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1695553

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Carbon Emissions
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the role of the financial sector, including the pension sector, in decarbonising the UK economy while safeguarding investors' interests.
tabling member printed	Baroness Drake
uin	HL3203
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government recognises crucial role of the financial sector in decarbonising the economy, whilst safeguarding investors.</p><p> </p><p>As set out in The Green Finance Strategy in March 2023, the Department of Work and Pensions have committed to hold a series of stakeholder roundtables on this matter, planned for this Spring.</p><p> </p><p>The Financial Reporting Council have also committed to undertake a fundamental review of the UK Stewardship Code 2020.</p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:37:14 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4155 label Biography information for Baroness Drake

1695554

registered interest
date	12/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England: Climate Change
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government when they anticipate the Bank of England will publish the results of its second climate biennial exploratory scenarios, the first having been published in May 2022.
tabling member printed	Baroness Drake
uin	HL3204
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government welcomes the results of the Bank’s Climate Biennial Exploratory Scenario (CBES), which has been an important milestone in assessing UK system-wide exposures and boosting firms’ capabilities to assess climate-related risk.</p><p> </p><p>Following publication of the CBES results in 2022[1], a Prudential Regulation Authority letter to CEOs[2] set out feedback on how to enhance scenario analysis and further embed supervisory expectations. In recognition that this feedback will take time to embed, the Bank has publicly stated that it will not launch a concurrent exercise in the near-term that further explores climate risks.</p><p> </p><p>The Bank also affirmed in its 2023 report on climate-related risks and the regulatory capital frameworks[3] that it will further develop its capabilities to test the resilience of the financial system to climate risks- including how scenario exercises and stress tests can help the Bank and firms understand the exposure of the financial system to risks and progress work to understand material regime gaps in the capital frameworks. Further, the Bank continues to support the development of climate scenarios as a member of the NGFS’s dedicated “Scenario Design and Analysis” Workstream.</p><p> </p><p>The Bank of England has statutory responsibilities for monetary policy and financial stability, and operational independence from the Government to carry out those objectives.</p><p> </p><p>[1] <a href="https://www.bankofengland.co.uk/stress-testing/2022/results-of-the-2021-climate-biennial-exploratory-scenario" target="_blank">CBES results</a></p><p>[2] <a href="https://www.bankofengland.co.uk/prudential-regulation/letter/2022/october/managing-climate-related-financial-risks" target="_blank">Prudential Regulation Authority letter to CEOs</a></p><p>[3] <a href="https://www.bankofengland.co.uk/prudential-regulation/publication/2023/report-on-climate-related-risks-and-the-regulatory-capital-frameworks" target="_blank">2023 report on climate-related risks and the regulatory capital frameworks</a></p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:32:24 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4155 label Biography information for Baroness Drake

1690605

registered interest
date	20/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Climate Change
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the answer by Baroness Vere of Norbiton on 25 January (HL Deb col 843), what assessment the Bank of England has made of the accuracy of the new Low Demand scenario and Fragmented world scenario published by the Network for Greening the Financial System, and whether these satisfactorily address what Baroness Vere of Norbiton referred to as "the challenges of the model ... [including the fact that] there is a higher number of independent transmission channels than previously thought and a lack of historical data", and the need to "anticipate a firm's reaction to climate change over the longer term".
tabling member printed	Baroness Drake
uin	HL2624
answer	answer is ministerial correction date of answer 29/02/2024 answer text <p>HM Treasury and the Bank of England welcome work by the NGFS to evolve and improve their climate scenarios. The NGFS scenarios have been designed in collaboration with an expert group of climate scientists and economists and are widely recognised throughout the global community. However, while the scenarios provide a useful starting point for considering how climate risks could evolve under a set of plausible outcomes, they should not be treated as forecasts, and despite significant progress in modelling capabilities, do not account for every potential implication of climate change.</p><p> </p><p>The Bank of England worked with the NGFS to publish a <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.ngfs.net%2Fen%2Fcommunique-de-presse%2Fngfs-publishes-technical-document-providing-guidance-purpose-and-use-ngfs-scenarios&amp;data=05%7C02%7Camanda.kay%40hmtreasury.gov.uk%7C703077ccb1a441bf5b2908dc33d4cba5%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638442236393215747%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=QPV3lj0aPvXXsE1R6C5HOrg9K0n8MLHwmWIDqy18iok%3D&amp;reserved=0" target="_blank">guidance note</a> in January 2024, which sets out how users should apply and adapt the scenarios within their work, including caveats to be mindful of, and where they may wish to tailor the intensity of the scenarios.</p><p> </p><p>The Bank continues to support the development of climate scenarios as a member of the NGFS’ dedicated “Scenario Design and Analysis” Workstream. The NGFS have strived to address many of the difficulties associated with climate modelling to date and continue to make further improvements with each iteration (for example, the latest Phase IV incorporated the impacts of additional physical hazards) in line with improving scientific understanding and computational capabilities, to ensure the scenarios continue to provide an important public good for public and private stakeholders.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 29/02/2024 11:39:29 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4155 label Biography information for Baroness Drake

