Oral Answers to Questions

Debate between Bim Afolami and Anna Firth

Tuesday 19th March 2024 Commons Chamber

[Anna Firth (Southend West) (Con)]

T3. I would like to thank the Minister for the opportunity to meet UK Finance yesterday, which told me and other MPs that the industry plans to roll out 225 banking hubs in the next 18 months. Given that my constituency has lost every single bank branch over the last few years, will the Minister help me to make sure that Leigh-on-Sea, which has 250 retailers, will get one of those 225 banking hubs?

[The Economic Secretary to the Treasury (Bim Afolami)]

I thank my hon. Friend for her question. First, it is important to note her consistent championing of this issue for her constituents, for which she deserves huge commendation. To her precise question, it is important that industry, not the Government, makes decisions about bank branches or banking hubs, but she has made her case very ably. I urge her to work with Cash Access UK and LINK to ensure that she has the best chance of securing one of those new 225 banking hubs, as outlined by the industry, in her constituency.

Building Societies Act 1986 (Amendment) Bill

Debate between Bim Afolami and Anna Firth

Committee stage
Wednesday 7th February 2024 Public Bill Committees

[Bim Afolami]

I was. I just realised that it is almost 38 years later.

[Anna Firth (Southend West) (Con)]

An auspicious year.

[Bim Afolami]

Exactly—an auspicious year for me.

The Bill amends section 7(3) of the 1986 Act to exclude three specified sources of funding from the 50% wholesale funding limit for building societies. By excluding these sources of funding from the wholesale funding limit, building societies will be able to raise additional wholesale capital, which strengthens their arms to compete with retail banks while promoting competition within the financial services sector.