Oral Answers to Questions

Glyn Davies Excerpts

Tuesday 21st June 2011 Commons Chamber

[Danny Alexander]

The hon. Gentleman is right that we need to see the private sector lead the economic recovery. Many of the measures that we announced in “The Plan for Growth”, such as reforms to the planning system, the measures on regulation and some of the tax measures that we announced to support investment, will all help to encourage and support private sector businesses to lead the recovery that we all want to see.

[Glyn Davies (Montgomeryshire) (Con)]

19. What steps he is taking to reform the regulation of banks and financial institutions.

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

Last Thursday we published “A new approach to financial regulation: the blueprint for reform”, which sets out the Government’s proposals to reform financial regulation in the UK.

[Glyn Davies]

With a permanent annual levy worth £2.5 billion, tough rules on bonuses, a new deal on lending and regulatory responsibility returned to the Bank of England and handed to a new Financial Conduct Authority, is not the coalition making good progress in creating a sustainable banking system?

[Mr Hoban]

My hon. Friend is absolutely right that we have made significant progress over the past year in getting the financial regulatory system back in good shape. Of course, the Opposition should remember that it was the shadow Chancellor who spent his time in office trumpeting the value of light-touch regulation across the world.