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Debate on bill on Thursday, 22 November 2007, in the House of Commons, led by Bill Rammell. The answering member was John Hayes.

Sale of Student Loans Bill

Sale of Student Loans Bill. Second reading debate. Agreed to on question. Programme motion on proceedings in Committee, report, third reading and other proceedings agreed to on question. Money resolution agreed to on question.

Secondary information

Type
Parliamentary proceeding
Reference
467 c1388-422 
Session
2007-08
Department
Department for Innovation, Universities and Skills
Legislative stage
Second reading
Procedure
Programme motions
Money resolutions
Chamber / Committee
House of Commons chamber
Related items
Proceeding contributions
Bill Rammell | 467 c1388 (Link to this contribution) I beg to move, That the Bill be now read a Second time. The Bill concerns the prudent management of...
Lord Boswell of Aynho | 467 c1392 (Link to this contribution) I am grateful to the Minister for giving way again, but this is obviously a matter of great and curr...
Show all contributions (78)
Bill Rammell | 467 c1392 (Link to this contribution) As I said, we will extend the legal protection of HMRC data in respect of all loans, whether sold or...
John Hayes | 467 c1392 (Link to this contribution) I apologise to the Minister for these persistent interruptions and I am grateful for his tolerance, ...
Bill Rammell | 467 c1392 (Link to this contribution) I need to be careful and precise about this, but the Chancellor set out those reassurances in his st...
John Hayes | 467 c1391 (Link to this contribution) On the last point, before the Minister moves on to another exciting aspect of the Bill, can he clari...
Bill Rammell | 467 c1392-3 (Link to this contribution) The best, most effective protocols possible will apply to both Government owned debt and privately o...
Bill Rammell | 467 c1390 (Link to this contribution) I do not have that figure at my fingertips, but following this debate I shall happily write to the h...
Lord Boswell of Aynho | 467 c1391 (Link to this contribution) The Minister related the sale to the Government’s balance sheet. I am no technician in this matter, ...
Andrew Smith | 467 c1391 (Link to this contribution) I welcome the Minister’s commitment on that point. He is right that we should be clear on this matte...
John Hayes | 467 c1395-6 (Link to this contribution) Far be it from me to make a spending commitment on behalf of the Opposition. I have been around too ...
Lord Boswell of Aynho | 467 c1396 (Link to this contribution) Before my hon. Friend leaves the point, will he remind the House that the former Chancellor of the E...
Bill Rammell | 467 c1394 (Link to this contribution) I have received no such representations. In conclusion, when the House last considered student loan...
Bill Rammell | 467 c1394 (Link to this contribution) That is correct, although I should state for the record that we have no plans to do so. Yes, that re...
John Hayes | 467 c1396-7 (Link to this contribution) Mischievous voices in the House are encouraging me to do things that you would not want me to do, Mr...
Speaker | 467 c1396 (Link to this contribution) Order. I do not wish to interrupt the debate, but I encourage the hon. Member for South Holland and ...
Adam Afriyie | 467 c1400 (Link to this contribution) There is concern on that point and questions need to be answered. Financial debts are sold on the ma...
Austin Mitchell | 467 c1402 (Link to this contribution) I take that correction from a fellow socialist. Of course I do not envisage that students will put i...
Austin Mitchell | 467 c1402 (Link to this contribution) I am happy to give way to any more criticism from the left.
Andrew Mitchell | 467 c1402-3 (Link to this contribution) We could certainly do that. I hesitate, as a good West Riding man, to take help from Harrogate in an...
Lord Willis of Knaresborough | 467 c1402 (Link to this contribution) I am trying to help the hon. Gentleman in his hour of need. Clearly there is no point in loaning som...
Baroness Teather | 467 c1403-4 (Link to this contribution) By the looks of this packed House today, the Bill has generated enormous excitement and controversy ...
Roger Williams | 467 c1411 (Link to this contribution) I apologise to you and to the House for not being here at the beginning of the debate, Mr. Deputy Sp...
