Call for General Election
Debate between Rupa Huq and Harriett Baldwin(1 week ago)
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Dame Harriett Baldwin
On a point of order, Dr Huq. Could you clarify whether it is in order for so many Government speakers in the debate to have left the Chamber before the Front-Bench speeches to listen to their beleaguered Prime Minister at the parliamentary Labour party meeting?
Dr Rupa Huq (in the Chair)
I think they all had to ask for permission. They should return for the concluding speeches, but we are finishing a bit earlier than we thought. We are already on the Front-Bench speeches. Usually, that would be 45 minutes before the end. I can inform the Chairman of Ways and Means and get some clarification for the future, because these things are always fluid. Anyway, I call the first of our Front Benchers, Lisa Smart.
Oral Answers to Questions
Debate between Rupa Huq and Harriett Baldwin(10 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Economic Secretary to the Treasury (Harriett Baldwin)
The Financial Conduct Authority is an independent regulator. No Treasury Minister or official had any discussions with the FCA before it took the decision to discontinue the review.
Dr Huq
Given that the popular image of bankers right now is probably on a par with used car salesmen or MPs even, does the Minister not agree with the hon. Member for Wyre Forest (Mark Garnier) that to abort the review now, which could have looked at regulating challenger banks as well as historical mis-selling, is a missed opportunity?
Harriett Baldwin
I find it hard to take lectures from the Labour party on regulating the financial sector. In fact, since my right hon. Friend became Chancellor, we have set up the Financial Conduct Authority and moved on from the failed regulatory system under the Labour Government. We made it a criminal offence to manipulate the UK’s key benchmark, we brought in the toughest rules on bankers’ pay of any financial centre, and we are bringing in a new criminal offence so that senior managers whose reckless decisions bring down banks can face up to seven years in jail.