Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 29th April 2014 Commons Chamber

[Mr Osborne]

I absolutely agree with my hon. Friend. The fact that the Labour party had nothing to say in response reflects the muddled approach: it did not support the measure, but it did not know what to do with a popular Budget proposal. We are absolutely clear that we reject the patronising view, pursued by the previous Government, that the state knows better than individuals how to spend their money. Trusting people, reducing taxes, supporting savers—that is this Government’s approach.

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

Does the Chancellor agree that the traditional financial services sector has let down savers and borrowers? Is it not time that he gave more encouragement to the crowdfunding sector, which is flexible and gives a much better deal?

[Mr Osborne]

The hon. Gentleman has asked me about that matter at previous Treasury questions and I know that he takes a keen interest in it. He wrote to thank me for the measure in the Budget to include crowdfunding vehicles in individual savings accounts. That is an important step to support this new sector.