Bank of England

Andrea Leadsom Excerpts

Monday 26th November 2012 Commons Chamber

[Mr Osborne]

I can assure the hon. Gentleman that Dr Carney and Dr Bean are excellent.

[Andrea Leadsom (South Northamptonshire) (Con)]

I am so excited about this appointment that I could jump up and down—but I won’t.

Does my right hon. Friend agree that at some point during the next year he should have a chat with Dr Carney about the ground-breaking bank revolution that would ensue from bank account portability, and about the fact that that could be the very first thing that he did as the new Governor of the Bank of England?

[Mr Osborne]

I hope that my hon. Friend will contain her excitement when she has a chance to question Dr Carney, when he appears before her Select Committee. As she knows, from next year we will have full account-switching, which means that people will be able to switch their bank accounts, including direct debits and so on, within seven days. That will make switching much easier. My hon. Friend has advanced strong arguments for going further and introducing account portability, and we are studying that idea closely. There are pros and cons, which the Vickers commission considered, but she has put her case very powerfully.