(8 years, 10 months ago)
Commons ChamberMy hon. Friend, who is a very constructive and engaged member of the Treasury Committee, will have the opportunity to ask questions of the acting chief executive and the chair of the FCA on Wednesday. I agree that it is very useful for such a Committee to have pre-appointment hearings with any executive of the FCA.
The Symphony interbank communications software, which allows for the permanent deletion of emails, advertises itself as being able to save banks billions of pounds in fines. Will the Minister join my campaign, in conjunction with the Business Secretary, to ensure that the FCA retains the encryption codes for the Symphony software system for seven years, as happens in America?
My hon. Friend asks a salient question. The FCA is investigating this matter, and he will be aware that new rules—the markets in financial instruments directive II—will require firms to keep information for a considerable period, but this is the subject of ongoing discussions.
(13 years, 9 months ago)
Commons ChamberThat approach is one of those things that looks fair at first sight, but the more one looks at it, the more problems with it one perceives. For example, what if the Government of the day could not carry the Budget? The Finance Bill is something that the Government have to be able to carry, but if the make-up or majority in the English Parliament was different from that in the overall, national Parliament, how would we solve such conundrums? That is why I have not taken that approach in my Bill.
The recommendation that I thought made the most sense was the one in the democracy taskforce publication, which proposed a lower-strength version of English votes for English laws. This proposal was that Bills be certified by the Speaker as English. They would pass through normal Commons processes as far as and including Second Reading, on which the whole House would vote. The Committee stage would be undertaken by English MPs in proportion to English party strengths. Report stage would be similarly voted on by English Members only, and Third Reading, when no amendments are possible, would again be voted on by the whole House. However, there are also problems with that approach, but it is those problems that my Bill seeks to solve.
The problem was best expressed by lain MacLean of Nuffield college in his 2005 paper, in which he said:
“It will be hard for the Speaker to define what is an English bill, at least to do so without controversy—the Speaker could be politicised”.
I would not want to put you in such an awkward position, Mr Speaker. Therefore, by requiring the Secretary of State to specify in draft legislation the territorial extent of a Bill, my expectation is that it would be much clearer in the drafting of Bills to which parts of the UK they applied. Indeed, the Clerk advises me that the Health and Social Care Bill, which was mentioned earlier and which, really, applies only to England, would be hard to certify as being an England-only Bill, because of the way in which it is drafted. What I hope my Bill would achieve, once it received Royal Assent, is gently to guide those drafting Her Majesty’s legislation to be clear enough in that drafting so that you, Mr Speaker, would have no problem certifying Bills. Indeed, you already have the power, under Standing Order No. 97, to certify Bills as having regard to Scotland only. In the past, before devolution, that Standing Order was used quite often, which shows that there is a precedent for such certification and that it would not be beyond the wit of those much wiser than me to come up with some improvements on that Standing Order.
I thank my hon. Friend for indulging me. I wonder whether she would be willing to listen to my perhaps more simple solution to the West Lothian question, which is indeed a boil that needs lancing. If we got rid of Members of the Scottish Parliament and Members of the Welsh Assembly, and instead merely had elected MPs, then all MPs from across Great Britain could meet in this place on Mondays and Tuesdays to attend to British affairs, and then on Wednesdays, and perhaps Thursdays, they could return to the Scottish Parliament or the Welsh Assembly, or to Northern Ireland, leaving English MPs to attend to English matters in this place. Surely that would save the taxpayer a great deal of money and, by getting rid of so many politicians, be very popular in the country.
(14 years, 1 month ago)
Commons Chamber5. What recent progress has been made on the roll out of broadband to rural areas.
10. What plans he has to roll out next generation broadband to rural areas.