Author: parliamentaryunit

Financial Services and Markets Bill: Bishop of St Albans speaks on cryptocurrency, access to cash, credit unions, and net zero

The House of Lords debated the Financial Services and Markets Bill in its second reading on 10th January 2022. The Bishop of St Albans spoke in the debate concerning issues of access and regulation:

The Lord Bishop of St Albans: My Lords, theologians sometimes discuss the personal and social ethics in the teaching of Christ under the three headings of money, sex and power, those three areas which can be the most extraordinary gift and blessing when used rightly and for the common good but which, when they are an end in themselves, can become extraordinarily disruptive. Of these three areas, Christ had most to say about money, as its use reveals our values as individuals and as a society, often in a very stark way. A close reading of this Bill reveals a set of cultural assumptions and values about what is considered important and valuable. There are four areas that I want to highlight and which we need to consider if a growing and vibrant financial sector will work for the common good.

First, on crypto asset regulation, as others have said, we need to act fast both to protect our citizens and so that we do not fall behind the rest of the world. The problem at the moment is that the almost complete lack of regulation means that, for many people, crypto- currencies are just another form of gambling. The recent collapse of FTX has demonstrated the volatility of this market and its vulnerability to fraud. Some have made a fortune, while others have lost their life savings and will now be looking to the state to provide for them. Just as we need a sensible and balanced approach to the regulation of online gambling, so we need sensible, balanced regulation of crypto- currencies. The provision in this Bill to ensure that crypto is treated as a regulated activity and giving the FCA and the PSR the power and, as others have noted, the resources to do their work and to protect customers, is welcome.

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Financial Services and Markets Bill: Archbishop of Canterbury stresses importance of serving the common good

On 10th January 2023, the House of Lords debated the Financial Services and Markets Bill in it’s second reading. The Archbishop of Canterbury spoke in the debate, highlighting the need for good practice and quality of service in the finance industry:

The Lord Archbishop of Canterbury: My Lords, this year marks the 10th anniversary of the final report of the Parliamentary Commission on Banking Standards, Changing Banking for Good. I declare my interest having served on that commission, and I welcome the presence in this debate of the noble Baroness, Lady Kramer, who also served, as did the current Lord Speaker. I also welcome the maiden speeches of three noble Lords today: the noble Lords, Lord Ashcombe and Lord Remnant, and the noble Baroness, Lady Lawlor.

We need to remember that the extraordinary crisis in 2008—which led to the various commissions, reports and changes in regulations, including the financial services Act 2013, in which the Parliamentary Commission on Banking Standards played a part—caused huge and ongoing crises. While welcoming the Bill very strongly, I join some of the hesitations mentioned by the noble Lords, Lord Hunt, Lord Sharkey and Lord Vaux. It has been estimated that the financial services industry, and particularly the major banks, have an effective subsidy as a result of the implicit government guarantee that they receive, which is worth approximately £30 billion a year. If there is £30 billion a year going spare, many other industries and not a few churches would welcome that very warmly. However, that subsidy, which is at the risk of the taxpayer, as we saw in 2008 and 2009, is what gives the result of the banks having heavy social obligations; we must look carefully at that when the Bill reaches Committee, as has already been said. The issues of inclusion, stability and access at all levels, especially for micro-businesses, are very important, not least for levelling up.

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Bishop of Chelmsford asks about funding for chaplaincy support for prisoners re-entering the community

The Bishop of Chelmsford asked about support for prisoners re-entering the community on 10th January 2022, during a debate on prison chaplaincy:

The Lord Bishop of Chelmsford: My Lords, on Christmas Day, I was pleased to be able to visit my local prison and young offenders’ institute in Chelmsford, where I was taking a service. I had several conversations with both prisoners and members of staff who expressed concern about ensuring continued support for those who are leaving prison and re-entering the community. As the work of multifaith community chaplaincy and indeed the Welcome Directory continues to be developed to support those leaving prison, can the Minister say what discussions there have been, if any, regarding possible funding support from HMG?

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Bishop of St Albans asks about the BBC World Service in the Arab States

The Bishop of St Albans received the following written answer on 10th January 2023:

The Lord Bishop of St Albans asked His Majesty’s Government what assessment they have made of the strategic importance of the BBC World Service during the Arab Spring protests.

Lord Ahmad of Wimbledon (Con): The FCDO strongly values the BBC World Service’s role in bringing high quality and impartial broadcasting to global audiences, particularly where free speech is limited. The Integrated Review stated that the BBC’s foreign language services are part of what makes the UK a soft power superpower.

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Bishop of Chelmsford asks about debt management process for universal credit recipients

The Bishop of Chelmsford asked a question on reform to debt management for universal credit recipients during a debate on food banks and the rise in poverty on 9th January 2023:

The Lord Bishop of Chelmsford: My Lords, given the data published by the Trussell Trust in December which revealed that 57% of people referred to food banks who are in receipt of universal credit face government deductions from their or their partner’s benefits income, could the Minister outline what steps the Government will take to reform the debt management process for universal credit?

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Bishop of St Albans asks about undocumented migrants

The Bishop of St Albans received the following written answers on 9th January 2023:

The Lord Bishop of St Albans asked His Majesty’s Government, following the Prime Minister’s statement on illegal migration on 13 December, whether they will respond to the United Nations High Commissioner for Refugees’ appeal to the UK to uphold its legal obligations.

Lord Murray of Blidworth (Con): I can assure the Honourable Bishop that the statement is under consideration and any response deemed necessary will be made by the Government in due course.

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Bishop of St Albans asks about school milk programmes

The Bishop of St Albans received the following written answer on 9th January 2023:

The Lord Bishop of St Albans asked His Majesty’s Government what estimate they have made of the number of children under five years old who benefit from the provision of free school milk; and what plans they have to expand that provision.

Lord Markham (Con): Approximately 810,587 children received a portion of milk through the Nursery Milk Scheme every school day during 2021/22. There are no plans to expand the provision.

Hansard

Bishop of Durham asks about funded early years childcare for families with no recourse to public funds

The Bishop of Durham received the following written answer on 9th January 2023:

The Lord Bishop of Durham: To ask His Majesty’s Government how many children subject to no recourse to public funds (NRPF) conditions in receipt of 15 hours a week of free early education are British citizens.

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Bishop of St Albans asks about school breakfast programmes

The Bishop of St Albans received the following written answer on 9th January 2022:

The Lord Bishop of St Albans asked His Majesty’s Government what plans they have to expand the National School Breakfast Programme.

Baroness Barran (Con): The government is committed to continuing support for school breakfasts and has extended the National School Breakfast Programme (NSBP) for an additional year in November. We are investing up to £30 million in our national school breakfast programme until the end of the summer term in 2024. This funding will support up to 2,500 schools in disadvantaged areas, meaning that thousands of children from low-income families will be offered free nutritious breakfasts to better support their attainment and wellbeing.

Hansard

Bishop of Coventry asks about former president imprisoned in Georgia

The Bishop of Coventry received the following written answer on 9th January 2023:

The Lord Bishop of Coventry asked His Majesty’s Government what representations they have made to the government of Georgia, if any, for the release from prison on health grounds of Mikheil Saakashvili, the former president of that country.

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