Barry Sheerman
Main Page: Barry Sheerman (Labour (Co-op) - Huddersfield)Department Debates - View all Barry Sheerman's debates with the Department for Education
(9 years, 5 months ago)
Commons ChamberSadly, I am not responsible for telecommunications and related activities, but I am sure that the Secretary of State for Culture, Media and Sport has heard what my hon. Friend has said. The positive point in his question that I would emphasise is that our satellite industry is one of our most successful. We have a Catapult that invests in its activities, it is expanding rapidly and there is no reason why it should not fit alongside land connections in improving broadband speed.
The Secretary of State and I have worked on manufacturing matters and other matters quite well over these five years. I have enjoyed it and we have co-operated well. Small businesses, like big businesses, depend on finance and a good banking system. Is he as worried as I am about the takeover of TSB? The bank employs a lot of people in the area I represent, and it is a very important taxpayer investment. Are we getting value for money in this takeover, from a country and a company that has a big question mark over its economy?
I had an opportunity to discuss the TSB takeover on the day it was initially announced. One of the first questions I asked was: what would be the implications for business lending? The Spanish bank conducting the takeover has expertise in this field. This is its major area of activity in Spain. I understand that TSB will be pushed in that direction, which is surely positive. There are many other outlets now opening up through challenger banks, and the Business Bank has made a major contribution to increasing diversity, as well as the supply of finance to small businesses.