1-4 of 4 results for subject:Nationalisation
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Cameron of Chipping Norton, Lord
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Cameron of Chipping Norton, Lord (4)
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People around the world are making a contrast between Bear Stearns, where a rescue was organised in just a few days, and Northern Rock, where there were months of dithering. I know that the Prime Minister created the regulatory system, but he needs to be frank about its failings. Today's FSA report is a remarkable report, which says:"““The supervision of Northern Rock revealed the most significant combination of shortcomings””,"
yet not a word about that from the Prime Minister. The director general of the CBI says that this was the first new test of the tripartite system, and it failed to deliver the goods. So that we are better prepared in future, does the Prime Minister agree that the Bank of England, not the Financial Services Authority, should be in charge of rescuing banks that fail?
People around the world are making a contrast between Bear Stearns, where a rescue was organised in just a few days, and Northern Rock, where there were months of dithering. I know that the Prime Minister created the regulatory system, but he needs to be frank about its failings. Today's FSA report is a remarkable report, which says:"““The supervision of Northern Rock revealed the most significant combination of shortcomings””,"
yet not a word about that from the Prime Minister. The director general of the CBI says that this was the first new test of the tripartite system, and it failed to deliver the goods. So that we are better prepared in future, does the Prime Minister agree that the Bank of England, not the Financial Services Authority, should be in charge of rescuing banks that fail?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
26 March 2008
First of all, until a few weeks ago the right hon. Gentleman supported what we did on Northern Rock, so it makes no sense for him to criticise now. Secondly, as far as the Financial Services Authority is concerned, it is true that it has been regulating for solvency, and it has done a good job. The problem arose in terms of liquidity, and that is where further efforts have got to be made. That is true, as the President of America's report is saying, for the American financial system, and it is true of the French and the German financial systems as well. All countries are realising that more has to be done to protect against illiquidity, and they also know that there has to be greater transparency in the financial system. I repeat: the lessons that are being learned are being learned around the world.
The Conservative party published a document in the past two days saying that far from Britain doing badly, real living standards in Britain among pensioners had risen by £1,500 since 2001; for single women pensioners, by £1,000; and for couples, by £700. That is on page 16 of the Conservatives' own document.
Subjects
Financial services; Nationalisation; Regulation; Northern Rock
Date
26 March 2008
Reference
474 c179-80
Chamber / Committee
House of Commons chamber
House
House of Commons
The Prime Minister's answer is feeble. All other publicly owned companies, such as the Post Office, Scottish Water, the Tote and National Savings and Investments, are subject to the freedom of information legislation. Let me remind the Prime Minister, the supreme leader, of what he said about freedom of information in his lecture about liberty. He said:"““Freedom of information is the right course because government belongs to the people, not the politicians””,"
but that it"““can be inconvenient, at times frustrating and indeed embarrassing for governments””."
Is not that why he is covering things up?
The Prime Minister's answer is feeble. All other publicly owned companies, such as the Post Office, Scottish Water, the Tote and National Savings and Investments, are subject to the freedom of information legislation. Let me remind the Prime Minister, the supreme leader, of what he said about freedom of information in his lecture about liberty. He said:"““Freedom of information is the right course because government belongs to the people, not the politicians””,"
but that it"““can be inconvenient, at times frustrating and indeed embarrassing for governments””."
Is not that why he is covering things up?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
20 February 2008
Not at all, and perhaps the right hon. Gentleman will publish the reports from the Midlands Industrial Council, which is a Conservative organisation. Everyone in the country will know that, in a competitive mortgage market, it would be ridiculous to ask Northern Rock to publish every detail of its business plans. Commercial confidentiality has to be respected in the running of the company, and he should be the first to support it.
Subjects
Disclosure of information; Freedom of information; Nationalisation; Northern Rock
Date
20 February 2008
Reference
472 c344
Chamber / Committee
House of Commons chamber
House
House of Commons
Yes, Northern Rock. If the Prime Minister wants a question on Northern Rock, here is one for him. Last night, we learned that Northern Rock will not be subject to the Freedom of Information Act. I have the legislation here, and it says that, for the purposes of the Freedom of Information Act, Northern Rock is"““not…a publicly-owned company.””"
What is the Prime Minister trying to hide?
Yes, Northern Rock. If the Prime Minister wants a question on Northern Rock, here is one for him. Last night, we learned that Northern Rock will not be subject to the Freedom of Information Act. I have the legislation here, and it says that, for the purposes of the Freedom of Information Act, Northern Rock is"““not…a publicly-owned company.””"
What is the Prime Minister trying to hide?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
20 February 2008
The only reason that the Freedom of Information Act comes into this is that it would be unfair on Northern Rock if other companies knew everything about its business plan. It is surely a matter of commercial confidentiality that Northern Rock should be able to plan its business future. As far as the commercial future of Northern Rock is concerned, we have made it absolutely clear that the bank's new head, Ron Sandler, will operate in a commercial market. He will be able to decide on repossessions and all other issues, and he will put forward his plan for the restructuring of the company.
However, it may be helpful if the Conservative party would explain its plan—which is now to run down Northern Rock and to have a fire sale of its assets and get less than market value for them. That is the worst possible deal for the taxpayer.
Subjects
Disclosure of information; Freedom of information; Nationalisation; Northern Rock
Date
20 February 2008
Reference
472 c344
Chamber / Committee
House of Commons chamber
House
House of Commons
The Government were happy to show Richard Branson all the facts, but they will not tell the British public. Here are some of the questions about Northern Rock that the Prime Minister will not answer. What is the total liability for the taxpayer, and how much money will the taxpayer pay for the business? He will not tell us. How long are we going to hold the business? He cannot say. Should the business get bigger or smaller? He will not tell us.
Last night, at 10 minutes to midnight, we found out that half of the mortgages—the best half—are owned by somebody else. When it comes to this Government and freedom of information, they would make Fidel Castro proud. Why is the Prime Minister covering all that up?
The Government were happy to show Richard Branson all the facts, but they will not tell the British public. Here are some of the questions about Northern Rock that the Prime Minister will not answer. What is the total liability for the taxpayer, and how much money will the taxpayer pay for the business? He will not tell us. How long are we going to hold the business? He cannot say. Should the business get bigger or smaller? He will not tell us.
Last night, at 10 minutes to midnight, we found out that half of the mortgages—the best half—are owned by somebody else. When it comes to this Government and freedom of information, they would make Fidel Castro proud. Why is the Prime Minister covering all that up?
Asked by
Lord Cameron of Chipping Norton
(Conservative)
Answering body
Prime Minister
Prime Minister's questions - Supplementary
Status
Answered
Answered on
20 February 2008
We have acted on Northern Rock for reasons that the country supports—to secure stability and to protect depositors and the best interests of the taxpayer. We are not going to reduce the Northern Rock issue to the student politics that the Leader of the Opposition is indulging in. We are the party of stability; the Opposition would leave Northern Rock and the economy unstable.
Subjects
Disclosure of information; Freedom of information; Nationalisation; Northern Rock
Date
20 February 2008
Reference
472 c344-5
Chamber / Committee
House of Commons chamber
House
House of Commons