and (2) the total amount refunded because a purchaser sold their main residence within three years of buying a new one, in 2016-17.
Lord Flight: Her Majesty's Government what assumptions they made in forecasting expected revenue from the three percentage point stamp duty levy on the purchase of additional homes and homes available for rent.
Lord Flight: Her Majesty's Government what assessment they have made of the impact of the stamp duty levy on investment in new homes available for rent.
Lord Flight: My Lords, I apologise to the House. In my question on Guernsey, I should have referred to my interests, particularly as a regulator in the Guernsey Financial Services Commission.
Lord Flight: My Lords, the Minister will know that the Channel Islands never joined the Common Market and are not members of the EU. Therefore, their position very much depends on the arrangements that they enter into with us and, in particular, their position in the queue to be able to market their financial services in the EU under the new equivalence regime.
Lord Flight: My Lords, is the Minister aware of the charity Malachi, which has had great success in the West Midlands and Birmingham working with schools where broken families are involved and children are in trouble as a result? It is now in the process of some degree of franchising to other parts of the country.
Lord Flight: My Lords, the main problem for defined benefit schemes is the rate of interest at which accounting standards require them to discount their future liabilities. This gives rise to arithmetic which shows a substantial deficit that is not likely to happen. I believe that a White Paper is coming, but can the Government get a move on and address this issue? It is causing problems where they do not...
Lord Flight: My Lords, will the Government look at arrangements for the financing of exports in comparison to both the US and France? This country is much less helpful and, post-ECGD being privatised, quite a few businesses still find it difficult to get exports financed.
Lord Flight: My Lords, is the Minister aware of the excellent work being done by the charity Malachi in the West Midlands in addressing the problems of families and children and the lack of help they have often had from the Birmingham local authority?
Lord Flight: My Lords, I, too, congratulate our two maiden speakers today. My case is that austerity is not the fundamental issue. With a current account deficit of over £40 billion per annum, a budget deficit of £50 billion per annum, and the OBR forecasting another £122 billion of additional borrowing over the next five years, this is not a picture of austerity; it is still one of Keynesian...
Lord Flight: My Lords, is the Minister aware of the importance of the enterprise investment scheme in stimulating equity investment in a lot of these new digital companies? It is one of the reasons why so many have got off the ground.
Lord Flight: My Lords, while ISAs have their place, does the Minister not agree that pension schemes are the more attractive—and, tax-wise, the more generous—vehicles for people to save for their retirement? Does she also agree that many people have perhaps been mistaken in cashing in their pensions and incurring tax liabilities, when it would have been better for them to leave them to accrue for the...