Bob Blackman
Main Page: Bob Blackman (Conservative - Harrow East)Department Debates - View all Bob Blackman's debates with the HM Treasury
(6 months, 3 weeks ago)
Commons ChamberThe hon. Lady makes an important point, and I know there is agreement on this issue across the Chamber. We made statements last year along those lines, putting particular pressure on the public sector. I am sure there will be continuing pressure on the private sector, too.
The Government are taking ambitious steps to grow the UK’s world-leading financial services sector, with widespread industry support. To take one example, reforms to Solvency II will help to spur a vibrant, innovative and internationally competitive insurance sector. The reforms will unlock £100 billion-worth of productive investment to grow the economy in every constituency over the next 10 years.
I thank my hon. Friend for his answer but, clearly, to grow the financial services industry, investors must have confidence that their money is safe. I have written to him about the Woodford equity scandal, of which there are many thousands of victims across the country. The Financial Conduct Authority refused to intervene, so will he now intervene and take action to ensure that the investors get at least a large part of their money back?
I thank my hon. Friend for his question, for writing to me and for standing up for the rights of his constituents. It is important the House knows that over 90% of investors voted to accept the scheme of arrangement. It is now up to the court to decide whether to approve it, and I therefore will not comment on it any further. I am happy to be in constant dialogue with him on this matter, as on many others.
What I will say to them is that responsible, difficult decisions, the vast majority of which the shadow Chancellor opposed, have seen the inflation rate more than halve and interest rates likely to have peaked. Last year, we built more houses in one year than in any single year under the previous Labour Government. We are doing everything we can to help bring down mortgage rates, but a £28 billion borrowing spree will make them worse not better.
I thank my hon. Friend for his question and I will write to him with the specifics of the answer.