My hon. Friend is quite right that later this year, responsibility for private sewers connected to the mains will transfer from householders to the water authorities. That is a welcome step forward that will remove the incidence of householders suddenly being confronted with huge bills for sewers for which they...

My hon. Friend is quite right that later this year, responsibility for private sewers connected to the mains will transfer from householders to the water authorities. That is a welcome step forward that will remove the incidence of householders suddenly being confronted with huge bills for sewers for which they...

The hon. Gentleman referred to the written ministerial statement. We are committed to delivering reform in our public services, and we want to improve efficiency and effectiveness in outcomes for victims, offenders and the wider community. On the question of whether the matter is dealt with in a written statement...

The hon. Gentleman referred to the written ministerial statement. We are committed to delivering reform in our public services, and we want to improve efficiency and effectiveness in outcomes for victims, offenders and the wider community. On the question of whether the matter is dealt with in a written statement...

On Tuesday, I raised under a point of order a concern that the Ministry of Justice has written to all chief probation officers announcing the commencement of the privatisation of probation services. That was done without any statement to the House whatsoever. On Wednesday, there was a written statement to...

On Tuesday, I raised under a point of order a concern that the Ministry of Justice has written to all chief probation officers announcing the commencement of the privatisation of probation services. That was done without any statement to the House whatsoever. On Wednesday, there was a written statement to...

Later this year, private sewers will be transferred to water and sewerage companies, and many householders will be relieved of concerns about future maintenance bills. May we have a debate to consider the implementation of the change, so that we can acknowledge the work of those who have campaigned on...

Later this year, private sewers will be transferred to water and sewerage companies, and many householders will be relieved of concerns about future maintenance bills. May we have a debate to consider the implementation of the change, so that we can acknowledge the work of those who have campaigned on...

Statement on regulatory and banking reform.

Statement on regulatory and banking reform.

The hon. Gentleman makes an important point. I reiterate what I said before. Yes, Northern Rock has been put up for sale. The purchaser could be a proprietary company or another mutual. An acquisition by another mutual could actually help strengthen the mutual sector. I have made it clear that...

The hon. Gentleman makes an important point. I reiterate what I said before. Yes, Northern Rock has been put up for sale. The purchaser could be a proprietary company or another mutual. An acquisition by another mutual could actually help strengthen the mutual sector. I have made it clear that...

I, like many hon. Friends, believe the Government's decision to proceed so quickly with a sale process for Northern Rock shows that they are willing to miss a golden opportunity to learn the lessons of the financial crisis and diversify the UK banking sector. On remutualisation, will the Minister undertake...

I, like many hon. Friends, believe the Government's decision to proceed so quickly with a sale process for Northern Rock shows that they are willing to miss a golden opportunity to learn the lessons of the financial crisis and diversify the UK banking sector. On remutualisation, will the Minister undertake...

In three weeks' time, 5 July marks the 20th anniversary of the closure of the Bank of Credit and Commerce International. The Minister on that day 20 years ago was a young accountant working for Price Waterhouse, the much-criticised auditors of BCCI. For 20 years, the bank has been in...

In three weeks' time, 5 July marks the 20th anniversary of the closure of the Bank of Credit and Commerce International. The Minister on that day 20 years ago was a young accountant working for Price Waterhouse, the much-criticised auditors of BCCI. For 20 years, the bank has been in...

Many of my constituents depend on the existence of a thriving financial services industry in London. They are hard-working, responsible and diligent employees and not at all deserving of the opprobrium that is often heaped on people who work in the sector. Like Professor Willem Buiter of the London School...

Many of my constituents depend on the existence of a thriving financial services industry in London. They are hard-working, responsible and diligent employees and not at all deserving of the opprobrium that is often heaped on people who work in the sector. Like Professor Willem Buiter of the London School...

As I said earlier, re-mutualisation is an option. The advice we have received is to proceed with the sale process, which could be to a proprietary business or another mutual. Once that process is under way, we will be able to compare that outcome with the other two possible outcomes,...

As I said earlier, re-mutualisation is an option. The advice we have received is to proceed with the sale process, which could be to a proprietary business or another mutual. Once that process is under way, we will be able to compare that outcome with the other two possible outcomes,...

With permission, Mr Deputy Speaker, I should like to make a statement. It is now well known that the tripartite system set up by the last Government failed spectacularly in its mission to maintain stability. The decision to divide responsibility for assessing systemic financial risks between three institutions meant that,...

With permission, Mr Deputy Speaker, I should like to make a statement. It is now well known that the tripartite system set up by the last Government failed spectacularly in its mission to maintain stability. The decision to divide responsibility for assessing systemic financial risks between three institutions meant that,...

My hon. Friend makes an important point about exit. One area on which we are all working, not just in the UK but elsewhere, is to ensure that, when an institution fails, the matter can be resolved and that the resolution can take place without an impact on the taxpayer....

My hon. Friend makes an important point about exit. One area on which we are all working, not just in the UK but elsewhere, is to ensure that, when an institution fails, the matter can be resolved and that the resolution can take place without an impact on the taxpayer....

Do the Government agree that the best form of regulation is exit from the market? Does the Financial Secretary agree with me and my hon. Friend the Member for South Northamptonshire (Andrea Leadsom) that there should be a primary duty on the regulator to promote competition?

Do the Government agree that the best form of regulation is exit from the market? Does the Financial Secretary agree with me and my hon. Friend the Member for South Northamptonshire (Andrea Leadsom) that there should be a primary duty on the regulator to promote competition?

The reforms we have set out are proportionate, and the recognition of the need to strengthen the banking sector through structural reform is a significant move. We, unlike many other economies, were exposed to a financial sector challenge of some scale, and it is right to respond to that. We...

The reforms we have set out are proportionate, and the recognition of the need to strengthen the banking sector through structural reform is a significant move. We, unlike many other economies, were exposed to a financial sector challenge of some scale, and it is right to respond to that. We...

I welcome the Minister's statement. Does he agree that the best way to protect consumers is to have a fully functioning and competitive free market, and that the best way for the free market to work efficiently is, ultimately, for all companies, including banks, to be allowed to fail?

I welcome the Minister's statement. Does he agree that the best way to protect consumers is to have a fully functioning and competitive free market, and that the best way for the free market to work efficiently is, ultimately, for all companies, including banks, to be allowed to fail?

The Bank of England and the FSA published a couple of weeks ago a document setting out the new regulatory approach that the PRA will set. They were clear that, rather than waiting for a bubble to burst and for problems to emerge, they will intervene earlier to force firms...

The Bank of England and the FSA published a couple of weeks ago a document setting out the new regulatory approach that the PRA will set. They were clear that, rather than waiting for a bubble to burst and for problems to emerge, they will intervene earlier to force firms...

The Minister rightly says that a key part of the recovery of the banking sector's reputation is an increase in the public's confidence in the system, and he is putting a lot of power and confidence in the role of the Bank of England. What specific new powers will the...

The Minister rightly says that a key part of the recovery of the banking sector's reputation is an increase in the public's confidence in the system, and he is putting a lot of power and confidence in the role of the Bank of England. What specific new powers will the...

My hon. Friend is absolutely right to highlight the numbers of people employed in financial services not just here in London, or in Edinburgh and Glasgow, which are well-known financial services centres, but throughout the country. We need to ensure that the industry continues to be a strong contributor to...

My hon. Friend is absolutely right to highlight the numbers of people employed in financial services not just here in London, or in Edinburgh and Glasgow, which are well-known financial services centres, but throughout the country. We need to ensure that the industry continues to be a strong contributor to...