Oral Answers to Questions

Bridget Phillipson Excerpts

Thursday 7th February 2013 Commons Chamber

[Vince Cable]

First, I congratulate the hon. Gentleman on his work on behalf of the up to 100,000 companies that have been mis-sold these swaps. It is a terrible scandal and he was one of the first people to highlight it. I think the position is now much better, but he is right to say that there are some anomalies at the borderline. The definition of “sophisticated companies” is not simply confined to scale, which I think is the point he is trying to make. I will continue to make that point to the FSA and the banks.

[Bridget Phillipson (Houghton and Sunderland South) (Lab)]

The Secretary of State knows that Nissan is vital to the north-east’s long-term economy and provides much-needed jobs and investment. Is there not a significant risk that the uncertainty about Britain’s future in Europe, which will continue for many years, could jeopardise this?

[Michael Fallon]

I am well aware of Nissan’s importance to the north-east. I visited recently and have spoken to the senior management at Nissan about the Prime Minister’s speech to reassure them that we see a future for this country within a protected and enhanced single market. That is what is important for Nissan and many other companies in the sector.