Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 4th September 2019 Commons Chamber

[Alun Cairns]

I met the Farmers Union of Wales yesterday to discuss the challenges and opportunities that Brexit will bring. I plan to meet NFU Cymru shortly. We recognise that there are new markets that we need to be exploring. I have already highlighted Japan as one of those markets, but there are many more.

[Chris Ruane (Vale of Clwyd) (Lab)]

To continue that point, 40% of the UK’s sheepmeat is exported tariff-free to the EU. Yesterday, our shadow team met the FUW, which said that on 1 November there will be a huge lamb market in Dolgellau. If we crash out of the EU without a deal on Halloween, the lamb export market will disappear overnight. The lambs in Dolgellau will have no market value and will be culled, buried or sold off as pet food. Which of those options does the Secretary of State think is the best?

[Alun Cairns]

Our record supporting rural Wales and the rural economy across the whole of the UK is strong. It compares favourably with the hon. Gentleman’s performance. I hardly saw him as the champion of Welsh agriculture in the past.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 3rd April 2019 Commons Chamber

[Alun Cairns]

The hon. Gentleman makes an important point, but of course he is tempting me to announce elements of the comprehensive spending review well before my right hon. Friend the Chancellor will do so later this year. However, communities have said that the £4 billion has not changed communities in the way they wanted it to, so this is an opportunity to introduce a much more innovative, proactive approach that responds to the private and voluntary sectors and local authorities in a much more local way.

[Chris Ruane (Vale of Clwyd) (Lab)]

I welcome the hon. Member for North Swindon (Justin Tomlinson) to his new ministerial position. May I too wish our Labour candidate Ruth Jones well in the Newport West by-election tomorrow?

There has been more than just the one meeting on the shared prosperity fund in Wales—there have been five meetings—but the consultation has not started. MPs were neither informed nor invited to those meetings, even if, as was the case with me, they were held in their own constituency. Does the right hon. Gentleman view MPs from all sides as stakeholders in the shared prosperity fund? Why were MPs not invited to these meetings and will he meet with stakeholder MPs to discuss the design of the fund?

[Alun Cairns]

First, I point out that these meetings were aimed at communities and the Welsh Government jointly presented at the last one. The hon. Gentleman has frequent opportunities to make direct representation here and it was only a little over a week ago that I met the all-party group for the UK shared prosperity fund to discuss the matter. I am sorry that he could not be present with some of his colleagues, but of course I will be happy to meet him or any other colleague who wishes to discuss the UK shared prosperity fund.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 24th October 2018 Commons Chamber

[Alun Cairns]

The hon. Gentleman is tempting me to pre-empt the Chancellor’s comprehensive spending review and Budgets that will come within that period. It is wholly inappropriate for me to respond on that basis, and much will depend on the detail of the nature of the deal we get with the European Union.

[Chris Ruane (Vale of Clwyd) (Lab)]

Businesses and community organisations across Wales are alarmed at how little detail has been provided about the Shared Prosperity Fund. They are doubly concerned that the consultation that has been promised by the end of this year has not even started. Will the Secretary of State at long last provide a date for this consultation and, if he cannot, may we at the very least have a date on which we can have that date?

[Alun Cairns]

The hon. Gentleman will be aware that we will consult on the UK Shared Prosperity Fund very soon. I am sure that even he will agree that the existing programme has not gained the greatest value for money, as he will also be aware that the then first Minister, Rhodri Morgan, said that it was a once-in-a-lifetime opportunity and we are now on our third round of EU funding. There must be a better way.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 18th July 2018 Commons Chamber

[Chris Ruane (Vale of Clwyd) (Lab)]

It’s a hard life!

The shadow Wales team recently met Farmers Union of Wales representatives, who are desperately worried about the future funding of Welsh agriculture post Brexit. If future farm funding is allocated using the Barnett formula, Welsh farmers will lose £133 million a year, taking £1 billion out of the Welsh economy. That would decimate rural communities and thousands of family-run farms. What steps is the Minister taking to guarantee Welsh agriculture the same level of funding post Brexit?

