British Banking Sector

Baroness Bennett of Manor Castle Excerpts

Tuesday 21st March 2023 Lords Chamber

[Baroness Penn (Con)]

The noble Lord is right that the Credit Suisse subsidiary in the UK was regulated by the Prudential Regulation Authority and met its obligations under those regulations.

[Baroness Bennett of Manor Castle (GP)]

My Lords—

[Lord Reay (Con)]

My Lords—

[Baroness Williams of Trafford (Con)]

My Lords, it is the turn of the Green noble Baroness, and then it will be my noble friend.

[Baroness Bennett of Manor Castle (GP)]

My Lords, we have had two questions addressing the dangers of the competitiveness agenda of the Edinburgh reforms, which the Green Party has consistently opposed. The other element is that the Government talk about boosting growth. The Minister suggested that was for the general economy, but it has been presented as a desire to grow the financial sector. Is there not, as demonstrated by recent events, a great risk of too much finance and too large a financial sector when what we need is a real-sized financial sector to serve the real economy?

[Baroness Penn (Con)]

I disagree with the noble Baroness. The UK’s financial services sector is one of our great strengths in and of itself and as an engine to power growth across the rest of our economy; that will remain the case under this Government.