Valerie Vaz
Main Page: Valerie Vaz (Labour - Walsall South)Department Debates - View all Valerie Vaz's debates with the HM Treasury
(7 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
At its own request, the peer-to-peer lending industry is now regulated by the Financial Conduct Authority, which is alert to the risks that my right hon. Friend identifies, but I wish to make a broader observation. In the financial crash, we saw the limitations of the UK’s credit system, where many companies were reliant on bank finance. In the last few years, we have tried to broaden the range of financing options for small and medium-sized businesses, in terms of not just capital markets but innovative new products such as peer-to-peer lending. Using things such as ISA wrappers to encourage this new form of finance for small businesses is a good thing for our economy.
Valerie Vaz (Walsall South) (Lab)
To help Welsh businesses, will the Chancellor consider abolishing the Severn crossing tolls in 2018, rather than just halving them?
Mr Osborne
By halving the tolls, we have taken a significant step to help Welsh businesses and businesses on the other side of the border, while ensuring we have the resources to maintain the bridge without having to draw on the same taxpayers through their tax bill.