Results 1–20 of 87 for speaker:Lord Vaux of Harrowden

Restoration and Renewal - Motion to Approve: Amendment to the Motion (13 Jul 2022)

Lord Vaux of Harrowden: My Lords, I remind noble Lords that I chair your Lordships’ Finance Committee and therefore sit on the commission. In those roles I have become more involved in the discussions around R&R in the last year or so, but I stress that today I am speaking entirely on my own behalf. I wholeheartedly support the Motion in front of us today and the changes being made to the governance of the R&R...

Clearview AI Inc - Question (5 Jul 2022)

Lord Vaux of Harrowden: My Lords, has the Minister seen the report into biometrics generally by Matthew Ryder QC, on behalf of the Ada Lovelace Institute? Does he agree with the overriding recommendation that we need a new framework governing the use of biometrics?

UK Infrastructure Bank Bill [HL] - Report: Amendment 22 (4 Jul 2022)

Lord Vaux of Harrowden: My Lords, I rise to speak to my Amendments 30 and 32. I am grateful to the noble Baronesses, Lady Noakes, Lady Kramer and Lady Bennett of Manor Castle, for their support. In fact, I think I may have achieved a world first in getting the noble Baronesses, Lady Noakes and Lady Bennett, to sign the same amendments. I hope, therefore that the Minister might take note of this extraordinary event...

UK Infrastructure Bank Bill [HL] - Report: Amendment 19 (4 Jul 2022)

Lord Vaux of Harrowden: My Lords, briefly, I support Amendment 20 in the name of the noble and learned Lord, Lord Thomas. It is self-evident that the bank’s board should have the experience and skills that the noble and learned Lord proposes in his amendment, rather than just being Treasury placemen. The success or failure of the bank in achieving its objectives will depend entirely on the experience of the...

UK Infrastructure Bank Bill [HL] - Report: Amendment 13 (4 Jul 2022)

Lord Vaux of Harrowden: My Lords, I have added my name to all the amendments in this group, which cover four separate topics, and I will touch on each of them briefly. First, Amendment 13, which the noble Lord, Lord Sharkey, eloquently explained, aims to introduce a greater level of scrutiny to the use of the Henry VIII power that is included in the Bill. The activities and, in particular, the definition of...

UK Infrastructure Bank Bill [HL] - Report: Amendment 6 (4 Jul 2022)

Lord Vaux of Harrowden: My Lords, I rise to speak to Amendment 24 in the name of the noble Baroness, Lady Noakes, to which I have added my name. The noble Baroness has already eloquently explained the rationale for this amendment, so I will try to keep my speech reasonably short. Like the noble Baroness, I was strongly drawn to Amendment 6 in the name of the noble Lord, Lord Holmes, which would insert the critical...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 54 (14 Jun 2022)

Lord Vaux of Harrowden: Will these Treasury reviews be published?

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 43 (14 Jun 2022)

Lord Vaux of Harrowden: Given that this consultation has been happening with the devolved nations, can the Minister give us some flavour of how that has gone and what the reaction from the devolved nations has been?

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 54 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, like I think almost every noble Lord who spoke at Second Reading, I agree that the reporting schedule set out in the Bill is completely unacceptable. In fact, I think it was possibly the only point in the entire Bill on which there was absolute unanimity. Ten years before the first report and then only every seven years thereafter is just too long. I wonder if even the Minister was...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 43 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, I will be very brief in speaking to my Amendment 46, but first, let me say that I support the amendments in the name of the noble Baroness, Lady Kramer. Frankly, they seem like normal, good practice and it is almost surprising that they are not already in the Bill. Amendment 46 is very simple. The bank’s activities will cover the whole of the UK, including the devolved nations. I...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 42A (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, I speak to my Amendment 56, which again relates to the crowding out discussions we had earlier. Amendment 55, in the name of the noble Baroness, Lady Noakes—I am pleased we are back on the same side again on this discussion—is aimed similarly, as is the amendment in the name of the noble Lord, Lord Holmes of Richmond, although his is for a one-off report rather than ongoing...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 30 (14 Jun 2022)

Lord Vaux of Harrowden: I am just trying to understand more about why the statutory basis of the bank gives it this level of operational independence. I do not think there is anything in the articles which provides that, so where does this come from—I think these were the words the Minister used—as a matter of law?

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 30 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, we have had various discussions around operational independence so far, most of which, until now, have addressed the ability of the Treasury to change the mandate within which the bank operates. Clause 4 goes directly to the heart of the Treasury being able to directly meddle in the activities of the bank. It gives the Treasury the right to “give a specific or general direction to...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 28 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, I will be very brief because the noble Lord, Lord Sharkey, has introduced these amendments eloquently, and I am not sure there is a huge amount to add. This goes back to what we talked about in the previous group: too much power for the Treasury to change things at will. You cannot have meaningful operational independence if the mandate within which the bank works can be changed...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 14 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, I thank everyone who has taken part in this short and interesting debate. I do not think the noble Viscount will be particularly surprised that I am not entirely satisfied with his response. I take the point from the noble Baroness, Lady Noakes. She is right: this is not about taking the whole of the document into the Bill or secondary legislation, but there is a balance. This seems...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 14 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, I speak to Amendments 14 and 29 in my name. I thank the noble Baroness, Lady Kramer, for her support in these. Ultimately, these amendments are aimed primarily at strengthening the operational independence of the bank. I explained at Second Reading the importance of the bank being genuinely operationally independent, so I will not repeat those arguments. The Government claim that...

UK Infrastructure Bank Bill [HL] - Committee (Continued): Amendment 12 (14 Jun 2022)

Lord Vaux of Harrowden: My Lords, this amendment goes to the core of what the UK Infrastructure Bank should be about, and I am in complete agreement with the noble Baroness, Lady Noakes, about the importance of the crowding out or crowding in of private finance, which was raised by many noble Lords at Second Reading. I am stepping in to speak on this group because it impinges on the next, in which I have an...

UK Infrastructure Bank Bill [HL] - Committee: Amendment 2 (14 Jun 2022)

Lord Vaux of Harrowden: The Minister mentioned that it will be subject to parliamentary scrutiny. What will be the mechanism for that?

UK Infrastructure Bank Bill [HL] - Committee: Amendment 1 (14 Jun 2022)

Lord Vaux of Harrowden: I am sorry to interrupt, and I thank the Minister for giving way. She has referred to the framework document a few times. Can she clarify exactly what its legal status is?

UK Infrastructure Bank Bill [HL] - Second Reading (24 May 2022)

Lord Vaux of Harrowden: My Lords, I was privileged to be a member of the EU Financial Affairs Sub-Committee when it conducted its inquiry into the impact of Brexit on our membership of the European Investment Bank. One of the key recommendations in our report was that the Government should consult on establishing a UK infrastructure bank to replace our access to EIB finance, so I am delighted that the Government...


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