Steve Darling is the Liberal Democrat MP for Torbay.
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Growing the economy is one of the essential duties of the Government, and the levy is a key part of ensuring that productivity is part of that agenda. The levy gives the opportunity to grow core industries and infrastructure, and to change our economy so that we become more environmentally sound, tackle climate change and have a cleaner economy, which is essential. Many of the jobs included in the levy help achieve that. Colleagues have already alluded to the more than 1 million NEETs that are in our communities, and we know that this issue can be tackled through the levy.
Full debate: Employment and Training
The Liberal Democrats are keen to ensure opportunities. The Government should be ensuring that there are baskets of opportunities to invest in things that matter to our communities, whether regenerating our town centres or social rented housing. We know that people such as Legal & General lead the market in those investments; we need to think about how we can enhance those opportunities. We must also ensure that we are investing in net zero, which is close to the heart of several parties. Again, the Government should be shaping the market in that way rather than dictating. While the Minister alludes to this as a one-shot opportunity, other colleagues are fearful that mandation is the thin end of the wedge.
Full debate: Pension Schemes Bill
Yes. Let me reflect on the three areas that we need to be driving in particular. The first is our green energy approach, which the Government have made significant steps on. I am disappointed that the previous Government had a policy that did not prioritise the new schemes. A number of zombie schemes were sticking in the system. We need only look at the shock to our economy.
Full debate: Productivity and Economic Growth: East Midlands
It is a pleasure to serve under your chairmanship, Mr Stringer. I congratulate the right hon. Member for Salisbury (John Glen) on obtaining the debate, which has been quite enlightening; his liberal views on the way forward for pensions are very welcome. The Liberal Democrats are keen to see investment in our British economy, and we are particularly exercised about the need for investment in social rented housing, our high streets and climate change. From my own patch, I reflect on the conversations I have had with our high-tech cluster in Torbay, which often faces challenges in getting investment and getting the right vehicles to support it.
Full debate: Pension Investment in UK Equities
Clearly, fraud is wrong. Some people believe that fraud against large organisations such as supermarkets and the Government is a victimless crime, but if we do not have that money, because it has been fraudulently claimed, we have to apply larger taxes or choose not to spend money on things such as tackling climate change. It is therefore important that it is tackled, but we need to ensure that we have two words guiding us: proportionality and fairness. We as Liberal Democrats still have grave concerns that elements of the Bill are not as proportionate as one would wish.
Full debate: Public Authorities (Fraud, Error and Recovery) Bill
As the Liberal Democrat spokesperson, and echoing the hon. Member for Wyre Forest, I broadly welcome the thrust of the Bill. We heard in evidence that a lot of the industry is playing catch-up and is about 15 years behind those who are best in class. As Liberal Democrats, we are keen to make sure that we are supporting particularly those who are more challenged in being able to save or to make the right decisions, and that we use what levers we can to tackle issues such as climate change and cleaning up our environment. We look forward to working with colleagues on this Committee.
Full debate: Pension Schemes Bill (Third sitting)
with the goals of the Paris Agreement on climate change and clean energy;”.
This amendment, with Amendment 270, would require pension funds and managers to show whether their portfolio investments are consistent with the Paris Agreement.
Full debate: Pension Schemes Bill (Fourth sitting)
In tabling these amendments, we wanted to make sure that we calibrated them carefully. It is not about giving a clear instruction that says, “You must do this”; it is about ensuring that investors are alive to the Paris agreement on climate change and clean energy and that our water companies are complying with cleaning up our rivers and seas. Introducing a duty to report on how funds are having an impact on that would ensure a level of awareness without dictating to investors and thereby having an impact on the fiduciary duties that trustees should clearly have.
Throughout the Bill, the Government have quite rightly highlighted how pensions can be a force for good for our economy and for those who invest in it. The amendments would reinforce that approach. On climate change, clean energy and cleaning up our seas and rivers, the amendments are writ much larger, without interfering in where the money should be invested.
Full debate: Pension Schemes Bill (Fourth sitting)
Climate change is an existential threat to humanity, and although sewage may not be such a threat, it is still a significant issue; indeed, it is a wicked issue that needs to be tackled by our society as a whole. I wish to press the amendment to a vote, to show the Committee’s intent ahead of the Bill’s next stage.
Full debate: Pension Schemes Bill (Fourth sitting)
The final area I will explore is investing in our economy, because growth is clearly absolutely essential. If our pension industry can be part of what oils the wheels of growth, that is to be welcomed. As Liberal Democrats, ensuring that we drive the social rented housing that is desperately needed and our high streets and see if those can be areas that benefit from investment is absolutely essential. However, we have concerns around mandation—colleagues have already raised this point, and I agree with them. The Minister has said positive things around mandation, and we look forward to unpicking that in Committee with him, but we believe that part of that is about ensuring transparency. As Liberal Democrats, we would like to ensure that there is clear evidence of how pensions are helping us to prepare for and tackle climate change in a positive way.
Full debate: Pension Schemes Bill
One wicked issue that faces us is pollution in our seas. While we have those lovely blue flag beaches, from time to time—particularly with climate change and the propensity towards heavier water use in the summer—our sewage system gets overwhelmed. It is a great sadness that locals have to look on the Surfers Against Sewage app to determine when it is safe to swim in our seas. We also face wicked issues and challenges in our NHS, including our crumbling hospital.
Full debate: Coastal Communities
The Liberal Democrats want the introduction of a social tariff that supports pensioners in poverty and pensioners on benefits. We also want to ensure that the whole United Kingdom has a home insulation scheme that gets people warmer in their homes, tackles climate change and gives employment across the country for those who need it. We call upon Members to back the motion and ensure that winter fuel payments go back to pensioners, where they should be.
Full debate: Winter Fuel Payment
There is also the fact that, when you give workers a collective voice, they are more likely to work with employers on things such as the introduction of new technology. How are we going to get to net zero in a way that secures good-quality employment? What does that mean for training? It really does open up the potential for much more productive working relationships.
Full debate: Employment Rights Bill (Second sitting)