Lord Boswell of Aynho | 467 c1406-11 (Link to this contribution) We are nearing the end of a bad week in Parliament for the Government. However, at last a Bill has c...
Baroness Teather | 467 c1404-6 (Link to this contribution) Let me develop the point. What about those students from the European Union whom we have discussed? ...
Bill Rammell | 467 c1412 (Link to this contribution) For the record, I remember distinctly that what my hon. Friends were concerned about was proper and ...
Roger Williams | 467 c1412 (Link to this contribution) I accept the Minister’s point. I merely say to him that Labour Members felt that there was some conf...
Bill Rammell | 467 c1411 (Link to this contribution) For the record, there was no confusion on that issue, either when the Bill was going through the Hou...
Bill Rammell | 467 c1417 (Link to this contribution) I apologise. With the leave of the House, I seek permission to respond to the debate. Thank you, Mr....
Bill Rammell | 467 c1418 (Link to this contribution) I accept that last point, and given that the hon. Gentleman previously did my current ministerial jo...
John Hayes | 467 c1418 (Link to this contribution) The hon. Gentleman speaks with integrity on these matters and I hear what he says about the money be...
Bill Rammell | 467 c1418-9 (Link to this contribution) The hon. Gentleman referred to the extra-sensory powers of the hon. Member for Daventry, who anticip...
Bill Rammell | 467 c1419-20 (Link to this contribution) It is important that I again make it clear that we have not identified a problem. No breaches of pro...
Bill Rammell | 467 c1420-1 (Link to this contribution) Let me again make it clear that we will act prudently and responsibly in undertaking the sales. The ...
Rob Wilson | 467 c1415 (Link to this contribution) I thank my hon. Friends who from a sedentary position keep me going and refuel me in mid-air. We ha...
Rob Wilson | 467 c1415-7 (Link to this contribution) As always, my hon. Friend makes an interesting point based on his wealth of experience in these matt...
Bill Rammell | 467 c1417 (Link to this contribution) We have had a good, constructive—
Lord Willis of Knaresborough | 467 c1388 (Link to this contribution) I am grateful to the Minister for giving way so soon. I did not realise that he was going to introdu...
David Chaytor | 467 c1389 (Link to this contribution) I congratulate my hon. Friend on the package of measures introduced this summer, which have made a f...
Bill Rammell | 467 c1388-9 (Link to this contribution) We are introducing the adult learning grants, which give for the first time an equivalent commitment...
Bill Rammell | 467 c1389 (Link to this contribution) I can certainly give assurances on that. We have launched a major communication campaign to get acro...
Bill Rammell | 467 c1391 (Link to this contribution) I am happy to confirm that to my right hon. Friend, who I know has a long-standing interest in stude...
Peter Bone | 467 c1392 (Link to this contribution) Is the Minister saying that the Bill includes legal sanctions for the misuse of data?
Bill Rammell | 467 c1391-2 (Link to this contribution) I refer the hon. Gentleman to clause 6(4), which clearly states that personal information can be dis...
Lord Willis of Knaresborough | 467 c1390 (Link to this contribution) As always, the Minister is engaging with the debate, and I compliment him on that. Will he therefore...
Bill Rammell | 467 c1390 (Link to this contribution) I shall give way to the hon. Gentleman one last time, and then I must make some progress.
Bill Rammell | 467 c1390 (Link to this contribution) The previous sales demonstrated value for money. I shall not reveal a discount rate today, but I sha...
Lord Willis of Knaresborough | 467 c1390 (Link to this contribution) This is a rerun of the debate that took place in 1997. I am sure that the Minister will recall the f...
Bill Rammell | 467 c1389-90 (Link to this contribution) All I will say to the hon. Lady is that exactly the same principle of postgraduate repayment applies...
Baroness Teather | 467 c1389 (Link to this contribution) The Minister has eventually goaded me to my feet. He knows full well that the changes in Scotland ar...
Bill Rammell | 467 c1391 (Link to this contribution) It is relevant. This mechanism has been supported by the Conservatives—indeed, the Leader of the Opp...
