Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 17th January 2017 Commons Chamber

[Mr Speaker]

Oh, we had better get the fellow in; otherwise he will be very unhappy. I do not like to see the hon. Gentleman unhappy. I call Mr Barry Sheerman.

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

As someone who chairs a national charity based in Peterborough, and also as the Member of Parliament for Huddersfield, may I back the people who have been saying not only that we need a more diverse housing market and better provision, but that the future must be lower-cost housing and off-site construction, and to a highly sustainable standard?

[Mr Gauke]

I thank that we can agree on all that; there is consensus on this point. We do need to build more homes. Building more homes more cheaply, but of high quality and on a sustainable basis, is something on which I hope the whole House can agree.

Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 25th October 2016 Commons Chamber

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

The Chancellor will know that West Yorkshire is the beating heart of the manufacturing economy in this country, but my manufacturing leaders, and the EEF, feel left out of the loop in relation to their future after Brexit. Can he reassure them, because they are very disturbed about the future?

[Mr Hammond]

I can certainly reassure the hon. Gentleman that manufacturing industry is very much in the forefront of our thinking as we approach these negotiations. I am sorry that I have not had a chance to go to West Yorkshire, but I have been engaging with businesses in all sectors of the economy, including many businesses from the north that have attended round-tables in Downing Street over the past few weeks to set out their concerns so that we can take them properly into account.

Finance Bill

Barry Sheerman Excerpts

Monday 5th September 2016 Commons Chamber

[Caroline Flint]

There is a debate about where best to recoup the money from those who trade and the profits they make. Different options are available, but perhaps that is a wider debate for another day. The BEPS—Base Erosion and Profit Shifting—debate was partly about addressing that, but transparency has to be at the heart of all this, whatever system we set up to identify what is a fair contribution for business. I hope that my amendment will be supported and will be one small step forward.

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

My right hon. Friend knows that I support this amendment and the wonderful work she does. Does she remember all the difficulties we had with the banking sector and the people who were supposed to be the auditors—these great companies that are specialising in obscurity, hiding ownership and moving ownership? Surely this must go in tandem with taking on those big people who did not audit the banks properly. They are the same people who allow these big companies to evade taxation.

[Caroline Flint]

My hon. friend is right about that. As the Parliament that represents the people of this country, we have a duty not to allow markets to be unfettered, but to provide a framework in which they should operate, work, be successful and do the right thing. I must say that there are companies doing the right thing. Increasingly, companies are volunteering to do the right thing by publishing the sort of information that I am asking to be made more public today.

Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 19th July 2016 Commons Chamber

[Jane Ellison]

I hear the point that my hon. Friend makes. That is clearly something to which further consideration will be given.

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

Any help that small businesses get from business rates reform will be very welcome in my constituency of Huddersfield, but that does not outbalance the fact that my university and my manufacturing businesses have been hard hit by Brexit. I know that the Minister is not one of the guilty Brexiters, but what will the Government do to help manufacturing industry and universities so hard hit?

[Jane Ellison]

The Chancellor has already made a number of comments about how we will deal with and address this situation, and more will clearly be said in the autumn. It is important that we recognise that, while we undoubtedly face some risks and have to look to manage them, we must also seize the opportunities we can take from the situation we are in.

To return to the point about business rates, taking 600,000 of the very smallest businesses out of business rates altogether is a good thing. It has not taken effect yet. It is important to make it clear that although that has been announced, it has yet to take effect. We all have a job to do in the spring to make sure that our local businesses get the maximum benefit.

Oral Answers to Questions

Barry Sheerman Excerpts

Thursday 9th June 2016 Commons Chamber

[Mr Evennett]

I give my full support to the Derwent valley cycleway. This is an excellent scheme that safely opens up the beautiful Derwent valley, a world heritage site, so that more people can see it. Cycling has many health and environmental benefits, and the increased number of local and international visitors using the cycleway will benefit tourism in the region even further.

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

Will the Minister—for whom I have great respect—use his common sense, ground his boss and bring him to Yorkshire, so that he can talk to real people in the tourism business who are dreadfully worried about the impact of our leaving the European Union on jobs, investment and so much else? Yorkshire is a prime tourism destination, and we do not want to harm that.