[Alun Cairns]

I, too, congratulate the hon. Gentleman on his significant birthday. The Under-Secretary of State for Wales, my hon. Friend the Member for Pudsey (Stuart Andrew), and I meet Welsh farming unions regularly, and we also meet them jointly with the Welsh Government’s Agriculture Minister. That demonstrates the collaborative approach that we are taking. If I have said once, I have said 100 times that we will not be using the Barnett formula to distribute agricultural spend. Clearly, the current level of spend is the starting point, and we will be consulting in due course. The financial protection that the UK Government have given to Wales, whereby Wales now receives £120 for every £100 spent in England, demonstrates the priority that we put on protecting Wales’s interests.

Autumn Budget as it Relates to Wales (Morning sitting)

Debate between Chris Ruane and Alun Cairns

Wednesday 7th February 2018 General Committees

[Alun Cairns]

I absolutely accept my hon. Friend’s point. Ultimately, however, the project must prove to be value for money because otherwise taxpayers will risk paying more than they would for an alternative source of energy, in addition to pushing up consumer prices. Two years ago, we were considering the crisis in Tata Steel, which is adjacent to the proposed site for the Swansea bay tidal lagoon. One of Tata’s core concerns was the rising cost of energy. It is not in anyone’s interest for a project to go ahead that risks driving up energy costs. It is therefore only right that we scrutinise this project to establish whether it provides value for money, as is believed.

[Chris Ruane (Vale of Clwyd) (Lab)]

Hon. Members mentioned delay. There is a chance that the UK could become a world leader in this technology, and if we delay this project we will miss out. We missed out on wind power, but we have a chance with tidal. Four of the six potential sites for lagoons are in Wales, so Wales could become a world leader. The Secretary of State should see the vision and develop the vision.

[Alun Cairns]

The hon. Gentleman is on the record as saying that it is worth paying over the odds for paying for a scheme of this type. If we are paying over the odds, at what level do we stop? What is he prepared to ask his constituents to pay? How much is he prepared to ask his constituents to add to their electricity prices to support such a scheme? I ask him to think long and hard about this. How much over the odds is he prepared to pay?

[Chris Ruane]

Is the Secretary of State aware that we paid over the odds for nuclear power in the 1950s and 1960s, and that in the long term the investment was paid back? Paying over the odds in the initial period will have a long-term payback. We will get energy from this project for the next 125 years, and we will be able to time that energy to the minute. I believe that it is worth investing in, even if it is over the odds in the short term.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 13th December 2017 Commons Chamber

[Alun Cairns]

I am grateful to my hon. Friend for making that important point. He recognises that Wales voted to leave the European Union, as did the UK, and that we have an obligation to respond properly to that result while also respecting the constitutional settlement. The European Union (Withdrawal) Bill does that, but we are working closely with the Welsh Government to ensure that it meets Wales’s needs.

[Chris Ruane (Vale of Clwyd) (Lab)]

The Secretary of State has already been quizzed about the effect on the Welsh economy of the loss of European structural funds. May I ask him specifically whether the Government’s flagship growth deals will result in similar or even greater funding for the four growth and city deal areas of Wales?

[Alun Cairns]

I do not need to take any lectures on funding from the Labour party, which refused to reorganise the Barnett formula during its 13 years in government. The new fiscal framework that was signed this time last year enhances the Welsh settlement; furthermore, the growth deals are in addition to the enhanced Barnett settlement. I remind the House that over the last 16 years more than £4 billion of European structural funds has been spent, and that the greatest number of people voted to leave in the areas where the most money was spent. That hardly suggests that the Welsh Government’s policy is successful.

North Wales Economic Infrastructure

Debate between Chris Ruane and Alun Cairns

Wednesday 25th March 2015 Westminster Hall

[The Parliamentary Under-Secretary of State for Wales (Alun Cairns)]

It is a pleasure to serve under your chairmanship, Sir Roger. I congratulate the hon. Member for Alyn and Deeside (Mark Tami) on securing this debate. I echo the sympathies expressed by him and others towards those involved in the tragic accident in Europe yesterday.

This has been an excellent debate, which has demonstrated cross-party ambition, hope and optimism for north Wales and its people, public services and economic prosperity. By and large, as the shadow Minister mentioned, it has not been party political; I am pleased about that, because the issue is how to secure the right outcomes for north Wales.

