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To ask the Chancellor of the Exchequer what discussions he has had with the Royal Bank of Scotland and the Direct Line Group about the effect of the proposed closure of the Churchill call centre in Thornaby-on-Tees on the Tees Valley sub-regional economy.
[120434]
To ask the Chancellor of the Exchequer what discussions he has had with the Royal Bank of Scotland and the Direct Line Group about the effect of the proposed closure of the Churchill call centre in Thornaby-on-Tees on the Tees Valley sub-regional economy.
[120434]
The Government's shareholding in the Royal Bank of Scotland (RBS) is managed on a commercial and arm's length basis by UK Financial Investments Ltd (UKFI), a company which is wholly owned by the Government.
UKFI's overarching objective is to protect and create value for the taxpayer as shareholder, with due regard to financial stability and acting in a way that promotes competition.
As an engaged shareholder, UKFI works closely with the bank's management to assure themselves of the bank's approach to strategy and to hold management rigorously to account for performance.
However, UKFI's role is to manage the investment, not to manage the bank—the bank retains its own independent board and management team to manage itself commercially without interference from shareholders. The Government are therefore unable to comment on these matters.
Yesterday, 500 Teessiders, many of them from my constituency, lost their jobs with Direct Line, which is part of the state-owned RBS Group, not long after apparently having been cajoled into signing new contracts. That means that their redundancy payments will be considerably less; they will lose thousands of pounds...
Yesterday, 500 Teessiders, many of them from my constituency, lost their jobs with Direct Line, which is part of the state-owned RBS Group, not long after apparently having been cajoled into signing new contracts. That means that their redundancy payments will be considerably less; they will lose thousands of pounds...
I share the hon. Gentleman’s view, as I am sure all Members do, that the prospect of losing one’s job can be difficult and that we should all sympathise and do everything we can to help. Indeed, the Government will do everything they can to help, and Governments have done...
I share the hon. Gentleman’s view, as I am sure all Members do, that the prospect of losing one’s job can be difficult and that we should all sympathise and do everything we can to help. Indeed, the Government will do everything they can to help, and Governments have done...
That this House notes with concern that Peter Wood is to receive a ??10 million bonus as Chief Executive of Direct Line, the Royal Bank of Scotland's insurance subsidiary; considers this to be offensive when low paid workers are having wages pegged, frozen and cut; notes that all of this payment comes from the customers' pockets; and calls on the Government to take action to limit such excessive increases paid to already wealthy bosses.
That this House notes with concern that Peter Wood is to receive a ??10 million bonus as Chief Executive of Direct Line, the Royal Bank of Scotland's insurance subsidiary; considers this to be offensive when low paid workers are having wages pegged, frozen and cut; notes that all of this...