Speeches by Newbury.

“We have an upcoming report, we understand, into the phasing out of using animals in research, which is much awaited. Could you tell us about how that is going to balance that really lofty ambition with existing scientific capabilities and resources in the UK?”

“That is really welcome to hear. My local authority, Cannock Chase District Council, has a really good record on this, with a really strong set of officers who pursue things, so the fact that they are going to have that kind of strength and powers to deal with it is really welcome. Chair, Helena wanted to ask one questi…”

“One particular pressure on animal welfare legislation in general is on local authorities, because they have a huge role in enforcing this, and the pressures on them are clear for all to see. They often cannot maintain proper enforcement and deterrence by themselves. For example, the British Veterinary Association has h…”

“This is something that has a lot of interest out there. I am sure that your inbox is as full as ours of messages from passionate constituents who want to push the Government to do as much as possible on animal welfare. I am aware, of course, that the Government are supporting several private Members’ Bills that will st…”

“It is a pleasure to serve under your chairship, Mrs Harris. I thank the hon. Member for South West Devon (Rebecca Smith) for enabling us to speak on this subject. I declare an interest as an adoptive parent and foster carer. That experience has shown me the transformative effects that adoption can have and the immense …”

“It is a pleasure to serve under your chairmanship for the first time, Mr Mundell. According to the Rainbow Map, which ranks European countries based on their legal and policy practices for LGBT people, the United Kingdom is now as low down as 22nd. We should bear in mind that just 10 years ago we were at the top of tha…”

“I thank my hon. Friend the Member for Croydon East (Natasha Irons), a fellow ageing millennial, for securing this debate. I speak not only as a parent who would love to see well-funded youth services, but as somebody who has witnessed the consequences of short-term thinking when it comes to youth services. In 2014, Con…”

“It is a pleasure to serve under your chairmanship for the first time, Mr Stringer. I thank my hon. Friend the Member for Rotherham (Sarah Champion) for securing this debate, and for her frank and wide-ranging speech. I will use my time to highlight the significant and growing concerns within the hospitality sector, par…”

“We would like to return to this discussion around KKR. Obviously, we have spoken a lot about it this morning but there is still some clarity that we need to get. KKR has obviously been designated as the sole bidder, in effect. Is that because KKR offered senior bondholders a smaller haircut? So in other words, it is of…”

“Yes, thank you, Chair. Just finally, Chris, you have painted a very concerning picture. This clearly is not a pension scheme that is in good health. It is not unique there, but it is obviously very concerning to staff. I asked earlier about staff headcount, pay, terms and conditions, but can you assure your staff, past…”

“Again, through the potential change of ownership, the concerns that we have expressed about KKR’s ownership, will you make the case to it?”

“To ensure that pensions are as they are now?”

“Okay, well on that point we understand that CKI was an alternative bidder. It was expecting a far bigger haircut because it wanted to reflect the extremely strained state of the business. So is this really about getting a new owner that understands the state of Thames Water, or is it about making sure that everybody wh…”

“Okay, thank you for that clarity. Recently, a peer and accountant, Lord Sikka, told the Lords that KKR’s business model is, “Profiteering, high leverage, low investment, asset stripping, and high cash extraction.” As you mentioned, KKR previously owned South Staffs Water, which is my local water company, for five years…”

“For a company like KKR, the size that it is and the way it operates, taking dividends out is small fry, really. It is looking for the sale price at the end of its ownership period. Sometimes these things are shrouded in mystery, but it is pretty clear publicly that KKR expects to make a profit selling Thames in seven t…”

“Thames is clearly a company that needs long-term stability and stewardship in what is going to be a very difficult period, as you have said. Yet it is clear that KKR will be in it for a quick return and a quick exit. Is that really the right approach? To me that seems reckless.”

“But the best predictor of future behaviour is past behaviour, and as I said, KKR has a long history of quick exit from companies to make a profit.”

“You mentioned that Ofwat might look more favourably on listing, but it has also said that it is concerned that there is only one bidder left in this process, and that there is no ongoing competition. You have kind of effectively ruled everybody else out very early on in the process. Do you have any comments to make on …”

“The alternative view could be that it is trying to spot opportunities to extract as much value from the business as possible, given that it wants a quick exit. But I would like to move on, if I may, to my final question. Sir Adrian, you mentioned KKR’s existing shareholdings in Northumbrian Water which we understand is…”

“Okay, thank you.”