Business of the House

Bob Russell Excerpts

Thursday 19th January 2012 Commons Chamber

[Sir George Young]

I announced a few minutes ago that there would be a debate on Network Rail, which I very much hope will provide an opportunity for the hon. Gentleman to pursue his legitimate constituency interests. We will set out the infrastructure investment that we are putting into the railway system, including new carriages, investment in new lines and increases in capacity, which I hope he will welcome.

[Sir Bob Russell (Colchester) (LD)]

The Royal Bank of Scotland was bailed out with billions of pounds of public money, saving thousands of RBS jobs, presumably including those of the people who currently run it. However, RBS is pushing Peacocks department stores, which account for 700 shops and 10,000 jobs, towards administration. Is it not the role of the Government to intervene, when they own the bank, and can we have a debate on that?

[Sir George Young]

I understand my hon. Friend’s concern about the future of Peacocks, but I would be cautious about the Government intervening and trying to micro-manage lending decisions, which are best taken by the banks. There will be an opportunity to raise the issue of bank bonuses on Monday, but I shall draw his concerns about the future of Peacocks to the attention of the Business Secretary to see whether there is any action we can take to minimise the pain.