Business of the House

Barry Sheerman Excerpts

Thursday 20th June 2013 Commons Chamber

[Mr Lansley]

I understand my hon. Friend’s point, not least because FE colleges in my constituency and adjoining it have raised exactly that point with me too. It is, of course, a matter of available resources, but even before the spending review, if he were to catch your eye, Mr Speaker, he might have an opportunity to raise the matter with Education Ministers at Question Time on Monday.

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

The Leader of the House will agree that the Parliamentary Commission on Banking Standards has produced rather a good report, but it leads us to conclude that there is unfinished business over what went wrong with our banking sector. May we have an early debate on the really sad state of the accountancy profession and the auditing process in this country? It is high time we got to the heart of the matter.

[Mr Lansley]

The hon. Gentleman is right about the commission: it has produced an important and welcome report. He might like to raise these issues at Treasury questions on Tuesday, if he has an opportunity, but notwithstanding that, as I said, I have not yet been able to announce the timing for consideration of the Financial Services (Banking Reform) Bill, which touches on these issues. I would add—this touches on accountancy and other professions related to financial services—that the commission has established, and the Government agree absolutely, that there is no competition between high standards in financial services and global competitiveness. The appalling events of 2008 and their aftermath, including their impact worldwide, demonstrate that global competitiveness, including the trust, credibility and competitiveness of major financial centres, depends on setting and maintaining high banking and financial services standards.