Oral Answers to Questions

Debate between Catherine McKinnell and Mark Hoban

Monday 28th January 2013 Commons Chamber

[Mr Hoban]

I, too, have seen the excellent work that EOS does to improve people’s chances of getting into work—it has some innovative programmes—and I am relentless in pushing Work programme providers to improve their performance so that we get people into work. Last month’s unemployment figures are testament to the benefits of our actions.

[Catherine McKinnell (Newcastle upon Tyne North) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

Finance Bill

Debate between Catherine McKinnell and Mark Hoban

Tuesday 3rd July 2012 Commons Chamber

[Catherine McKinnell]

Then came the shocking revelations at Barclays—[Hon. Members: “Oh!”]—of traders fiddling the markets, cheating with mortgage and lending rates.

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

Will the hon. Lady not have the courtesy to answer my hon. Friend’s question?

[Catherine McKinnell]

I will answer the question, but it was rather an insult to the people who have suffered from the situation at RBS, which was caused by administrative failures and poor management. The question put by the hon. Member for South Staffordshire (Gavin Williamson) does not address the severity of the matters that I am laying before the House.

Then came the shocking revelations at Barclays: of traders fiddling the markets, cheating with mortgage and lending rates—

--- Later in debate ---

[Mr Hoban]

My hon. Friend is right to ask me that question. About 15 times. Every time there is a tricky question, what is the answer? Let us reintroduce the one-off bank payroll tax. That demonstrates the emptiness at the heart of Labour’s economic policy. It has no concrete ideas to tackle what happened in the financial crisis or the economic problems that it left behind. The Opposition are reduced to trotting out the same stale arguments for the fifth time running, and I urge the House to reject them once again.

[Catherine McKinnell]

We have heard some passionate speeches from Labour Members, but I am concerned about the lack of contributions from Government Members. Only one, the hon. Member for Dover (Charlie Elphicke), contributed in the entire debate. He put forward some interesting views and theories, and I commend him for engaging in the debate, because there is little of more importance right now than youth unemployment.

The hon. Gentleman concluded his speech, however, by hailing a return to the 1980s. I do not know about other Opposition Members, but it sent a shudder of fear through me, because although some people had the time of their lives in the 1980s—we have fond images of the City, the champagne flowing, the pinstripe suits and the brick-sized mobile phones—for many the 1980s were not pleasant or a time of growth but devastating, particularly for youth unemployment. Parts of the UK, including my region of the north-east, other English regions, Scotland and Wales, suffered dreadful decimation of their traditional manufacturing industries, and in many ways are still paying the price. We risk repeating that fate today, which is why we are proposing to impose a bank payroll tax on the very institutions that played a large part in causing the international financial crisis that led first to the recession and then to today’s double-dip recession.

Northern Rock

Debate between Catherine McKinnell and Mark Hoban

Monday 21st November 2011 Commons Chamber

[Mr Hoban]

We went out of our way to encourage that. We spoke to various organisations that are keen to promote the idea of mutuality, but none of them could produce a workable model that would enable us to give money back to the taxpayer, and, as I have said, no mutual came forward with a bid in the final round. That was not for want of trying on our part. Clearly there was not the interest in the mutual sector in acquiring Northern Rock that people assumed to exist.

[Catherine McKinnell (Newcastle upon Tyne North) (Lab)]

Of course my constituents in Newcastle welcome news that appears to offer some job security to many local people in the short to medium term, but will the Financial Secretary tell us what financial guarantees have been given to ensure that Virgin Money delivers on its promises?

[Mr Hoban]

Indeed. Councillor Nick Forbes, whom I quoted earlier, also said:

“The decision by Virgin Money to make Newcastle their home sends a message of confidence in our city and the wider North East.”

Virgin Money backed that up by saying that it would not make any compulsory redundancies beyond those already announced by management for the next three years, and I think that that provides a good level of assurance for Northern Rock’s staff.

When I visited Northern Rock on Thursday and talked to some of its staff, they were clearly pleased that the uncertainty that had hung over the business for the last four years and acted as a brake on its development had been removed. They look forward to its continued growth under Virgin Money.