[Mr Evennett]

Yorkshire is indeed a prime destination for tourism, and it has so much to offer. I have been going around the country—I am off to Devon and Dorset today and tomorrow—to promote tourism and heritage again, and I will do all that I can to persuade domestic and foreign visitors to come to Yorkshire and the rest of our great nation.

Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 7th June 2016 Commons Chamber

[Harriett Baldwin]

My hon. Friend is absolutely right that there is an important role to be played by not only our embassy network, but our chambers of commerce and the Federation of Small Businesses. I also welcome the fact that some of our larger banks have also set themselves targets for getting additional customers to start to export during the next five years.

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

Is the Minister aware that Huddersfield and Yorkshire are already a northern powerhouse in terms of manufacturing and the quality of partnership with universities? Is she aware that my universities in Yorkshire and the manufacturing sector are terrified that we will leave the European Union? It will bankrupt the universities and the manufacturing sector.

[Mr Speaker]

Did we get a reference to exports? I am sure that the hon. Gentleman meant to mention it.

[Mr Sheerman]

We have great exporters as well.

[Mr Speaker]

Well done.

Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 19th April 2016 Commons Chamber

[Mr Speaker]

Order. No! The hon. Gentleman is very, very wide of the question. I have great respect for him. He has put his thoughts on the record, but they have absolutely nothing to do with the question on the Order Paper, to which the Chief Secretary will not therefore reply.

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

May I press the Minister? He cannot just hide behind what he claims to be happening in all advanced economies. We are performing worse than most, particularly France. Is the reason for that not to do with the lack of skills of our workers and the lack of good education in our country? Will the Chancellor’s silly policy on forced academisation help or hinder?

[Greg Hands]

We recognise that there is an issue with productivity, which is why we published the productivity plan, but in terms of growth, the UK was the fastest-growing major economy in 2014. Last year, we were in second place; this year we are also projected to be in second place, growing at a healthy rate. Therefore, with regard to growth, this country is doing very well indeed.

Oral Answers to Questions

Barry Sheerman Excerpts

Tuesday 1st March 2016 Commons Chamber

[Greg Hands]

My hon. Friend raises a very interesting point. Helping the self-employed is one of the Government’s key priorities. We will have to see what is in the Budget on 16 March.

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

Is the Minister aware that I, like many Members, represent a university town? The university is one of the best and biggest employers in my constituency. Universities up and down the country are terrified of our leaving the EU. Our universities receive the most money for research and collaboration of any country in the EU. They will be destroyed by leaving the EU.

[Greg Hands]

I join the hon. Gentleman in campaigning for the UK to remain a member of the EU. That is the right thing for us to do both for the public finances overall and for the future of the UK economy, as the G20 communiqué made clear over the weekend. It may well have an impact on the university sector, too. I am sure that that will be one of the questions featured in the forthcoming debate leading into the referendum.

Short Money and Policy Development Grant

Barry Sheerman Excerpts

Thursday 11th February 2016 Commons Chamber

[John Penrose]

I am terribly sorry to disagree with such a senior and experienced Member, but I must remind the hon. Gentleman and others that the public at large have had several years of belt-tightening. They have had to deal with the effects of the deficit and have all had to contribute to try to close the yawning financial gap that we were bequeathed by the previous Government. They will just not understand—they will judge politicians and the political classes, as they see them, extremely harshly—if we are not willing to do our bit and make this work.

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

There is a great sense of fairness in the British public at large and a much better sense of fairness among some Government Back Benchers. When the Minister is talking to the public about belt-tightening, it does not wash very well when they see the gala fundraisers the Conservative party is currently holding. If the proposal comes to this House of Commons for a vote, I warn him that reasonable people who value democracy and a healthy Opposition will not give him a majority.

[John Penrose]

The measures will in due course come to the House for a vote, and rightly so. They will be subject to proper democratic scrutiny in due course, so the hon. Gentleman will have his opportunity to try to persuade others of his point of view, but I again draw a crucial distinction between the provision of public money, funded by taxpayers, who do not have a choice about whether the money goes to political parties, and voluntary political donations made by whoever it may be—individuals or trade unions. In the end, people should have a choice. That is the crucial distinction between those two sources.

Bank of England and Financial Services Bill [Lords]

Barry Sheerman Excerpts

Monday 1st February 2016 Commons Chamber

[The Economic Secretary to the Treasury (Harriett Baldwin)]

I beg to move, That the Bill be now read a Second time.