The story of north Wales over the past five years has been quite remarkable. We all know that the UK has the fastest growing economy in the G7, and Wales is the fastest growing part of the United Kingdom. Since 2010—I hope that everyone will recognise this—gross value added growth for the UK has been 6.8%. In Wales, the figure is 8.4%, but it has been remarkably strong in north Wales, at 13.3%. That is a fantastic demonstration of the efforts of everyone in north Wales—the individuals, the private sector, the public sector and the entrepreneurs who are delivering growth have all achieved that quite remarkable figure of 13.3%.

[Chris Ruane]

Is the Minister including the Welsh Government in his list of people to congratulate?

[Alun Cairns]

Of course—I said the public sector. Everyone has played a part in delivering that 13.3% growth in north Wales. Of course, it needed a stable financial settlement and stable economic platform from which to build it. North Wales has prospered remarkably from those conditions.

The debate has focused on a range of issues, but without question there is absolute agreement among all Members on the interdependence of north Wales and the north of England in general and the north-west in particular. That is key to the area’s future prosperity. The hon. Member for Alyn and Deeside picked up on that idea at the outset and focused on the Mersey Dee Alliance. I pay tribute to that organisation; I have met its representatives in my role as Minister and have been hugely impressed with its case. I also pay tribute to the local authorities in north Wales, whichever party runs them; their relationship with the Wales Office is probably stronger than that of the local authorities in south Wales because of their co-ordinated activity and determination to forge a relationship with Whitehall.

Coleg Cambria has been mentioned, and my right hon. Friend the Member for Clwyd West (Mr Jones) mentioned Glyndwr university. Those are both excellent examples of using the strength of the private sector in north-east Wales to deliver skills.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 4th March 2015 Commons Chamber

[Alun Cairns]

My hon. Friend makes an extremely important point. Many of the people who are scaremongering now are the same people who wanted to join the euro all those years ago. It is this party that stands up for the British economy and stands up for businesses, exactly as the British Chambers of Commerce, the CBI and Airbus say in the quotes I have given.

[Chris Ruane (Vale of Clwyd) (Lab)]

13. [907780] In 1998, I was successful in persuading my right hon. Friend the Member for Neath (Mr Hain) to accept Denbighshire and Conwy into the bid for objective 1 European funding. In that time, Denbighshire has had a quarter of a billion pounds of private sector and public sector funding from Europe. If Britain pulls out of the EU, my constituency and my county will lose £100 million over the next seven years. What does the Minister feel about that?

[Alun Cairns]

May I remind the hon. Gentleman that European structural funds are aimed at the poorest parts of Europe? It is no mark of celebration to say that his constituency succeeded in winning that money. This Government have a long-term economic plan to turn the economy around for the longer term rather than depending on the grants and handouts for which he makes the case. He also needs to be reminded that that is our money coming back with conditions attached.

Employment in Wales

Debate between Chris Ruane and Alun Cairns

Tuesday 27th January 2015 Westminster Hall

[Alun Cairns]

I am grateful to my hon. Friend for making an extremely important and valid point. Some of the data and statistics highlighted by Opposition Members were somewhat selective, and we need to take the totality of Government changes into account; doing so highlights the progress that has been made.

It is also important to remember the context in which this debate is taking place. We need to remember that when Labour came to power in 1997, Wales was not the poorest part of the United Kingdom. Since then, sadly, there has been a complete shift in culture. That is simply illustrated: in a population of 3 million, there are 200,000 people in Wales who have never worked. The Government needed to act. We were simply not prepared to allow the previous trends to continue, whereby, sadly, the economy of Wales was being compared to those of Romania and Bulgaria; whereby parts of Wales were blighted with worklessness; and whereby a third of the working-age populations of some communities were claiming out-of-work benefits.

We have taken key steps to deal with that legacy of worklessness and a welfare system that encouraged dependency. As a Government, we have put in place a long-term economic plan to deal with the situation that we inherited—in 2010, Wales was, sadly, the poorest part of the UK. That fact will always come back to haunt Opposition Members. They talk about wealth, prosperity and growth, but they left Wales as the poorest part of the UK, despite receiving in 1997 an economy that meant Wales was not the poorest part of the UK.

We developed a plan to stabilise the country’s economy, to deal with years of financial mismanagement under the last Labour Government and to get the people of Wales and Britain back to work. That long-term economic plan is paying dividends. It surprises me that during the last hour or so I have listened to Opposition Members playing down the progress of the labour market in their constituencies.

