Results 81–100 of 872 for speaker:Lord Peston

Arrangement of Business — Announcement (5 Nov 2012)

Lord Peston: My Lords, if a Back-Bencher may be allowed to speak, I say in terms to the noble Lord the Leader that what he said will not do in any circumstances whatever. We are in a great mess and the real point is how we get out of the mess with honour. I say "with honour" and noble Lords will have noticed that I used the word "we", even though I personally have not been involved in any of this....

Arrangement of Business — Announcement (5 Nov 2012)

Lord Peston: I am perfectly serious. This is not a party-political matter but is a matter of how your Lordships conduct their business. What has been going on for the past week does us no credit whatever. The noble Lord nods his head, but he is responsible for this. We are not responsible for it; we did not pull out of the legislation. Speaking as a Back-Bencher, I say that enough is enough. Whoever are...

Arrangement of Business — Announcement (5 Nov 2012)

Lord Peston: That was just one suggestion; what I was really suggesting to the noble Lord is that he goes away to sort this out. That is what their Lordships want. He does not have to accept my suggestion, although I think it is a rather good one. My main suggestion is: just go away and get this sorted.

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: I am sorry to interrupt the Minister but I want to ensure that noble Lords understand what he is saying. He is saying that the Treasury has discovered two problems that can be dealt with rapidly by mending the Banking Act 2009 and he is therefore using this Bill, which is not specifically about banking, as a convenient vehicle to put those into law. That is the result of the Treasury's work;...

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: The noble Lord did say that this will be an investigation into regulatory failure. Therefore, the investigator is investigating himself or herself. After all, who has failed? It is the regulator.

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: I am sorry to interrupt the noble Lord, but I am trying to get some sense of reality about this. It is the Treasury that considers that something needs to be done. Therefore, the Treasury must suspect something. Where, for example, does the Treasury get its information from, for it to feel that it has to issue this directive? What does the Treasury know that the regulator did not? Then it...

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: We are indebted to the noble Lord, Lord Hodgson of Astley Abbotts, for raising these matters, although we discussed similar matters last week under the guidance of the noble Lord, Lord Flight, and my noble friend Lady Hayter. The central question here is our fear-fear in the relevant sector as well-that the regulators damage our financial services sector rather than improve its performance. I...

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: It would establish the principle which everything else must follow. That is fine; I understand what the noble Lord is saying. That leads me to ask two central questions. In Clause 73, and I think in something similar earlier, subsection (2) refers to "Relevant events" that occur in relation to, "(b) a person who is, or was at the time ... carrying on a regulated activity". What worries me as...

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: My Lords, I hope that I have heard the gist of what the noble Baroness was trying to say. She ended by asking the fundamental question, which is not only what Clause 64 is here for but what this whole section of the Bill is here for. That is not very clear. If these powers had been enshrined in statute, are we to believe that the catastrophes of the recent past would not have occurred? Is...

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: My Lords, I did not catch the last few words that the Minister said before the noble Baroness asked her question. I thought he said that if the Bill is enacted, this part would enable the Treasury to set up inquiries into what happened in the past few years. Did he actually say that?

Financial Services Bill: Committee (9th Day) (24 Oct 2012)

Lord Peston: The provision would then become much more significant. If we pass this Bill into law and it becomes an Act then the disasters of the past few years could be inquired into by a major independent committee, which might tell us who were the real architects of the disaster and where policy failed. If the Bill is to enable that to happen-and it seems to me overwhelmingly that it must happen-then...

Infrastructure (Financial Assistance) Bill — Second Reading and Remaining Stages (23 Oct 2012)

Lord Peston: My Lords, the logic of what is being said is not that it is more likely to pick winners but that it already has all those winners. The only things holding them back are the risks of the projects which the taxpayer is taking over. It is a new theory to replace classical economics which-as the noble Lord well knows-says savings cause investment. Now we have loan guarantees causing investment...

Infrastructure (Financial Assistance) Bill — Second Reading and Remaining Stages (23 Oct 2012)

Lord Peston: The noble Lord was kind enough when I asked him why we needed a Bill to point me to an answer given in the other place, which I have to tell him I found completely incomprehensible. I am still stuck. Will he say in terms that we need a Bill because of the scale of the operations? Is he willing to place on record that that is the point and it is the size of the operations which requires...

Financial Regulators: Examinations — Question (22 Oct 2012)

Lord Peston: My Lords, having spent a great many hours with the Minister, the noble Lord, Lord Flight, and others on the Financial Services Bill, perhaps I may ask the Minister whether he will remind the House of the enormous power being given to the financial regulators. I have been looking into it. It may be that never in the history of our country has anyone had the regulatory power that these people...

Financial Services Bill: Committee (8th Day) (17 Oct 2012)

Lord Peston: My Lords, perhaps I can help the Minister-it is not a question of persuading him to say yes or no at the moment. Looking at Clause 54, I take "material risk" to mean a significant probability; "possible" is much less than that. I think that my noble friend suggests in his amendment that Clause 54 would be strengthened if we went down the "possible" line, the technical point being-and I do not...

Financial Services Bill: Committee (8th Day) (17 Oct 2012)

Lord Peston: Forgive me. I am willing to accept that I am wrong. I agree that the top line says "possible" but "material risk" is what goes into the material section of the Bill. That seems to me to undermine the clause heading. That seems to me the real point. Why have the Government put in "material risk" if they meant possible risk?

Financial Services Bill: Committee (8th Day) (17 Oct 2012)

Lord Peston: My Lords, the noble Lord has clarified that very well. I take it that there would still be, as happens all the time, informal meetings between the Chancellor and the Governor, where the Chancellor might say, "Well, it is your decision but I am a bit worried about this or that". Nothing will infringe on that because, as the noble Lord well knows, no system can work without informal and off the...

Financial Services Bill: Committee (8th Day) (17 Oct 2012)

Lord Peston: I understood him to say the other day that it was on the Treasury website and I wasted three-quarters of an hour this morning. There is lots of good stuff on it. You can spend a happy day searching the Treasury website, but it did not contain anything that the Minister had told us it did contain. We can leave it at that.

Financial Services Bill: Committee (8th Day) (17 Oct 2012)

Lord Peston: Start again.

Financial Services Bill: Committee (8th Day) (17 Oct 2012)

Lord Peston: My Lords, this is a most interesting amendment, which enables us to clarify one or two aspects of the Bill. I literally did not hear the first part of what the noble Baroness was saying, so I was not joking when I suggested that she started again and she may well need to repeat what she said at the beginning. This amendment brings into focus the relative power of the Bank of England in the...


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