Clydesdale Bank and SMEs

Debate between Wes Streeting and John Glen

Tuesday 19th March 2019 Commons Chamber

[John Glen]

Yes. I am happy to take up the case of Mr Lightbody and ensure that he gets a conversation with the right people.

[Wes Streeting (Ilford North) (Lab)]

It is not just in calling for a financial services tribunal that the Treasury Committee has joined the consensus. We have also echoed the concern, based on widespread evidence we received, that the regulatory perimeter needs to be looked at in respect of commercial lending. We urged the Government not to adopt a “wait and see” approach. Having looked at the Government’s response to our inquiry into SME lending and listened to the Minister this afternoon, I think the Government do indeed appear to be taking a “wait and see” approach. When will we see more concrete action to give all business owners the confidence they need that whenever malpractice occurs—it does occur, and it is too widespread—they will see justice and accountability?

[John Glen]

I thank the hon. Gentleman for his question. I have set out the expanded remit and role of the ombudsman service and the extension of the money that can be provided. I have also set out the engagement I have had with UK Finance on historical cases. I respectfully say to him that these are very early days—it is only two months since this decision was made, and I look forward to seeing urgent progress.

Oral Answers to Questions

Debate between Wes Streeting and John Glen

Tuesday 29th January 2019 Commons Chamber

[Wes Streeting (Ilford North) (Lab)]

11. What discussions he has had with the Secretary of State for Exiting the European Union on the Bank of England’s forecasts for the economy after the UK leaves the EU.

[The Economic Secretary to the Treasury (John Glen)]

On 28 November, the Bank of England published analysis on how the short-term impact of leaving the EU could affect the Bank’s ability to meet its objectives for monetary and financial stability. That analysis is published independently and reported to Parliament, but in line with normal practice, no comment will be made on discussions between Ministers.

[Wes Streeting]

The Bank of England knows that no deal will be a disaster, and so do Ministers and the Chancellor, yet the Prime Minister is whipping her MPs to vote today for an amendment that will make it more likely. What does that say about the Chancellor? Does the continued presence of no deal on the table speak to his lack of influence, his lack of authority or his lack of courage?

[John Glen]

I very much regret the hon. Gentleman’s tone. As he knows, the reality is that the best way of avoiding a no-deal scenario is to get behind the Prime Minister’s deal and vote for it.

Oral Answers to Questions

Debate between Wes Streeting and John Glen

Tuesday 22nd May 2018 Commons Chamber

[Wes Streeting (Ilford North) (Lab)]

I am sure that Ministers will be just as concerned as the rest of us about the startling revelations about the conduct of Lloyds and HBOS outlined in the Project Turnbull report. Will the Treasury now demand that, after three years, the Financial Conduct Authority pulls its finger out to expedite its investigation into this matter? Has the Treasury received any requests from police authorities to fund appropriate investigations into criminal activities? If so, will it look favourably on them?

[John Glen]

The hon. Gentleman rightly points out that the events at HBOS in Reading constituted criminal activity. As such, it was right that those responsible were brought to justice. He referred to a report by an internal employee; that matter should be taken seriously by the FCA and is being taken seriously by Lloyds, and it will be followed up on in due course.