Financial Services and Markets Bill

Lord Bishop of St Albans Excerpts

Committee stage
Tuesday 7th March 2023 Grand Committee

[The Lord Bishop of St Albans]

My Lords, I will not detain the Committee for very long but perhaps I could say one or two things. Briefly, I come at this by thinking about rural sustainability and rural business. I declare my interest as president of the Rural Coalition.

Before I say anything on that, a month ago I had my wallet stolen on my way into Parliament and I learned a lesson: do not keep all your cards in your wallet but have some different ones. I was, to use a theological term, absolutely stuffed that morning. Fortunately, I had a member of staff at home. I went back and cancelled the cards then phoned up my bank, which said, “Yes, come up—we can give you some cash”. When I got up there, I was told, “No, the system’s got it wrong and we aren’t able to give you cash here”. I then had to get someone to take me six miles to get some cash. When I eventually got into London for some meetings, I went to four places before I could find somewhere to buy lunch because I had only cash. This is actually quite a complex thing.

Actually, I agree with the noble Baroness, Lady Noakes: there is a huge change going on—of course there is. But how are we to work with that, not least if we are going to think about levelling up? In my diocese, for example, if I go into Citizens Advice in poor areas in Stevenage, they tell me that people sometimes positively get rid of their credit and debit cards because they do not know how to control money. There are some real issues here about financial literacy and discipline to help people with saving and so on.

Going back to the rural issue, much of this stuff depends on rural businesses having broadband. Large rural areas of our country are not-spots, where there is no access. Some places do not even have good access on a direct phone line, certainly to do some forms of banking. I therefore think that we are in a transition period. We certainly need protections in place for the foreseeable future as we try to work out how this goes and how we take it forward.

I was recently in the small rural town of Ampthill in my diocese in Bedfordshire. A whole group of people talked to me afterwards; they got on to this subject and said how it really affects small start-up businesses at the moment. I hear that we have to think about how we should take this forward but, over the coming years, we need some sort of provision to guarantee some basic levels of service so that we can help rural sustainability, rural businesses and individuals who live in those areas.