For example, in the hon. Member for Vale of Clwyd’s constituency, unemployment more than doubled between 2005 and 2010; there was a rise of 105% under the last Administration. Since 2010, unemployment in Vale of Clwyd has dropped by a third. Surely he welcomes that as a positive outcome.

[Chris Ruane]

What about since 1997?

[Alun Cairns]

The hon. Gentleman points back to 1997, but I can speak only about the time since 2010, when this Administration came to power. However, I remind him of what I said before: in 1997, Wales was not the poorest part of the UK but, sadly, by 2010 it was. That happened under both a Labour UK Government and a Labour Welsh Assembly Government. Thirteen years of Labour Administrations in Wales between 1997 and 2010 left Wales as the poorest part of the UK.

On a positive note, I hope that the hon. Gentleman welcomes the fall in unemployment in his constituency since this Administration came to power. The picture is similar for youth unemployment in the Vale of Clywd; it went up by 82% under Labour, but since 2010 it has come down by a third. Why does he not recognise the positive steps that the Government have taken in that regard, and why is he not congratulating the businesses in his constituency that are creating these jobs and employment opportunities for his constituents?

It was a privilege to visit Clogau Gold in the hon. Gentleman’s constituency just a short time ago. It is expanding, exporting, and creating wealth and employment locally in the Vale of Clywd. I regret how the hon. Gentleman is talking down his own area; that is hardly creating the mood to attract investment and to encourage companies such as Clogau Gold to continue to spend money on investing, exporting and creating yet more wealth.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 21st January 2015 Commons Chamber

[Alun Cairns]

I can categorically reject that. The UK Government are making significant investment in north Wales, at the Halton curve, and in south Wales, in the electrification of the main line right through to Swansea and in the valley lines and Vale of Glamorgan line services. I am proud of our record of electrifying railways in Wales. The previous Administration left us as one of the three nations across Europe without any electrified rail; Wales, sadly, was left with Albania and Moldova, and this Government are changing that.

[Chris Ruane (Vale of Clwyd) (Lab)]

Will the Minister congratulate the Welsh Government on providing funding for infrastructure investment in Rhyl? They have provided £28 million for new housing in Rhyl; £22 million for a new community hospital; £10 million for a new harbour; £25 million for a new Rhyl high school; and £12 million for flood defences. Will he also condemn the coalition Government, who have closed down Rhyl county court, Rhyl Army recruitment centre and Rhyl tax office, with the Crown post office possibly being relocated out of Rhyl?

[Alun Cairns]

The hon. Gentleman is somewhat selective in the data he shares. I am proud of the infrastructure investment record of this Government; he failed to mention the north Wales prison and the Halton curve, as well as the investment across the whole of Wales, not only in the north.

Wales Bill

Debate between Chris Ruane and Alun Cairns

Wednesday 10th December 2014 Commons Chamber

[Chris Ruane (Vale of Clwyd) (Lab)]

The Minister has mentioned the registration of young voters in Scotland. What was done there to get the registration rates so high was great. Is he aware that the registration rate for 18-year-olds in England and Wales is as low as 55%, so if this provision goes ahead, we will really have to work hard to get the registration rate up?

[Alun Cairns]

The hon. Gentleman makes an important point. The Bill contains measures to encourage the Assembly to engage with younger people and encourage them to register, should it wish to extend the franchise in the referendum on income tax varying powers.

[Chris Ruane]

Has the Minister heard of an organisation called Bite the Ballot? It can go into sixth forms and register 100% of the students at a cost of only 25p per registration. Does he think that the Assembly—and, indeed, the UK Government—should be working closely with organisations such as Bite the Ballot to get the registration rate up?

[Alun Cairns]

The hon. Gentleman makes an important point. I am not familiar with that organisation, so it would not be right for me to endorse its activities at this stage. Clearly, however, any activity that encourages people who are eligible to vote to do so is broadly positive, and I would encourage the Welsh Government, the Assembly and the UK Administration to engage with a range of organisations and bodies to support that aim further.

--- Later in debate ---

[Chris Ruane]

My hon. Friend is taking issue with the right hon. Gentleman. There is a place for such terminology in some debates, but perhaps not those with 16-year-olds.

The issue of civics should go beyond finance and how we organise our economy. The finances of a country can impinge on wider issues such as racism, sexism and consumerism. There are threats from parties out there that are against the fabric of our British society. They want to promote the issue of race. It is fine if they want to discuss that, but it has to be done with intelligence, not bigotry.

