Banking System

Debate between Lord Newby and Baroness Uddin

Monday 9th February 2015 Lords Chamber

[Lord Newby]

My Lords, I have spent much of the past five years in this Chamber legislating to improve the governance of the banks. We have passed several major pieces of legislation to make long overdue improvements in the ways in which the financial services sector is managed. For example, we have introduced too-big-to-fail processes of various sorts, the ring fence and the bail-in, as well as new standards for senior managers in banks. All of these things will improve the way in which banks are managed and a number of them were actively opposed, when they were in government, by the previous Administration.

[Baroness Uddin (Non-Afl)]

My Lords, on another aspect of banking and confidence, is the Minister aware that a number of well respected charities, particularly those working in developing countries, have had their bank accounts closed without any explanation or notice? Is he aware of that and, if so, has he had any representations from these groups? If not, will he accept a delegation of some of the groups affected disproportionately by this measure?

[Lord Newby]

My Lords, I have not had any representations, and of course I would be very happy to meet a delegation.

Economy: Women’s Incomes

Debate between Lord Newby and Baroness Uddin

Monday 25th November 2013 Lords Chamber

[Lord Newby]

My Lords, as I said, one of the big elements in that overall figure is child benefit, which goes to women. It is paid to women in 98% of cases, but child benefit affects the whole family. Therefore, to include child benefit as a benefit for women, as it were, is completely misleading; it is a benefit for the whole household.

[Baroness Uddin (Non-Afl)]

My Lords, does the noble Lord accept that members of the minority community who are also British citizens are tending to do worse in the pay structure? Is he also aware that about 75% of Pakistani and Bangladeshi women are not a factor at all in the economic circumstances of Britain? How does that square with the so well supported and so beloved economic strategy of this Government?

[Lord Newby]

My Lords, we would like to see—as no doubt the noble Baroness would—a higher proportion of women from those communities being economically active. We are seeing that a much higher proportion of young women in those communities are economically active than their parents were. However, one of the positive things about the rise in the number of women in employment, which I mentioned earlier, is that there is now a higher proportion of women in the labour market than ever before. That is very much to the benefit of women overall.