Building Societies Act 1986 (Amendment) Bill

3rd reading
Friday 24th May 2024 Lords Chamber

Third Reading

10:57

Motion

Moved by

[Lord Kennedy of Southwark]

That the Bill do now pass.

[Lord Kennedy of Southwark (Lab Co-op)]

My Lords, I beg to move that this Bill do now pass. In doing so, can I make a few brief remarks? I thank the Minister and the officials at His Majesty’s Treasury. I remember ringing my honourable friend in the other place, Julie Elliott MP for Sunderland Central, who put the Bill forward in the other House, when I found out that she was number one in the Private Members’ Ballots there. I knew this Bill was wanted, and I was very pleased that after a few phone calls I had persuaded her to take it forward.

I also thank the Building Societies Association for the work it has done to bring this forward, particularly Robin Fieth, the chief executive, and Kate Creagh, the parliamentary officer, as well as my friend Fiona Stanton, who has worked with me on getting this Bill through to this place today. The Bill itself enables building societies to raise more funds other than from their own members’ deposits and makes changes to administrative rules to bring them in line with banks. It has cross-party support, it will do much good, and it will enable more people to borrow money and own their own home. I thank everyone for their support.

Bill passed.