Oral Answers to Questions

Barry Sheerman Excerpts

Thursday 26th March 2015 Commons Chamber

[Vince Cable]

Sadly, 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.

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

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?

[Vince Cable]

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.