Business of the House

Lord Watson of Wyre Forest Excerpts

Thursday 10th June 2010 Commons Chamber

[Sir George Young]

I take the opportunity of congratulating my hon. Friend on his election to the Chair of the Treasury Committee. There is a resolution on the Order Paper, asking for a review of the scheme at the end of the Session. I am happy to have that debate. It is important to have it with the business committee because the more days we have in the Chamber, the greater the pressure on Report stages or on the House to sit for longer into August. We need a sensible debate between the business committee and the House about how exactly we re-engineer the House’s time to get the best possible outcome. I do not rule out having more than the initial 27 days, moving up to 35, but I want the House to be aware that there are real problems with putting a quart into a pint pot.

[Mr Tom Watson (West Bromwich East) (Lab)]

Some £5 billion has been wiped off BP’s share price this morning as a result of the US Administration’s seeking to restrict dividend payments. May we have an emergency statement from the Foreign Secretary or the Prime Minister about the crisis that engulfs BP? With the company paying £1 in every £6, a serious crisis faces millions of pensioners in the UK. We need to say to our US allies that, yes, a British company made the mistake, but if it had been subject to a regulatory regime in the UK, it would not have been able to do that, and that the world’s insatiable appetite for oil is responsible, not British pensioners.

[Sir George Young]

The hon. Gentleman makes a forceful point. My understanding is that there are more American than UK shareholders in BP. Although the company is called British Petroleum, the dividend policy has as much impact in the United States as it does here. What happened in the gulf of Mexico is a human and environmental tragedy. The Government will do everything possible, in consultation with BP and the American Government, to help in whatever way we can. I am sure that the hon. Gentleman’s question will have been heard by the Foreign Secretary, the Prime Minister and the Chancellor—all those who may be having a dialogue with the American Administration.