Independent Banking Commission Report

Andrew Love Excerpts

Monday 12th September 2011 Commons Chamber

[Mr Osborne]

One thing that has dramatically changed under this Government is the relationship between those in No. 10 and No. 11. We not only talk to each other, but also occasionally share a friendly drink.

[Mr Andrew Love (Edmonton) (Lab/Co-op)]

The commission appears to have diluted its interim proposal to place a duty on the regulator to promote competition, but the Treasury Committee stated in its report on this subject that that was a crucial recommendation. The Chancellor has mentioned the importance of competition on numerous occasions today. Will he look again at this recommendation and ensure that we maximise the opportunities to improve competition in the market for the benefit of consumers and taxpayers?

[Mr Osborne]

I do not think the hon. Gentleman is being entirely fair. A specific part of the report deals with the remit of the new Financial Conduct Authority, and it says that—although we have changed our proposal in the light of the interim report, as I announced at the Mansion House—we could go further and make the requirement to promote competition an overriding duty on the authority. We should look at that over the next couple of months. I would welcome the input of the Select Committee, and we could respond later this year.