Oral Answers to Questions

Andrew Gwynne Excerpts

Tuesday 22nd March 2011 Commons Chamber

[Mr Osborne]

I am very happy to consider a number of ideas that have been put forward, but we have not yet reached that stage. If we sold the bank shares today, we would still be making a loss as a nation. That is an indication of the scale of the banking crisis. When we come to put those banks back in the private sector, I am sure that there will be a healthy debate in this Parliament and elsewhere about how we treat the proceeds.

[Andrew Gwynne (Denton and Reddish) (Lab)]

Ministers will be aware that there is a sunset clause in the Debt Relief (Developing Countries) Act 2010, which comes into effect in June. Does the Treasury have a view about renewing this important landmark legislation, which tackles the worst abuses of vulture funds?

[Mr Gauke]

I am grateful to the hon. Gentleman for asking that question. That legislation will remain on the books and—I do not think we have announced this formally before—we will put it on a permanent footing.