The introduction of voting rights for young people at the age of 16 for the income tax raising powers referendum is a good idea. We should be very wary of what the Electoral Commission has done—or has not done—in the past if we are to make sure that these young people are registered. The Electoral Commission should be contacting electoral registration officers in the 22 authorities in Wales to make sure that they know how to register these young people. It should be regularly monitoring best practice from around the UK—indeed, around the world—and relaying that information to the Welsh Government in Cardiff to make sure that best practice is pursued in Wales for the purposes of registration for the referendum.

Best practice in registering young people exists in Northern Ireland. The EROs in Northern Ireland are proactive in going out to schools to register young people. We should be doing that, but the Electoral Commission has refused to replicate in the rest of the UK what is now done in Northern Ireland.

The Electoral Commission has failed to ensure that electoral registration officers obey the law. Statutorily, they must knock on the door of non-responders. If a 16-year-old was not registered to vote for the referendum, for example, the local ERO would have to go round, knock on the door and register that 16-year-old. Even though that requirement has been set out in law for many years, there has not been a single prosecution of an ERO who has broken the law. One ERO in Devon has broken the law by not conducting a door-to-door canvass for five years on the trot, but the Electoral Commission has done nothing about it.

We should make sure that the Electoral Commission warns EROs in Wales about that. We do have best practice in Wales. My own electoral registration officer, Gareth Evans, is one of best performing EROs in the whole country, but not all officers are as good as him, and we need to make sure that they all perform at the standards of the best so that young people are registered.

The Electoral Commission has failed miserably to use the most effective and efficient third-party organisations, such as Bite the Ballot, to get young people on to the electoral register. Bite the Ballot can register young people for as little as 25p per registration, but when one compares the cost of the Electoral Commission’s advertising campaign with the number of registration forms downloaded from the internet, it spent £80 per registration in 2005. The commission should therefore work with EROs in Wales, as well as with Bite the Ballot, to encourage them to ensure that 16-year-olds are registered from the outset.

This is a great opportunity, and I congratulate both elements of the coalition, especially the Conservatives. It is not in their nature to extend the vote. They are rightly fearful of young people, which is perhaps why they are not talking much about the lack of registration at national level. Registration rates in some wards in student areas of big university cities such as Manchester and Liverpool are as low as 20% following the move over to IER. I congratulate everyone, including my Front-Bench colleagues, and I hope that we will learn from this opportunity and go on to extend to 16 to 18-year-olds the right to vote in all elections.

[Alun Cairns]

I pay tribute to the hon. Member for Vale of Clwyd (Chris Ruane) for the positive way in which he has ended this debate. He contributed to it by highlighting the need for young people to be educated about the process, and the need for us to engage with the activities of electoral registration officers, which were mentioned by my hon. Friends the Members for Brecon and Radnorshire (Roger Williams) and for Ceredigion (Mr Williams).

The Lords amendments are intended to be positive. They will extend the powers of the Assembly. They provide greater powers than those in the original Bill, and this is the first time that we have had the opportunity to discuss them. At some stages of the debate, I felt that although all parties are in favour of those powers, they were being welcomed almost through gritted teeth. I am therefore grateful to the hon. Member for Vale of Clwyd for finishing on a positive note.

Some hon. Members said that they have campaigned for votes at 16 for a very long time, but if there was such support, the extension of the vote could have been done during the 13 years of the previous Labour Administration. The hon. Member for Carmarthen East and Dinefwr (Jonathan Edwards) pointed out that he tabled amendments at the time and they were certainly not accepted by Labour. However, I want to be positive.

Oral Answers to Questions

Debate between Chris Ruane and Alun Cairns

Wednesday 22nd October 2014 Commons Chamber

[Chris Ruane (Vale of Clwyd) (Lab)]

4. What estimate he has made of the number of people in Wales working on zero-hours contracts.

[The Parliamentary Under-Secretary of State for Wales (Alun Cairns)]

Zero-hours contracts benefit many employers and employees in Wales, but we are committed to taking strong action against abuse by banning the use of exclusivity clauses.

