I want to write to Lord Vaux of Harrowden
Lord Vaux of Harrowden: ...Davis MP said that the Commons had “in effect delegated large parts of the work on this important Bill to the House of Lords”.—[ Official Report, Commons, 29/11/23; col. 888.] That is our job, and I believe that we do it well. I hope the Minister will engage constructively with the very genuine concerns that have been raised. We must get this Bill right. If we do not, we risk...
Lord Vaux of Harrowden: ...fraud and in treating victims promptly and fairly. This would not introduce a significant additional burden; the PSR will have all this information anyway, so reporting it is not a significant job. However, the benefits to consumers of making this information public are potentially significant. When we discussed this in Committee on 13 March, the Minister stated in relation to the impact...
Lord Vaux of Harrowden: ...resources; we will come on to that in the next group, but she is quite right. This would really help because, if the independent information were available to the committees, it would save them the job of doing all the sifting and all the rest of it, and they would be able to concentrate on the bits that really matter. Even with the amendments proposed by the Government, I do not think...
Lord Vaux of Harrowden: ...the end result—what options will be chosen, whether we decant or not, the level of accessibility and so on. Those decisions are for the next stage, once the delivery authority has done its job in providing us with a range of options. This proposal is about how we get to that point and ensure that we are able to take the right decisions. I am sure that some will think we already know what...
Lord Vaux of Harrowden: ..., Lord Hodgson of Astley Abbotts, and to speak to my very similar Amendment 61. Both relate to pre-packs. The Minister said yesterday that pre-packs are “a useful tool that allows businesses and jobs to be saved.”—[ Official Report, 16/6/20; col. 2092.] I do not think that anyone disagrees with that. Equally, few disagree that pre-pack deals with related parties involve clear...
Lord Vaux of Harrowden: ...a list of creditors to the list of relevant documents that must be provided to the court when applying for a moratorium. This would be a simple and practical way of assisting the monitor to do his job, and in particular, to notify the creditors without delay. It is hard to see any downside to this and really it should be accepted. Finally, I support Amendment 21, in the name of the noble...
Lord Vaux of Harrowden: .... The final tally is likely to be much higher; there are suggestions that more than £1.5 trillion in assets has already been moved. Studies also suggest that at least 7,000 financial services jobs have already been moved. That does not include the new jobs created in other countries that would have been created here but for Brexit. New Financial expects the headline numbers to increase...
Lord Vaux of Harrowden: ...the small sheep farmer in Cumbria? What about the rural business providing services to that small farmer? It is the poorest who will feel the impacts of this. These numbers will translate into real job losses, real impacts on livelihoods and, most importantly, reduced opportunities for our younger generation. Like many noble Lords, I have enjoyed the right to study, live and work in...