Oral Answers to Questions
Debate between Andrew Griffith and Hannah Bardell(2 months, 1 week ago)
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Hannah Bardell (Livingston) (SNP)
The Minister for Science, Research and Innovation (Andrew Griffith)
Our priority is to ensure that everyone, regardless of background, can pursue the exciting opportunities in STEM. That ambition fully extends to the hon. Members’ constituents in Paisley and Renfrewshire North and in Livingston.
Andrew Griffith
A key priority for this Government is ensuring that everybody, regardless of background, faces no discrimination and can pursue an occupation in STEM. I am pleased to report that the number of STEM apprenticeship starts by women this year is up by almost 8%, and since 2016 a total of almost £8 million has been awarded to 152 remarkable women role models to help them grow their businesses and innovation.
Hannah Bardell
A vaccine firm in my Livingston constituency, Valneva, does lifesaving and pioneering work, and nearly 50% of its workforce are women. It does brilliant work to encourage women into STEM careers. Would the Minister consider coming to Livingston, visiting Valneva, and meeting the company and me to see at first hand the fantastic work it does?
Andrew Griffith
Yes, and I commend the hon. Lady for having that very successful female-opportunity-giving firm in her constituency. I am in Scotland later this month and I will try to visit her.
Credit Unions and the Cost of Living
Debate between Andrew Griffith and Hannah Bardell(9 months, 2 weeks ago)
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The Economic Secretary to the Treasury (Andrew Griffith)
It is a pleasure to serve under your chairmanship, Dr Huq. I congratulate the hon. Member for Livingston (Hannah Bardell) on a thorough and thoughtful contribution to this subject. She said that one of her objectives was to raise awareness, and she should feel that she has fully achieved that. I also congratulate the West Lothian Credit Union, which I understand will be celebrating a quarter of a century since its establishment this year. All my colleagues in the Treasury and I send our congratulations to that very important institution, which does great work.
As the Economic Secretary, I am committed to supporting the credit union sector. From helping people to set aside savings—the hon. Member talked about the work done with employers as well as in schools to help to promote the savings habit—to probably its most vital role of offering credit at affordable rates, the Government really value the unique role played by credit unions for all their members, and particularly the financial inclusion agenda. The reach of credit unions is significant. There are 385 of them—not quite enough for one for every constituency, but would that not be lovely? I share the hon. Lady’s goal of having more credit unions, seeing those we have being even more successful and wanting to grow the number of users. There are 83 in Scotland, which, in this respect, is punching above its weight. Together, credit unions represent more than 2 million members and have assets of more than £4.5 billion.
The hon. Lady is right that recent cost of living challenges have proven that the trust placed in the credit union sector by their members, the Government and regulators is well deserved. That trust will be vital as people across the country continue to face cost of living pressures and must stretch every pound as far as possible. People’s money needs to work hard for them.
We know that there are global challenges, and we are not alone in facing challenging levels of inflation: in May, core inflation was higher in more than half of the countries in the EU than in the UK. Inflation erodes living standards for households, and particularly for the most vulnerable in society. That is why it is right that the Government continue to make it one of our priorities—this is one of the Prime Minister’s priorities—to halve inflation by the end of the year, and we will not hesitate to do what it takes to achieve that. Access to affordable, inclusive credit, such as that provided by credit unions, can make a real difference.
Hannah Bardell
Does the Minister agree that when the chips were down during the financial crisis of 2008, the Government had no choice but to step in and save the banks, but that it is now time for the banks to step up and help people who need to borrow and those who need help?
Draft Insider Dealing (Securities and Regulated Markets) Order 2023
Debate between Andrew Griffith and Hannah Bardell(11 months, 3 weeks ago)
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Andrew Griffith
It is always a pleasure to follow the hon. Member for Hampstead and Kilburn; I thank her and her colleagues for their support. She makes a fair point about the period between publication of the FEMR in 2015 and the Committee’s consideration of the draft order today. I do not have the figures on—indeed, I do not even know—whether there has been a lack of prosecutions as a result. As the hon. Lady knows, there is both a civil and a criminal regime. It is only the civil regime that we are updating today; we are maintaining the criminal regime.
Hannah Bardell (Livingston) (SNP)
Like our Labour party colleagues, the Scottish National party supports the draft order. However, the reality is that the National Crime Agency has faced a 4.5% decrease in its budget in recent years. Is the Minister willing to say anything about the funding of the resources to pursue the criminals? What more will be done in line with updating the legislation?
Andrew Griffith
These are important matters. The funding of the police is out of scope, but I am sure I share the Committee’s desire to see any criminals in this space prosecuted and to see as many investigations as possible. The FCA has operational independence in dealing with those matters, and it is our job to provide it with the tools, which is what we are doing. I am grateful for the support of the hon. Lady and her party.
There have been a number of interludes since the original FEMR in 2015, including the unprecedented period during the pandemic and some of the other financial measures that we have had to pursue as part of Brexit. I hope we have consensus about how we move forward now. In all the important work that we are doing across the financial services sector, I have a zeal to proceed at the fastest possible pace. We do not have the ability to travel back in time, but we can put the draft order on the statute book now.