In a week where the news has been dominated by violent scenes in Northern Ireland and debates over defence spending – leading to the resignation of the Defence Secretary – here are three developments in Parliament which you might have missed.
Ring-fencing concerns raised
The Financial Services and Markets Bill had its Second Reading in the House of Lords on Monday.
As DeHavilland previously expected, concerns over reforms to the bank ring-fencing scheme were raised during the debate.
These concerns crossed party lines, with Labour Peer Lord Eatwell and Conservative Peer Lord Kamall both asking questions of the Government on the planned reforms. Meanwhile, Conservative Peer Baroness Noakes and non-affiliated Peer Baroness Morgan of Cotes spoke more warmly on the reforms.
Defending the policy, Investment Minister Lord Stockwood highlighted Sir Keith Skeoch’s review, which called for better alignment between ring-fencing and the resolution framework. He emphasised that the safeguard of retail banking from riskier investment banking activities will remain.
Despite this, amendments on the issue are likely at Committee Stage – which will begin on 22 June – with Labour Peer Lord Tunnicliffe already expressing his intention to produce them.
Steel Bill makes its way to the Lords
The Steel Industry (Nationalisation) Bill completed its passage through the Commons this week and will now progress to the Lords.
Introduced in last month’s King’s Speech, the legislation will give ministers the power to bring businesses like British Steel into public ownership.
While the Bill moved smoothly through the Commons, reports were circulating on Wednesday that the Government is planning to remove some planned steel tariffs in a bid to reduce costs for manufacturers. This may well cause some controversy if it goes ahead, since the tariffs were originally proposed to protect British producers.
Such concerns would likely be raised, tangentially, as the Bill makes its way through the Lords; its Second Reading is due there on 16 June.
Minister defends homelessness strategy
Alison McGovern appeared before the Housing, Communities and Local Government Committee on Tuesday, where she defended the Government’s homelessness strategy.
While the Government’s aim to halve long-term rough sleeping by the end of the Parliament remains, McGovern confirmed there were no targets to measure milestones along the way. Instead, she set out the key levers in improving the situation, such as increased housebuilding and improving incomes.
She also pointed to progress in temporary accommodation, highlighting the 63% reduction in families placed in B&Bs beyond the six-week statutory limit.
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