Oral Answers to Questions

Andrew Jones Excerpts

Thursday 21st March 2013 Commons Chamber

[Vince Cable]

Perhaps the hon. Gentleman will come back with me to Markham Vale in his constituency, which I visited at his suggestion—[Interruption.] Real regeneration is taking place there with Government support.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

I have raised the issue of interest rate swaps with my right hon. Friend the Secretary of State before, and I am grateful for the action he has taken. However, the problem is still hurting businesses in my constituency, so will he keep the issue firmly on his radar and work with colleagues across government to bring it to a conclusion as swiftly as possible? [Interruption.]

[Vince Cable]

I am sorry; I did not catch the hon. Gentleman’s question.

[Mr Speaker]

I am sorry if the hon. Gentleman’s words were lost; let us hear them.

[Andrew Jones]

I have raised the issue of interest rate swaps with Ministers before and have been grateful for the action taken, but this issue is still hurting businesses in Harrogate and Knaresborough. May I ask the Secretary of State to keep this issue on his radar and to work across government to try to resolve this as quickly as possible?

[Vince Cable]

Yes, the hon. Gentleman is right: interest rate swaps were a major scandal. The Financial Services Authority has, as he knows, already set in train a process for remedies. I am working very actively with it, but it is very much in the hands of the FSA and the banks to produce a just solution. [Interruption.]