Oral Answers to Questions

Andrew Selous Excerpts

Tuesday 8th February 2011 Commons Chamber

[Mr Hoban]

My hon. Friend makes an important point. Of course, part of the problem was that the light-touch regime introduced by the previous Government for the regulation of the financial services sector meant that, when losses rose, banks did not have sufficient capital to absorb them. The Basel III reforms will tackle that challenge, and I hope that we will see a stronger and more sustainable financial sector.

[Andrew Selous (South West Bedfordshire) (Con)]

T1. If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Mr George Osborne)]

The core purposes of the Treasury are to ensure the stability of the economy, promote growth and employment, reform banking, manage the public finances and generally clear up the mess left by the Labour party.

[Andrew Selous]

Will the Chancellor update the House on the progress made in making us one nation in pensions, so that people in the private sector do not have to pay for public sector pensions that they can only dream of receiving themselves?

[Mr Osborne]

We are seeking a more equitable balance. Lord Hutton is due to produce his final report just before the Budget, and we await that. However, we have already made it clear that we need to see savings for the taxpayer. Those were set out in the spending review, and, as I said, we are committed to them. However, in conversations with trade unions, I have been prepared to enter into discussions with them on an extended time frame—to June—about exactly how those savings can be found across schemes and different pay scales.