Lord Willis of Knaresborough | 467 c1395 (Link to this contribution) Does the hon. Gentleman not think it odd that the Minister’s excellent presentation of the Bill miss...
Roger Williams | 467 c1394 (Link to this contribution) As I understand it, the powers given to Ministers in the Welsh Assembly are known as mirror powers, ...
Bill Rammell | 467 c1394 (Link to this contribution) We have detailed external advice that there is a secure market for this kind of transaction. I think...
David Chaytor | 467 c1393-4 (Link to this contribution) On that final point, does the Minister mean that the purchaser of the loan will not be able to chang...
Adam Afriyie | 467 c1394 (Link to this contribution) Clearly, Northern Rock has got into serious financial difficulties recently, as we are all aware. If...
Lord Boswell of Aynho | 467 c1398 (Link to this contribution) I doubt that very much, but I am grateful to my hon. Friend for giving way. Does he think that there...
John Hayes | 467 c1398-9 (Link to this contribution) My hon. Friend is right: the book is likely to be sold on. That is the nature of this kind of busine...
John Hayes | 467 c1397 (Link to this contribution) I am happy to give way to my hon. Friend, who is doubtless about to anticipate my summation.
Lord Willis of Knaresborough | 467 c1396 (Link to this contribution) I am trying to encourage the hon. Gentleman, when he gives the answer to the hon. Member for Daventr...
John Hayes | 467 c1396 (Link to this contribution) An equally sagacious colleague is about to anticipate the line but one of my speech.
John Hayes | 467 c1396 (Link to this contribution) I am grateful to my hon. Friend for his advice. There is nothing worse when speaking from the Dispat...
Austin Mitchell | 467 c1399-400 (Link to this contribution) The Minister will not face much dissent and argument today. It is not as if the House is rising agai...
Austin Mitchell | 467 c1400-2 (Link to this contribution) I am grateful for the intervention. It is possible not only that the debt ends up in the assets of a...
Lord Willis of Knaresborough | 467 c1402 (Link to this contribution) Surely, even as a good socialist, the hon. Gentleman is not arguing that students should be given si...
John Hayes | 467 c1404 (Link to this contribution) The hon. Lady and I broadly agree, but she is on slightly shaky ground with her last point. I suspec...
Lord Boswell of Aynho | 467 c1417-8 (Link to this contribution) I do not intend to challenge everything that the Minister is perhaps about to say, but it is importa...
John Hayes | 467 c1419 (Link to this contribution) I am grateful for the tone of the Minister’s remarks. It seems that this is a dynamic situation. Fra...
Lord Boswell of Aynho | 467 c1420 (Link to this contribution) Is it not also self-evident that the value obtained for a particular tranche of loans is a function ...
Bill Rammell | 467 c1413 (Link to this contribution) I welcome the hon. Gentleman to the Front Bench. To enable me to respond properly to the point that ...
Rob Wilson | 467 c1413-5 (Link to this contribution) The Minister may be aware of the early-day motion tabled by some Labour Back Benchers—I described th...
Rob Wilson | 467 c1412-3 (Link to this contribution) This is my first contribution from the Front Bench, and it is a great privilege to follow the many t...
Lord Boswell of Aynho | 467 c1415 (Link to this contribution) My hon. Friend might like to reflect on the fact that the nature of the interest subsidy is continge...
Speaker | 467 c1417 (Link to this contribution) Order. The Minister needs the leave of the House.
John Hayes | 467 c1395 (Link to this contribution) I had not expected the Minister to begin his peroration with a short statement in general terms on a...
Roger Williams | 467 c1412 (Link to this contribution) I accept what the Minister says. I am looking to the future rather than to the past, and we want to ...
Subjects
Data protection Devolved matters Cost effectiveness Debts Fees and charges Education maintenance allowance Higher education Interest rates EU nationals Privatisation Publicity Loans Overseas students Part-time education Wales Repayments Students Welsh Government Revenue and Customs Student Loans Company
Legislation
Sale of Student Loans Bill 2007-08
Contains statistics
Yes
Link
View this Parliamentary proceeding on www.publications.parliament.uk