Bill Esterson
Main Page: Bill Esterson (Labour - Sefton Central)Department Debates - View all Bill Esterson's debates with the Department for Education
(11 years, 4 months ago)
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Vince Cable
The general principle of account portability and its being voluntary is absolutely right. I am aware that some banks are currently discharging their customers against their will, which is bad business practice but not something we can stop. I am not sure what particular objection the hon. Gentleman has to the Co-op. It is one of the new challenger banks that we welcome.
Bill Esterson (Sefton Central) (Lab)
I send my sympathy to the Comet staff who have lost their jobs today, just five days before Christmas. When the Secretary of State carries out his review of what happened at Comet, will he look at how staff have lost bonuses and how staff who have served loyally for many years will not get their full redundancy packages, in spite of the fact that the Government are stepping in with £50 million?
Vince Cable
The inquiry that the Department is now carrying out will be into the conduct of the directors, and various consequences will flow from that. We cannot investigate the wider social consequences, but the hon. Gentleman is quite right that severe loss has been suffered, not just by the workers but by the Government, who are having to make up the redundancy pool.