1196858

registered interest
date	18/05/2020
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Economic Situation: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what further initiatives they will put in place to build and maintain a consensus with Parliament, devolved administrations and local governments on how the national interests can best be met as the restrictions in place to address the COVID-19 pandemic are lifted and they seek to rebuild the economy.
tabling member printed	Baroness Drake
uin	HL4569
answer	answer is ministerial correction date of answer 02/06/2020 answer text <p>Protecting the health and safety of the public is, and must always be, our top priority. The UK Government is working with the Devolved Administrations and local government to keep the whole of the UK safe. For example, back to work guidance documents have been developed in consultation with approximately 250 businesses, unions, industry leaders as well as the Devolved Administrations.</p><p>The Ministry of Housing, Communities and Local Government is working with local resilience forums to coordinate the response of local public services, and provide support to the most vulnerable in our communities. The department has published guidance here for local councils during the coronavirus outbreak:</p><p><a href="https://www.gov.uk/guidance/coronavirus-covid-19-guidance-for-local-government" target="_blank">https://www.gov.uk/guidance/coronavirus-covid-19-guidance-for-local-government</a></p><p>It is vital that Parliament can continue to scrutinise the Government and legislate to support the coronavirus response.</p><p> </p> answering member printed Lord True question first answered 02/06/2020 14:16:12 answering member 4200 label Biography information for Lord True
tabling member	4155 label Biography information for Baroness Drake

1196883

registered interest
date	18/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when they will provide greater clarity on their plans for the phasing out of current emergency financial measures and the phasing in of any further support measures, so that businesses and organisations have time to assess the implications and plan accordingly.
tabling member printed	Baroness Drake
uin	HL4594
answer	answer is ministerial correction date of answer 02/06/2020 answer text <p>As the economy re-opens, we are looking at how to adjust our support in a way that ensures people can get back to work, protecting both the UK economy and the livelihoods of the British people.</p><p> </p><p>On the Coronavirus Job Retention Scheme, the Chancellor has been clear that getting people back to work will be introduced in a measured way, avoiding a cliff edge. The scheme will run in full until July. We will then introduce more flexibility so that we move out of the scheme in a measured way that protects people’s incomes and helps support furloughed employees as they return to work. This will run for three months from August through to the end of October.</p><p> </p><p>The Government will continue to monitor developments to understand the impacts of COVID-19 on individuals and businesses.</p> answering member printed Lord Agnew of Oulton question first answered 02/06/2020 15:57:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4155 label Biography information for Baroness Drake

1189789

registered interest
date	21/04/2020
answering body	Department of Health and Social Care
answering dept id	17
answering dept short name	Health and Social Care
answering dept sort name	Health and Social Care
hansard heading	Care Homes: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they have taken to ensure alternative support will be provided if there are insufficient staff available to support residents in a care home as a result of the COVID-19 pandemic.
tabling member printed	Baroness Drake
uin	HL3306
answer	answer is ministerial correction date of answer 04/05/2020 answer text <p>We know that many social care providers are working together and with local government and health services to support each other with workforce shortages. We will further facilitate this mutual aid by shortly publishing guidance about the redeployment of staff and the use of volunteers. We are developing our data collection to provide information on workforce pressures across England, ensuring that resources can be targeted where they are most needed. Additionally, on 23 April we launched a new national recruitment campaign which aims to attract 20,000 people into social care over the next three months. To enable quick recruitment, we are temporarily providing free-of-charge Disclosure and Barring Service applications and fast-track Barred List checks for many of our vital social care roles. We are also working with NHS England to ensure that nurses returning to practice are deployed where they are most needed.</p> answering member printed Lord Bethell question first answered 04/05/2020 15:54:08 answering member 4708 label Biography information for Lord Bethell
tabling member	4155 label Biography information for Baroness Drake

