Parliamentary Commission on Banking Standards

Debate between Lord Mann and Kevan Jones

Monday 16th July 2012 Commons Chamber

[John Mann]

I thank you for your guidance, Mr Speaker. My initial remarks related to the remit of the Committee, rather than its composition, which is frankly an irrelevance compared with the problems of the moving feast of its remit.

The remit has been set so vaguely that it can incorporate anything and everything. We will face the economic consequences when the partially state-owned banks are hit in the same way. These issues are entirely out of our control—indeed, they are entirely out of British control. The American authorities are two years ahead of the British authorities, and have taken a lead, so they will dictate the time scale for what comes next. Whether the considerations are legal or political—there are elections coming up, so there may well be more of a political imperative to be seen to be doing things—they will have grave consequences for these financial institutions and the British taxpayer.

That is why although it may well come up with worthy and credible recommendations, the investigation cannot match the task that it has been set. Because of the course of events and the changes that will happen, arbitrary time limits are, by definition, self-defeating. There is another problem that goes alongside that, and it concerns the other options available to look at those matters. I am pleased that the Leader of the House appears to have given a commitment, and I urge him to clarify it, that no staffing resource will be removed from the Treasury Committee in that period of time. If that is the case, that is a significant step forward. If the Treasury Committee were mothballed at precisely this time, the ability of the House to respond to fast-moving events would worsen significantly.

The Treasury Committee has a heavy workload. Today, Commissioner Barnier was supposed to appear before the Committee in relation to the 17 EU directives and draft directives relating to financial services on the books at the moment. It is essential that this House properly scrutinises and takes a view on what happens with those directives, but that has not been happening—it is a key role that the Treasury Committee needs to fulfil.

[Mr Kevan Jones (North Durham) (Lab)]

Does my hon. Friend agree that there may well be some dispute about what the Treasury Committee should look at and what this new Commission should look at—if, for example, another scandal or something like it emerged in the next few weeks?

[John Mann]

My hon. Friend makes the point that I have been stressing—that we do not know and cannot predict them, but we know that there will be a lot more scandals emerging, as we are only seeing the tip of the iceberg at present. [Interruption.] I appreciate that this is not good listening for those hon. Members trying to work out how to respond to this, but if this House is to set up arbitrary ad hoc committees at random every time there is a problem, it will potentially undermine itself. Which Select Committee will be next to give away some of its powers to an ad hoc committee? Is this the appropriate way to determine such matters?

If some of the powers set out in the motion were reinforced not just in respect of the Treasury Select Committee but of other Select Committees, that would reinforce the scrutiny of this House over what goes on both in government and in the country, so there are some good proposals here. The good proposals, however, are bespoke to this particular Commission—for example, the ability to call in a QC and the ability to take evidence on oath. If they are good enough for this new Commission, they should be made available to any Select Committee looking at any issue. The House is ducking this problem.

Draft Financial Services Bill (Joint Committee)

Debate between Lord Mann and Kevan Jones

Monday 18th July 2011 Commons Chamber

[John Mann]

I am attempting simply to put across a few views that I believe would appropriately reflect the views of my constituents. I am putting no tone—high, low or otherwise—into this debate.

Members are elected to come and put forward in this House what we think appropriate. One thing that my constituents, and therefore I, would not regard as appropriate, and that the House overall should not regard as appropriate, is having a Joint Committee made up exclusively of English members. A Joint Committee on the draft Financial Services Bill that reflects this House, in the way that Select Committees do, ought to be more reflective of the entirety of the UK, and not just of England. I say that with some irony, because I am one of those who has argued that the English voice has been understated in this House.

[Mr Kevan Jones]

Does my hon. Friend agree that many financial services jobs are based in Edinburgh?

[John Mann]

Our colleagues from every corner of Scotland, not just Edinburgh, are always rightly happy to demonstrate the importance of financial services—