Results 101–120 of 872 for speaker:Lord Peston

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: My Lords, in supporting my noble friend's amendment, I say that I am a strong supporter of the European Union, and that I hope one day to live in a country where the Government is also a strong supporter of our membership of the European Union-something that has not been the case for many years. I refer not just to the present Government but to the previous one. However, although I regard...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: The Minister said that that was a very good idea. I cannot imagine why it is such a good idea. What business is it of the European Union what the taxpayers of an individual country decide they will spend on compensating people who have lost money because of the misbehaviour of banks? Why is it a European issue? I do not want to pursue this because it is a European question that is broader...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: I am really lost as to what the Minister is saying. Apart from the fact that he was made a very good offer-I would have thought that the Minister, in his right mind, would never reject a good offer-is he saying that this amendment is not needed because the regulators could set up committees of this sort themselves with no statutory powers behind them and that they can do exactly what is in...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: My Lords, I support my noble friend's amendment, but I would like to place it in context. I start from the position that the Minister started from when he reminded us that the Bill and these regulators have not been picked like a rabbit out of a hat. There was a problem to be solved and this, even though I do not like aspects of it, is the Government's best attempt to solve it. There was a...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: I admonish the Minister in a trifling way. It seems to me that the issuing of warning notices is enormously beneficial to those being regulated. That is one bit of a Bill that I do not like which I am totally in favour of. I am surprised that the Minister would even consider any backtracking on that. It is immensely beneficial to people to be told, "We are concerned about what you are doing...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: My Lords, I hate to abandon a "may" and "must" debate, because it is my favourite activity. However, in this case, since we are discussing additional powers, I hate to say it but I think that "may" is simply the word that corresponds grammatically to giving the additional powers. Given the circumstances in which the amendment lists when those powers can be used, it is perfectly obvious that...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: My Lords, I will not pursue the question of more powers to the Bank of England. After its performance over the last few years, it is the last thing I would do, and I do not think this is the occasion to debate that yet again. However, I am puzzled by two things. I thought that in his reply to the noble Lord, Lord Flight, he said we should not be discussing the European angle and that that...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: I take it that we are not discussing-because if we were, I would make a speech-the fact that we believe strongly in a single market for financial services but that many of the European countries go to enormous lengths to prevent our highly efficient financial services firms getting into their markets. I would not mind having a debate on that some time during proceedings on this Bill. However,...

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: My Lords, before the Minister moves this amendment, can I ask him one other thing that intrigues me? On the bit of paper that we get every day when we meet on this, it says: "Target for the day: to complete the group beginning amendment 190ZZA". Are we to take that seriously? At the rate we are going, we will be going for a very early supper.

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: My Lords, will the Minister clarify one or two aspects of what he said? Am I right in thinking that the amendments, in so far as one can follow them at all, are relevant when something has already gone wrong; that is, when the institution in question is in trouble and something has to be done to cope with that?

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: Am I then also right that other aspects of the Bill are really to stop the problem arising in the first place? Would that be a valid interpretation of the whole legislation?

Financial Services Bill: Committee (7th Day) (15 Oct 2012)

Lord Peston: The Minister must be aware by now that there is no way that he can oversimplify when he is dealing with me. Has a study been done of the costs and benefits of the effects of the amendments? In particular, if a crisis appears that is connected with insolvency et cetera, will costs be involved and who will bear them? I cannot find an answer to that anywhere in the amendments. Is it a...

Economy: Deficit Reduction — Question (15 Oct 2012)

Lord Peston: My Lords, I take it that the noble Lord's answer implies that the Government intend to pursue continuously their ludicrous economic policy, the effect of which is that the Government engage in cuts, those cuts lower aggregate demand, the tax revenue goes down and some benefits go up so that the budget deficit increases, whereupon they engage in more cuts, and this process goes on until the...

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: My Lords, am I right that in thinking that the noble Lord is talking about the "may" on line 27 and that he is well aware that there is a "must" on line 33? I get a bit bored with mays and musts although, I have had my fair share of them. However, I cannot make any sense of them, and if I switched them around, the Bill would look to me just as sensible or not. Could he tell us why the "must"...

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: If the Minister will read a few lines further on in his own Bill, he will see the words, "by reason of urgency, it is necessary to make the order". That can make sense only if the word "should" is used. It cannot possibly be a meaningful part of the Bill if the word "would" is used. The Treasury must believe that there is a reason of urgency for this to take place and so we infer that...

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: My Lords, I am a bit puzzled about the wording in the relevant paragraph. Of course, I agree with what my noble friend says about consultation. However, can the Minister explain why the word "would" appears in line 5 rather than "should"? Even if the Treasury thinks the order would have the described effect, it must certainly believe that it should have the effect. What is the point of the...

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: Perhaps I may interrupt the Minister. As I listened to my noble friend, it suddenly dawned on me what we were talking about. It really does mean crowd funding and, following what my noble friend said, there is a very simple answer to it: do not do it.

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: I take it that if the thing goes ahead, it will be made clear to people putting money into this sort of thing that they are essentially going to a betting shop, where they may win or lose. That is what it is about. Since our country appears to be gambling mad at the moment, there seems no reason to prevent this new form of gambling from being introduced. However, as someone who knows-coming,...

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: My Lords, we make the obvious point that getting it right is not the same as doing it quickly. We ought always to bear that in mind in your Lordships' House. There is a straightforward solution to this. One is my noble friend's suggestion for Report. Since I assume, particularly given the Leader of the House's remarks, that we are not imminently in danger of being abolished, that we are still...

Financial Services Bill: Committee (6th Day) (8 Oct 2012)

Lord Peston: My Lords, the noble Lord has introduced his amendment as a probing amendment, which I take to mean that it is meant to be educative. My natural tendency is to agree with him, but I have great difficulty in that I do not have the faintest idea what he is talking about. In particular, I do not know what crowd funding is. The amendment says it should have, "the meaning given in section 417", but...


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