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Business of the House

As for the Back-Bench business committee, let me remind the House that our motion, which has been on the Order Paper for some weeks and which will be voted on next Thursday, says that""this House approves recommendation 17 of the First Report of the Select Committee on Reform of the House of Commons…and looks forward to the House being offered the opportunity within 10 sitting weeks of the beginning of the next session of Parliament"—" so it is not time unlimited—""to establish a backbench business committee and a new category of backbench business, in the light of further consideration by the Procedure Committee."" We have tabled—[Interruption.] Indeed, it is our motion. We have therefore tabled a motion for the approval of recommendation 17, on setting up the committee, as well as for a timetable for that, so it is not as though the proposal is being kicked into the long grass. If the hon. Gentleman thinks that that is not the right way to frame the proposal, he can table an amendment. He does not need to look to me for any further progress; he can do something himself. That is the whole point about House business. We have tabled a substantive motion. I think that it is a good substantive motion, but if he wants to amend it, he can amend it however he likes. He does not need to worry about what my view is: there is a free vote, and, whatever he tables, hon. Members will look at it and decide whether they support it. On the second point, I think that the hon. Gentleman is right: what I said was wrong, but I am still right as to the general—[Interruption.] There was a technical error in what I said, but overall I am still right. However, he might well be right that the House wants to firm it up; and if it does, he can go ahead. Equitable Life remains an important issue—there was a meeting in the House yesterday—and work on it is ongoing. As for the RBS bonuses, the hon. Gentleman will know that, following the international credit crisis, we are concerned to ensure, first, that all the public money that we put in—and that had to be put in—to shore up the banks and stop them collapsing, as well as stopping the disastrous effect that that would have had on depositors and wider confidence in the economy, should be paid back. Ultimately, of course, the money should all be paid back, which is why we are opposed to selling off discount shares. Secondly, those institutions should ensure that they lend to businesses and approve mortgages—that is a priority, as well as paying back—and that they have a remuneration scheme that discourages short-termism and risk. That is why we have worked through the Financial Services Authority regime and, internationally, through the G20 and the European Union, for an international system that ensures a more long-termist approach, rather than a short-term, risk-taking approach, as well as to help with the deficit, which has been caused by the financial crisis. The deficit is not the cause of the financial problems in the economy; it is the result of them. In order to help pay that back, we have had to increase taxes, which we have done in two ways. First, all income over £150,000 will be subject to a 50 per cent. tax rate. Secondly, all banks thinking of paying bonuses will have to pay a 50 per cent. tax on that bonus pool before they pay out a single penny on bonuses. That is our approach, and it has been set out by the Prime Minister and the Chancellor. As for the Report stages of Bills, again I say to the hon. Gentleman that he has been concerned—he has expressed those concerns consistently over the months and years—but he and his hon. Friends are in a position to table amendments to our resolutions; and, if the House approves a different way of dealing with things, that will be how we deal with them in future. As for the Falkland Islands, we are absolutely clear: there is self-determination for the people of the Falklands. Foreign and Commonwealth Office questions are next week, when the hon. Gentleman can ask more questions about the issue of the Foreign Secretary, if he would like to.