Tag: economy

Archbishop of York – free trade must also be fair trade

york-170117-bOn 17th January, Viscount Ridley asked Her Majesty’s Government “what plans they have to celebrate the bicentenary of David Ricardo’s principle of comparative advantage, and the case for free trade”. The Archbishop of York, Most Revd and Rt Hon John Sentamu, asked a follow up question. 

The Archbishop of York Does the Minister agree that the principle of comparative advantage works only if trade is not only free but also fair? Continue reading “Archbishop of York – free trade must also be fair trade”

Bishop of Leeds calls for greater integration and connectivity in northern communities

Leeds160620On the 12th January 2017 Baroness Massey of Darwen held a debate in the Lords, “that this House takes note of the Institute for Public Policy Research’s annual State of the North report, and the case for equality of opportunity and sustainable productivity.” The Bishop of Leeds, Rt Revd Nick Baines, spoke in the debate about the importance of integration and connectivity in growing a balanced northern economy. The Archbishop of York also spoke in the debate.

 The Lord Bishop of Leeds: My Lords, many of the points I wanted to make have already been made, and I will not repeat them, but I do want to emphasise one or two points. When we talk about the north, I sometimes think it is a bit like the way we talk about Africa, as if it was one monolithic place. The north is not. It is very diverse, differentiated and complex. For example, we have heard about Bradford having a very young population, 23.6% being under the age of 16. Where are the jobs for them?

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Archbishop of York calls for investment and devolution for the north of England

On the 12th January 2017 Baroness Massey of Darwen held a debate in the Lords, “that this House takes note of the Institute for Public Policy Research’s annual State of the North report, and the case for equality of opportunity and sustainable productivity.” The Archbishop of York, Most Revd and Rt Hon Dr John Sentamu, called for greater investment in and devolution to the north to create a more diverse economy that draws on the skills of northern people. 

Archbishop of YorkThe Archbishop of York: My Lords, noble Lords will not be surprised that an Archbishop of York is keen to contribute to this debate on the state of the north of England, but, as I remind myself, one title held by all Archbishops of York is Primate of England and Metropolitan.

In focusing on the north, I want to avoid any suggestion that the north and south of England can be spoken of as if a latter-day Hadrian’s Wall has been built from the Dee to the Humber. We are one nation, and I, for one, want to see the bonds and sympathies between all people of this land strengthened. It is very good that the state of the north is being debated today in your Lordships’ House. The state of the north is important because, unless we get things right in the north, the whole country will be more divided, less prosperous and unhappier. In short, the whole country needs the north to flourish.

Continue reading “Archbishop of York calls for investment and devolution for the north of England”

Bishop of Birmingham speaks in Lords debate on Chancellor’s Autumn Statement

On 29th November 2016, Lord Young of Cookham moved that the House take note of the economy in the light of the Autumn Statement. The Bishop of Birmingham, the Rt Revd David Urquhart, spoke in the debate:

Bishop of Portsmouth responds to Chancellor’s Autumn Statement

portsmouth241016On 29th November 2016, Lord Young of Cookham moved that the House take note of the economy in the light of the Autumn Statement. The Bishop of Portsmouth, the Rt Revd Christopher Foster, spoke in the debate:

The Lord Bishop of Portsmouth My Lords, after nearly three years in this House, and having had the opportunity to speak in most of the debates responding to the Budget and Autumn Statements, it is not difficult to note the tendency for some contributors to applaud proposals they consider welcome; for others to criticise proposals they consider to have sectional interest or bias; and to have the expectation—or at least the hope—conveyed that the Chancellor and the Government will, and can, do even more when they are praised for welcome initiatives. I want to do a little of that this afternoon, though recognising the restrictions the Chancellor faces. I invite the Minister, and through him the Government, to reflect on what they ought to do—I introduce a moral note in using that phrase—to repair the fractures of trust, address growing injustices that are perceived as more hurtful than inequalities, and create not just a flourishing economy but a nation where people believe there is more that unites us than divides us. Indeed, my question to the Minister is whether the Government can better articulate their rationale and approach in the important area of inequality and injustice. Continue reading “Bishop of Portsmouth responds to Chancellor’s Autumn Statement”

2016 Autumn Statement – Response from Bishop of Birmingham

david-urquhartResponding today (23rd November 2016) to the Chancellor’s Autumn Statement, the Bishop of Birmingham, Rt. Revd David Urquhart, said:

The political turbulence of the past year and lower growth forecasts have meant the Chancellor has been given limited economic room for manoeuvre. But I welcome the emphasis in the Autumn Statement on long term stability, investment in innovation, in our national infrastructure and on supporting regional growth. To be a nation living within its means is an aspiration worth keeping, even if the revised figures for deficit reduction mean that the goal of its achievement has been moved slightly further away. Continue reading “2016 Autumn Statement – Response from Bishop of Birmingham”

Bishop of St Albans asks about growing pension deficits of FTSE100 companies

St AlbansOn 13th September 2016, Lord Haskell asked the Government whether the Pension Protection Fund will be able to meet its obligations to pensioners. The Lord Bishop of St Albans, the Rt Revd Alan Smith, asked a follow up question.

