Building Societies Act 1986 (Amendment) Bill

Christian Wakeford Excerpts

2nd reading
Friday 19th January 2024 Commons Chamber

[Julie Elliott (Sunderland Central) (Lab)]

I beg to move, That the Bill be now read a Second time.

It was a privilege to come out at the top of the private Member’s Bill ballot for this parliamentary Session. It is a ballot I have entered at every opportunity since I was first elected in 2010, so it was great to be drawn, but to be drawn first is a huge responsibility. I was on my way to get the train to my constituency in Sunderland, and when I got off the tube at King’s Cross, my phone had dozens of messages. My immediate reaction was that the Government must have called a general election, but no—that is something else we can look forward to in the year ahead. I had, in fact, been drawn at the top of the ballot.

I am delighted to be here in the Chamber to present a Bill that will make important and long-awaited amendments to the Building Societies Act 1986. It is a Bill that the sector wants; a Bill that is true to Labour and Co-operative values; and, importantly, a Bill that has received Government support. Although it will not solve all of the issues in the broken housing market, it could free up and make available more money to lend in mortgages, and because building societies lend more in percentage terms to first-time buyers, it should enable more first-time buyers to get on to the housing ladder. Clearly, there also needs to be wholesale reform of the rental market, in order to address the housing crisis that we have in this country today.

I must take this opportunity to thank everyone who contacted me about issues and with proposals for potential Bills. I would have happily taken many of them forward, but I could choose only one Bill. However, I feel that the Bill I have chosen can make a real difference to people’s lives, especially young people’s lives. I hope it will support first-time buyers and more community-based banking, in the interests of working people.

[Christian Wakeford (Bury South) (Lab)]

The entire point of building societies was to compete with banks on a truly level playing field—they were founded to enable working people to own their own home. That is why this Bill is so important. As my hon. Friend says, it will expand that ownership, particularly to young people and first-time buyers. Does she agree that not only should we absolutely be doing this, but it should already have been done?