[Chris Ruane]

I thank the Minister for that response, but does he not recognise the negative impact that zero-hours contracts have on family life, the well-being and mental and physical health of individual workers, and morale at work? Under this Government the number of zero-hours contracts has shot through the roof; what can the Minister do to reduce it?

[Alun Cairns]

Again, I am surprised by the tactic used by the hon. Gentleman. If zero-hours contracts are so wrong, why do Labour-run local authorities make active use of them? Furthermore, why do more than 60 MPs make active use of zero-hours contracts?

Financial Services Authority and Connaught Income Fund

Debate between Chris Ruane and Alun Cairns

Wednesday 7th May 2014 Westminster Hall

[Chris Ruane (Vale of Clwyd) (Lab)]

I congratulate the hon. Gentleman on securing this debate. Is this the same Capita that won the personal independence payments contract with the Government, for Wales and the west of England?

[Alun Cairns]

I am grateful to the hon. Gentleman for his contribution, but of course Capita Financial Managers Ltd is different from other subsidiaries of Capita. The parent company will be the same; there are several subsidiaries. The point was well made, and I accept it in the way that it was intended.

I should like to pursue the matter a bit further before accepting any other interventions, to provide some background. The proposition was that investors’ money would be loaned to borrowers requiring short-term residential bridging loans. Loans would not exceed modest loan-to-value guidelines, no sub-prime lenders or properties would be financed, and all loans would be secured by first charges against those properties. Specifically, there was to be an average loan-to-value rate of 56%. People were told that it would seldom be above 70% and that anything above 80% would have guaranteed exits. All interest and fees would be taken up front, and there was a guarantee from Tiuta, a company that I will mention shortly, to meet any shortfalls.

The borrowers would pay an interest rate of 17.9%, while investors would receive quarterly distributions of between 8.15% to 8.5%. Capita appointed Tiuta plc and Connaught Asset Management Ltd, both UK companies, to identify suitable borrowers and approve the loans. However, investors’ funds were used differently. Money was transferred to Tiuta, rather than being released directly to the borrowers’ solicitors. It is even suggested that there was no differentiation between the firm’s funds and those of the investors; investors’ money was used to meet the working capital needs of Tiuta, and to pay directors’ salaries, bonuses and pension contributions.

In many cases, where bridging loans were made, the borrowers, properties or loan-to-value ratios were not as committed to in the promotional literature. It is believed that Tiuta proposed loans and drew down the money, but did not proceed with the lending. It is suggested that Connaught provided a monthly statement to Tiuta’s management accountant, switching the true loan book and the approved one.

In March 2009, Capita became aware that the original information memorandum was misleading. The fund should not have been described as low-risk, the guarantee from Tiuta was of no value, the money was used largely for purposes other than bridging loans, and the auditors of the fund were not engaged. In addition, the loans that had been made were not as described and were being rolled over.

In August 2009, after Capita met Connaught’s senior management, investors were informed by Capita that it was resigning as operator of the fund. It was to be replaced by Mourant Fund Services Ltd, but for some unknown reason Mourant did not complete the transaction. Perhaps it became aware of the problems with the fund.

--- Later in debate ---

[Alun Cairns]

There could clearly be a statute of limitations that affects investors, on which I hope the Minister can offer advice.

There was obviously a gap between Capita’s original letter of 20 August 2009 advising investors of its intention to pass responsibility to Mourant and the letter of 24 September advising that Blue Gate would become responsible. Should Capita have suspended the fund when it realised that it was not being managed in accordance with the financial information documents?

As we have discussed, this is not the first time that Capita has needed to answer questions about its role. As the authorised corporate director of Arch Cru, Capita was forced to compensate investors to the tune of £32 million. Terms, how that sum was reached and Capita’s responsibilities and failings have still not been disclosed, but a sum of that size suggests some form of culpability.

Questions should be asked about the actions taken by the FSA, and now the FCA. Some investors believe that the FSA and FCA have taken little action, but the Minister’s predecessor, my right hon. Friend the Member for Bromsgrove (Sajid Javid), advised me in general terms of some of the work they undertook. That needs to be published to reassure people and to allow further questions to be raised about what could have happened.

[Chris Ruane]

Does the hon. Gentleman believe that the FSA has let down Connaught investors? Is he aware of the case of Burges Salmon, which was a similar scam of which the FCA has washed its hands and for which it has taken no responsibility? Does he think that the FCA needs to be looked at?