UK Financial Services
Debate between Andrew Pakes and Callum Anderson(3 days ago)
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Callum Anderson
I could not agree more with my hon. Friend. In this space and across many policy areas, what business and investors require and demand from us as policymakers—regardless of which party happens to be in power—is policy certainty. When we risk lurching in various directions, with various priorities and changing timelines, the only result is that investors withdraw or deploy their capital in other countries. Frankly, with regard to the clean energy transition, that will ensure that other countries, be they our competitors or our foes, will have a massive, global competitive advantage over us. I do not think it is a good idea for us to enable that.
Changing tack, the UK also faces the challenge of our constituents accessing affordable financial services and products. We need to honestly confront the barriers that still prevent too many of our constituents from opening a basic bank account, building even a very modest savings buffer for when times are hard, and accessing safe and affordable credit or securing the insurance that protects people from life’s shocks.
Andrew Pakes (Peterborough) (Lab/Co-op)
My hon. Friend’s constituency sounds a lot like mine, which is underserved in many ways by financial institutions. The recent takeover by Nationwide of Virgin Money means that, in a constituency like mine, Nationwide’s high street network will soon be able to offer support to small businesses and innovators in the postcodes covering Peterborough. Does he agree that that highlights the vital role the mutual sector, credit unions and member-owned banks play in extending financial services to every postcode of the city, widening prosperity in our country?