1189790

registered interest
date	21/04/2020
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Carers: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to provide additional support to kinship carers who are caring for vulnerable children as a result of the COVID-19 pandemic.
tabling member printed	Baroness Drake
uin	HL3307
answer	answer is ministerial correction date of answer 05/05/2020 answer text <p>Local authorities have a general duty to safeguard and promote the welfare of children in need living within their areas. This can include support for kinship care families who look after vulnerable children. Councils across England are getting an additional £3.2 billion to help them to deal with the immediate impacts of coronavirus, including to support vulnerable children.</p><p>Kinship families whose children left care through special guardianship orders are eligible for therapeutic support through the recently announced Adoption Support Fund COVID-19 scheme. The scheme will pay for different types of therapeutic support for families whose children have experienced trauma or abuse in their early life and as a result be made more anxious during the current coronavirus crisis.</p><p>We are working with sector organisations such as the Family Rights Group and Grandparents Plus who represent kinship carers to understand the challenges and identify opportunities to increase the support available to them.</p> answering member printed Baroness Berridge question first answered 05/05/2020 15:18:49 answering member 4218 label Biography information for Baroness Berridge
tabling member	4155 label Biography information for Baroness Drake

1189791

registered interest
date	21/04/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coronavirus Job Retention Scheme
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many employees have been furloughed to date, broken down by (1) industry sector and (2) size of business.
tabling member printed	Baroness Drake
uin	HL3308
answer	answer is ministerial correction date of answer 06/05/2020 answer text <p>Applications for the Coronavirus Job Retention Scheme (CJRS) opened on Monday 20<sup>th</sup> April. As of midnight Sunday 3 May 800,000 employers had furloughed a total of 6.3m jobs, with a total value claimed of around £8bn.</p><p> </p><p>This is a new scheme and HMRC are currently working through the analysis they will be able to provide based on the data available. HMRC will make the timescales for publication and the types of data available in due course.</p> answering member printed Lord Agnew of Oulton question first answered 06/05/2020 10:57:25 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4155 label Biography information for Baroness Drake

1189792

registered interest
date	21/04/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Employment: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when they will publish data on the number of furloughed workers by (1) sector, and (2) size of enterprise. [T]
tabling member printed	Baroness Drake
uin	HL3309
answer	answer is ministerial correction date of answer 29/04/2020 answer text <p>Applications for the Coronavirus Job Retention Scheme (CJRS) opened on Monday 20<sup>th</sup> April. As of Thursday 23<sup>rd</sup> April HMRC had received about 512,000 claims with a total value of about £4.5bn.</p><p> </p><p>This is a new scheme and HMRC are currently working through the analysis they will be able to provide based on the data available. HMRC will make the timescales for publication and the types of data available in due course.</p> answering member printed Lord Agnew of Oulton question first answered 29/04/2020 13:21:08 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4155 label Biography information for Baroness Drake

1132189

registered interest
date	13/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to ensure that independent governance committees (IGCs) monitor and provide effective oversight of the suitability of all the retail fund choices available to pension scheme members through the firm which an IGC oversees.
tabling member printed	Baroness Drake
uin	HL16350
answer	answer is ministerial correction date of answer 26/06/2019 answer text The Financial Conduct Authority (FCA) introduced rules in 2015 to require contract-based pension providers to set up independent governance committees (IGCs) to address poor consumer outcomes. IGCs have a duty to scrutinise the value for money of the provider’s workplace personal pension schemes, taking into account transaction costs, raising concerns and making recommendations to the provider’s board as appropriate. IGCs have a duty to assess whether all the investment choices available, including default options, are suitable for the interests of consumers.<p><strong> </strong></p>In 2016, the FCA reviewed IGCs and found that they were “generally effective” in influencing and advancing cost reductions for members. The FCA has announced that it will undertake a further review of IGCs in 2019/20. answering member printed Lord Young of Cookham question first answered 26/06/2019 16:50:19 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4155 label Biography information for Baroness Drake