Oral Answers to Questions

Chris Bryant Excerpts

Thursday 3rd June 2010 Commons Chamber

[Mr Davey]

I am grateful for that question. I pay tribute to my hon. Friend, who has led the debate on the new proposal. He and other colleagues on the coalition Benches helped to persuade the previous Government to adopt the idea, for which he did so much work. He will be aware that the previous Government undertook a consultation, which ended at the end of April. We are looking at all the submissions to that consultation and we will report back to the House when we have had a chance to analyse them, dealing with the sorts of issues that he has raised.

[Chris Bryant (Rhondda) (Lab)]

T8. Earlier, in response to three identical planted questions about regulation, the Minister gave us a whole load of sanctimonious poppycock about his views on regulation, saying that there should be much less of it. May I urge the Secretary of State to keep his Ministers in tow and to ensure a proper sense of regulation, especially in the financial services industry, in which there are still many predatory practices? In constituencies such as mine, loan sharks as well as reputable financial services organisations are still preying on vulnerable families.

[Vince Cable]

The ministerial team is completely united in its approach to regulation. There are clearly areas where regulation is necessary, not least for consumer protection, to which the hon. Gentleman referred, but it must be proportionate and cost-effective, and it must not obstruct genuine business growth.