The Lord Bishop of St Albans: Perhaps I may push the Minister a little more. I totally accept that the value of pension funds goes up and down according to a number of factors, but recent statistics show that 56 of the FTSE 100 companies had a combined pension deficit of £42.3 billion, which was up from £25 billion in the previous year—so growing fairly steadily. Just last year those FTSE companies were able to pay out dividends of £53 billion—a sign of their success. Does the Minister think that those companies have the balance right between shareholders and employees? If not, will the Government consider doing something about it to ensure that their responsibilities are taken more seriously? Continue reading “Bishop of St Albans asks about growing pension deficits of FTSE100 companies”

Archbishop speaks on banking reform, culture and practice

On 8th September 2016 the Bishop of St Albans, Rt Revd Alan Smith, led a debate in the House of Lords: “To ask Her Majesty’s Government what is their assessment of progress towards implementing the recommendations contained within the report of the Parliamentary Commission on Banking Standards, Changing banking for good.” The Archbishop of Canterbury, Most Rev & Rt Hon Justin Welby spoke in the debate, having previously served on the Parliamentary Commission on Banking Standards.

The Bishop of St Albans’ opening speech and the response of the Minister can be read here.  

abcbankingstandardsThe Archbishop of Canterbury: My Lords, I add my congratulations to those of other noble Lords on the appointment of the noble Lord, Lord Ashton, as the Minister at DCMS. I have no doubt that we will come across each other again as “C”, “M” and “S” all seem to cover the Church in various forms. I should also say that I served on the Parliamentary Commission on Banking Standards and had the very good fortune to do so with the noble Baroness, Lady Kramer, from whom I learned a great deal. I am also chairman of the Church Commissioners, who were involved in seeking to buy some of the spin-off assets of the Royal Bank of Scotland.

I am grateful to the right reverend Prelate for arranging this debate. I agree entirely with his speech and indeed with the other four speakers that have been made before mine. I shall try to avoid repeating what they said. As we know, and as previous speakers have said, the key issue is banking culture. Culture comes from actions and decisions, and actions and decisions feed into culture. There is no doubt that changes introduced by the Government and the Bank of England have been extensive, and in many cases very effective. However, there are four linked areas, all of them around “too big to fail”, leading to what must be the long-term aim of ensuring that the Government do not have a contingent liability with respect to large banks that would result in them needing to provide support in the event of serious problems, as they had to do in 2008 at such cost. Continue reading “Archbishop speaks on banking reform, culture and practice”

Bishop of St Albans leads debate on banking reform

On 8th September 2016 the Bishop of St Albans, Rt Revd Alan Smith, led a debate in the House of Lords: “To ask Her Majesty’s Government what is their assessment of progress towards implementing the recommendations contained within the report of the Parliamentary Commission on Banking Standards, Changing banking for good.”

The Bishop’s opening speech is below, followed by the response of the Minister. Other members spoke in the debate, including the Archbishop of Canterbury (speech here) who had served on the Parliamentary Commission on Banking Standards.

Bishop St Albans June 2015The Lord Bishop of St Albans: My Lords, I start this debate by saying how pleased I am to see the Minister responding today in his last time in his present role, although I look forward to working with him when he takes up his new duties at DCMS.

We are now three years on from the publication of the parliamentary commission’s report Changing Banking for Good. Thanks to the decisions made by this and previous Governments, our banking system is taking tentative but important steps along the road to recovery. We must not forget, however, the blunt summary in the report which laid out the scale of the problems with banks over the previous decade:

“Banks in the UK have failed in many respects. They have failed taxpayers, who had to bail out a number of banks including some major institutions, with a cash outlay peaking at £133 billion, equivalent to more than £2,000 for every person in the UK. They have failed many retail customers, with widespread product mis-selling. They have failed their own shareholders, by delivering poor long-term returns and destroying shareholder value. They have failed in their basic function to finance economic growth, with businesses unable to obtain the loans that they need at an acceptable price”.

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Bishop of St Albans questions government about executive pay

St Albans 2On 8th September 2016, the Bishop of St Albans, the Rt Revd Dr Alan Smith, asked Her Majesty’s Government “how they intend to address the gap between the remuneration of senior executives and their employees”. Baroness Neville-Rolfe responded for the Government. Her comments can be seen below, along with the follow up questions from other Members.

The Lord Bishop of St Albans: To ask Her Majesty’s Government how they intend to address the gap between the remuneration of senior executives and their employees.

Continue reading “Bishop of St Albans questions government about executive pay”