Lord Lawson of Blaby: My Lords, I shall follow the noble Lord, Lord Hollick, our new chairman—who I welcome most warmly to a job that he has been carrying out with aplomb and finesse—and my noble friend Lord Shipley in paying tribute to my old and noble friend Lord MacGregor. He knows what a high regard I have for him. From the bottom of my heart, I thank him for his brilliant service as chairman of the...
Lord Lawson of Blaby: I think that the noble Lord has already had a go. Is it not the case that the agreement on climate change, happily, does not amount to a row of beans? The official conclusions say that, “all Member States will participate in this effort, balancing considerations of fairness and solidarity”. In other words, there is no target for any individual member state, and I commend the Government...
Lord Lawson of Blaby: My Lords, I echo my noble friend Lord Teverson in welcoming the agreement reached within Europe the other day because it was clearly non-binding, as the noted energy expert Nick Butler has pointed out in an excellent article in today’s Financial Times. It is non-binding in two ways: it applies to the European Union and not to any of the member states, where decisions are in fact taken; and...
Lord Lawson of Blaby: My Lords, the noble Lord, Lord Ezra, has rightly drawn the attention of the House to a truly alarming state of affairs, which is the direct result of subordinating over a number of years energy policy to the damaging, fundamentally immoral and futile demands of the Climate Change Act. Has my noble friend had time to study the outstanding GWPF lecture given by our right honourable friend Owen...
Lord Lawson of Blaby: My Lords, this is a relatively brief but remarkably wide-ranging debate. The most important thing, however, in my judgment, is to pay tribute to my noble friend Lord MacGregor, because this is something of a valedictory occasion. He described himself as the retiring Chairman of the Economic Affairs Committee of your Lordships’ House. While his manner is always attractively modest, I have...
Lord Lawson of Blaby: My Lords, it may be difficult for the party opposite and my noble friends on the Liberal Democrat Benches to understand, but taxation has one purpose, and one purpose only, which is to raise revenue. The Minister said his memory is not very good, so may I remind him that when in 1988 I reduced the top rate of income tax from 60% to 40%, it brought in much more revenue and also resulted in the...
Lord Lawson of Blaby: My Lords, my noble and learned friend Lord Mackay is absolutely right, as is the noble Lord, Lord Rooker—the two things go together. When I was Chancellor some years back, I reduced tax rates substantially, eliminated a whole range of allowances and indeed abolished some stupid taxes altogether, and the result was a great increase in revenue. However, is there not another point? If, after...
Lord Lawson of Blaby: My Lords, while it is certainly very desirable that more houses are built in this country, does my noble friend not agree that the real problem is still the unmet need to streamline and speed up the planning process? Would it not be a good idea if all sides of the House would put pressure on this?
Lord Lawson of Blaby: My Lords, is it not simply the case that the 0.5% policy rate was a crisis rate, set because of the economic crisis in which this country was plunged, and the fact that we are now likely gradually to come to more normal rates of interest is a tribute to the fact that we are successfully emerging from that crisis?
Lord Lawson of Blaby: My Lords, is it not high time that the Government recognise that there is no point in damaging British industry and hurting the poor by setting an example which most of the rest of the world has not the slightest intention of emulating?
Lord Lawson of Blaby: My Lords—
Lord Lawson of Blaby: My Lords, I thank my noble friend Lord Howell for his characteristic courtesy. Is my noble friend aware that her reference to the Intergovernmental Panel on Climate Change is wholly mistaken? Is she aware that the latest IPCC report explicitly states that estimates of the aggregate economic impact of climate change are relatively small and that moderate climate change, which is what it...
Lord Lawson of Blaby: My Lords, I welcome my noble friend Lord Jenkin’s point about the important report by this House’s Economic Affairs Committee published today on shale gas and our indigenous resources. This is a massive opportunity for this country. Does the Minister agree with the committee that unless the Government streamline the regulatory system and unless they get their act together, this massive...
Lord Lawson of Blaby: My Lords, is it not clear that my noble friend the Minister is completely mistaken in saying that it is not a question of mitigation or adaptation but both? There are competing claims on resources, and we have to decide which is our priority. Is it to decide single-handedly to decarbonise the world and thus, to no useful purpose, push up British energy prices, make fuel more expensive for...
Lord Lawson of Blaby: My Lords, en passant I express my gratitude to my noble friend Lord Ridley. If I may say so, the Minister is quite mistaken in suggesting that the alternatives are either decarbonisation or doing nothing. The IPCC report says very clearly, first, that climate change is far less serious than other changes affecting the world at present and, secondly, that the most sensible response is...
Lord Lawson of Blaby: My Lords, I am delighted to hear my noble friend say that we need to get ahead with the exploitation of our shale gas resources—their exploration, appraisal and development —which, as the Geological Society pointed out, we have in abundance. However, is it not time to follow up words with deeds, to sort out our immensely cumbersome and unnecessarily complicated regulatory system and to...
Lord Lawson of Blaby: My Lords, I welcome the Prime Minister’s recognition that it is necessary and desirable to press ahead as fast as possible with the development of the UK’s indigenous shale gas resources, not merely because it will be good for the economy, but on geopolitical grounds because it will lessen the West’s reliance on Russian gas. However, is it not shameful that so far there has been only...
Lord Lawson of Blaby: My Lords, my noble friend Lord Taverne asked my noble friend the Minister to commend the French for their high-price wine policy. I commend them for their low-price wine policy. At home in France, I buy a very good everyday drinking wine from my local wine grower for €8 for a five-litre box.
Lord Lawson of Blaby: My Lords, I need not detain the House long because, I am glad to say, my noble friend the Minister has met pretty well in full the points that we made at earlier stages of the Bill. I am extremely grateful to him for that. There is a real mischief in the huge range of costs which bear no relation whatever to investment performance incurred in different pension schemes. It has always been...
Lord Lawson of Blaby: My Lords, while the operational independence of the Bank of England on monetary policy is of the first importance, would my noble friend consider saying gently to the governors that their authority would be greater and the effectiveness of monetary policy enhanced if they were to talk rather less about matters that are market sensitive?
