Jim McMahon
Main Page: Jim McMahon (Labour (Co-op) - Oldham West and Royton)Department Debates - View all Jim McMahon's debates with the HM Treasury
(5 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
John Glen
My hon. Friend makes a very fair point. That is why the Chancellor announced at the spring statement that we will require company audit committees to review payment practices and report on them in their annual accounts. This is part of a range of measures that the Government will be setting out shortly when we make a full response after the call for evidence.
Jim McMahon (Oldham West and Royton) (Lab/Co-op)
The Government know full well that some deep-rooted corruption is taking place within major banking institutions when it comes to commercial lending. At the moment, there is nowhere near the type of protection needed to help cover our small businesses in such an eventuality. Will the Government take action now—eventually—to give small businesses that support?
John Glen
We have taken direct action so that small businesses can get a direct and quick response by expanding the authority of the Financial Ombudsman Service and having a retrospective review through the dispute resolution mechanism. What businesses up and down the country want is quick action to deal with disputes that are unresolved.