Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 11th March 2014 Commons Chamber

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

At this point in the year, all I can say to my hon. Friend is, “Let me take that as a further Budget submission.”

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

Does the Chief Secretary agree that to have a successful financial services sector we must have bankers, lawyers and accountants whom everyone trusts, and that we need a new value system of trust in these institutions? If so, will he have a careful look at the behaviour of Grant Thornton and the way in which it treats clients and businesses in this country?

[Danny Alexander]

I certainly think that a new culture is needed in the banking sector. That was the basic reason why the Parliamentary Commission on Banking Standards was established. It produced a very wide-ranging report, and many of its recommendations were taken forward by this House in the Financial Services (Banking Reform) Act 2013. I think that that will lead to a better culture. I suggest that the hon. Gentleman raises his specific concerns with the Department for Business, Innovation and Skills.