Economic Growth

Debate between Emma Reynolds and Andrew Pakes

Monday 7th September 2026 Commons Chamber

[Emma Reynolds]

I thank the right hon. Member for his question. We were once parliamentary neighbours, so I understand the concern that he is expressing. Over the weekend, I spoke to the Business Secretary about this issue. We are holding a consultation, which will be a quick one.

[Andrew Pakes (Peterborough) (Lab/Co-op)]

I heartily welcome my right hon. Friend to the Dispatch Box in her new role. In 1954, the Co-operative Permanent building society opened its office in Peterborough. In the 70 years since—now as Nationwide—it has provided advice and support for lenders and people buying a house. There are few better examples in this country of a commitment to our high streets and to growth in every postcode than building societies and the mutual movement. We have a manifesto commitment to double the size of the co-operative and mutual economy. We talk about growth in every postcode; will my right hon. Friend reassure me that the Government will do everything they can to ensure that the building society movement can play its part in rebuilding our country?

[Emma Reynolds]

I can absolutely do that. May I thank my hon. Friend for the work he does to further the cause of co-operatives and mutuals? When I was Economic Secretary, I very much enjoyed working with the sector, because building societies often offer more innovative products—to first-time buyers in particular—and do sterling work.

Financial Services Reform

Debate between Emma Reynolds and Andrew Pakes

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

Well, what do I say to that? I think there is, with the exception of the hon. Member, cross-party support for the twin peaks financial services regulation that we have. Of course, we need proportionate regulation to ensure that there are protections in place for consumers. He seems to be suggesting that we get rid of the regulators altogether, which I think most Members of this House would be opposed to. I have heard of the concept of caveat emptor, and I am suitably patronised by him.

[Andrew Pakes (Peterborough) (Lab)]

One of the first visits I undertook after the election was to my local branch of Nationwide, which for generations has been providing good financial advice and advice to first-time buyers in my seat, as have many other mutuals. In one of the previous periods of financial deregulation by the Conservative party, we saw a movement that led to the demutualisation of the building society movement, creating uncertainty for thousands upon thousands of potential homeowners and people looking for financial support. Can the Minister reassure the House today that the co-operative and mutual sector will remain absolutely essential to the everyday financial services that working people need?

[Emma Reynolds]

Absolutely. This is something that the Chancellor and I—and indeed the Business Secretary and the Business Minister—are passionate about, and we are making sure that we deliver on our manifesto commitment to double the size of the sector. We have asked the financial services regulators to report by the end of the year on what more they can do to support the growth of the sector. We are supporting the industry-led Mutual and Co-operatives Business Council, which is chaired by the chair of Nationwide, Kevin Parry, and we have recently concluded a call for evidence on the credit union common bond, which is another form of mutual. We will be setting out our response on that issue in due course.