I want to write to Lord Hodgson of Astley Abbotts
Lord Hodgson of Astley Abbotts: ...of technology, but it will eventually run out. Successive Governments and the country as a whole have benefited from the oil. Estimates of the revenue flows are around £400 billion. But every penny of that revenue has been spent—every penny. The debate on whether it has been spent well or foolishly would occupy your Lordships’ House for many a long day—but that is not a point for...
Lord Hodgson of Astley Abbotts: ...from nature will have been entirely consumed. Successive Governments and the country have benefited hugely from this oil. Estimates of the overall revenue run as high as £400 billion, but every penny of that revenue has been spent. A debate on whether it has been wisely or foolishly spent would occupy your Lordships’ House for many a long day. That is not the point this evening. The...
Lord Hodgson of Astley Abbotts: ...they do so safe in the knowledge that the existing Crown preference will safeguard them. If it is withdrawn, they may have no reason not to enforce their position to the day, the letter and the penny. Therefore, to make the change of real impact the Government need to find a way to encourage a fresh attitude by the Inland Revenue and Customs and Excise to struggling businesses which are...
Lord Hodgson of Astley Abbotts: ...difficulties. There are two much more significant points arising out of that comment about Barings. First, we must remember that in the end not a depositor, saver, creditor nor a customer lost a penny. ING bought the business—the market worked. The losers were the shareholders—the moral hazard again. Secondly, with great respect to the noble Lord, Lord Brennan, and other noble Lords...