Following the financial crisis, the Government fundamentally reformed the UK’s system of financial regulation, replacing the failed tripartite system with a set of regulators with clear responsibilities and objectives. We have also taken concerted action to improve conduct across the banking sector, and to deal with the abuses and unacceptable behaviour of the past. The Bank of England has rightly been put back in charge of financial stability, and the Financial Conduct Authority is a watchdog protecting consumers from sharp practices and making sure bankers comply with the rules. Quite rightly, the powers and governance of those important organisations are reviewed closely and the Bill makes some modest changes to them.

The Bill has three main aims. The first is to further strengthen the governance, transparency and accountability of the Bank of England so as to put it in the best possible position to fulfil its vital role in delivering monetary and financial stability. It allows the National Audit Office into the Bank for the first time in its centuries-old history. The second aim is to build on concerted action the Government have already taken to drive up standards in financial services by extending the senior managers and certification regime across the sector, including a tough new duty of responsibility for senior managers. The third aim is to support the creation of a secondary market for annuities, protecting consumers by extending the remit of the Pension Wise guidance service and introducing a requirement which, in effect, ensures that certain individuals who are seeking to sell their annuities have received appropriate financial advice.

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

Does the hon. Lady agree that one of the real problems in the culture of banking, which we all want to get right, is the role of auditors? Auditors should have been there, should have spotted the dangers and should have blown the whistle, but they did not. Is it not the case that the Bill still does not address the accountancy profession and auditors?

[Harriett Baldwin]

The hon. Gentleman is right to highlight the importance of auditors. Others in this place will consider the role of auditors in the crash, but I think what he will welcome in the Bill is the fact that the National Audit Office, for the first time, will have the ability to do value-for-money studies within the Bank of England.

--- Later in debate ---

[Harriett Baldwin]

The hon. Gentleman rightly points out the importance of the NAO’s having the right resources. I have not had any representations about this particular move, but I am sure it will make its feelings known, should it require those resources.

The Bill also makes changes to the court. We will simplify and strengthen the governance of the Bank by transferring to the whole court the powers previously given to the oversight committee to oversee the Bank’s performance. Following discussions in the other place, to help guard against group-think, we have amended the Bill so that a majority of non-executive directors on the court will still be able to initiate reviews of the Bank’s performance without needing to secure the agreement of the whole court.

We will integrate prudential regulation more fully into the Bank by ending the PRA’s status as a subsidiary of the Bank. The PRA board will be replaced by a new Prudential Regulatory Committee with sole responsibility within the Bank for the PRA’s functions. That is modelled on the Monetary Policy Committee and the Financial Policy Committee. We will make these changes while still protecting the PRA’s operational independence, and we will continue to ensure transparency on the amounts raised by the levy and what the Bank spends in relation to its functions as the prudential regulator.

In order to strengthen governance and make the structures of the Bank more consistent, the Bill harmonises the legislation underpinning the Bank’s three policy committees: the MPC, the FPC and the proposed PRC. It moves the MPC to a schedule of at least eight meetings a year, from the current 12, and updates requirements for the timing of MPC publications, implementing the remaining recommendations of the Warsh review, entitled “Transparency and the Bank of England’s Monetary Policy Committee” and published in 2014.

Alongside these changes, the Bill builds on the existing arrangements and the strong working relationship between the Bank and the Treasury by updating the formal framework for how the Bank and the Treasury should engage with each other on the public funds risks and the financial stability risks of firm failure. These changes will improve co-ordination while maintaining the existing clear and separate roles of the Bank and the Treasury in the event of a crisis.

[Mr Sheerman]

I am slightly concerned that the Bill moves us towards a system of less tension and a cosier relationship between the Bank and the Treasury. That would worry me and other Members. Is it true? I always thought that that tension was healthy.

[Harriett Baldwin]

The hon. Gentleman is right to highlight the importance of the Bank’s operational independence, which Gordon Brown introduced in 1997—it was his greatest legacy to our country—but he will note that his colleagues’ motion calls for a stronger role for both the Treasury and Parliament and arguably for less independence for the Bank. It is popularly known as the people’s quantitative easing, and I hope that the hon. Gentleman will not support his Front-Bench team on the reasoned amendment.