Speeches by Baldwin.

“One of the most exclusive financial products is access to financial advice. Something like 90% of the population do not get financial advice. I know you have been trying to take steps to make that a more inclusive product. Could you update the Committee on that?”

“We are looking at a Bill that the Government’s own impact assessment says might have a bit of a “chilling effect” on inward investment into the sector. We should all want to have inward investment into our economy. If someone who we regard as an excellent owner of this business should come in and make an offer that is …”

“Yesterday we discussed amendments in which we sought to rein in some of the unfettered powers that the Secretary of State is taking for himself in this legislation. Today’s amendments are about trying to rein in the unfettered liability and financial risk that this legislation puts on the taxpayer. For example, amendme…”

“I take issue with where the hon. Member is coming from on that, because by putting a sensible and finite limit on the amount per employee—and I will speak later to another amendment where we propose an overall limit—we are talking about the amount that has been set by the Chancellor through the spending review envelope…”

“My right hon. Friend is absolutely right, and I know the Minister to be an extremely reasonable man, so I am sure he will agree with our amendment. New clause 12 would place a firm cap on the total financial assistance that can be provided under the Bill, limiting it to £2.5 billion. As I am sure the hon. Member for Mo…”

“We do not think the British taxpayer should be exposed to unknown and escalating costs without clear disclosure.”

“I beg to move amendment 21, page 1, line 6, leave out “of or including” and insert “predominantly of”. This amendment would narrow the definition of a steel undertaking so that it had to be a business consisting predominantly of the manufacture or processing of steel, or iron for the purposes or in connection with the …”

“New Clause 8”

“If I may, I would also like to speak to the other amendments in my name and those of my hon. Friends, and, before I do that, approach the Bill with the serious concern it deserves. Today’s amendments reflect some of the points the Opposition made on Second Reading: that the Bill is a chaotic, unplanned intervention tha…”

“The hon. Gentleman has got his point on the record.”

“Contingent liabilities”

“Amendment 17 would require the Secretary of State to publish the full details of the criteria used to judge whether nationalisation is in the public interest before exercising the powers. The amendment addresses the unchecked powers and lack of clarity in the Bill. It would ensure that Parliament and the public could e…”

“Agreeing amendment 16 would mean that nationalisation could be considered to be in the public interest only if the National Audit Office determined that it would deliver value for money for the British taxpayer. Our amendment would introduce an explicit taxpayer protection test to ensure that Ministers could not procee…”

“As a west midlands MP, I absolutely recognise that. In fact, I was with a constituent in Worcester on Friday, Mr Michael Outwin of Industrial & Tractor Ltd, who is going to have to pay a 50% tariff. I tried to table some amendments on the tariff regime, but unfortunately, they were not orderly, so I will limit myse…”

“Amendment 12 would remove provisions allowing the Government to extend the sunset clause for nationalisation powers, which can currently be extended time and again. The amendment would ensure that those extraordinary powers remain strictly time limited. I am sure the Minister will want to accept the amendment, because …”

“Amendment 18 would require regulations relating to continuity obligations to be subject to the affirmative rather than the negative procedure. Given the enormous scale of intervention in the Bill, the amendment would address the insufficient democratic scrutiny and strengthen parliamentary oversight of potentially intr…”

“Finally, Dame Caroline, new clause 8 would require the Secretary of State, before nationalisation, to publish a statement to Parliament on contingent liabilities. Nationalisation could saddle the state with significant contingent liabilities and long-term financial risks, making up-front disclosure to Parliament essent…”

““to minimise taxpayer exposure to any contingent liabilities so acquired.””

“Amendment 15 would require the Secretary of State to commission an independent assessment to prove that nationalisation is in the public interest before the exercise of transfer powers. Industry figures have warned that nationalisation could cost billions of pounds and burden British taxpayers with large contingent lia…”

“with “means”. It is a subtle difference, but one that would restrict the public interest test strictly to the listed criteria. As it stands, the public interest test is very widely defined. Amendment 14 would prevent Ministers from expanding the definition of public interest at will by ensuring that the trigger for nat…”