John Bercow
Main Page: John Bercow (Speaker - Buckingham)Department Debates - View all John Bercow's debates with the HM Treasury
(13 years, 4 months ago)
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Mr Speaker
Order. There is, understandably, enormous interest in this subject, but I remind the House that what is being discussed is an urgent question rather than a full-length statement. If I am to accommodate a reasonable number of Members, brevity from Back Benches and Front Benches alike is vital.
Hazel Blears (Salford and Eccles) (Lab)
Voluntary organisations and community groups face cuts of at least £3 billion this year. If we are really all in this together, would it not be better for the banks to use their profits to support those community groups, rather than paying themselves up to £7 billion in massive personal bonuses?
Pat Glass (North West Durham) (Lab)
The Chancellor has said several times that nothing is off the table if the banks do not conform to the code of practice. Can you explain to me and to people here today what exactly is on the table, and what you will do if they do not conform?
Mr Osborne
As I have said, what is on the table at the moment is the discussion that we are having to increase lending in a material way—in other words, more than would otherwise have been the case—and to reduce bonuses more than would otherwise have been the case. I have made it very clear to the banks that nothing is off the table if we do not agree this settlement, and we will look at all the options available to us.
Mr Speaker
I thank the Chancellor and all colleagues for their succinctness, which has enabled every Member who wanted to ask a question to do so, and to secure an answer.