Banking

Christopher Pincher Excerpts

Wednesday 9th February 2011 Commons Chamber

[Mr Osborne]

The number is gross, like the lending targets agreed by the previous Government for the nationalised banks, but this is, of course, an agreement across the banking sector. The number was part of the hard negotiations that we had in order to get the amount up. The banks were anticipating reducing lending in the British economy over the coming year, and we have reversed that and got a 15% increase in small and medium-sized business lending.

[Christopher Pincher (Tamworth) (Con)]

In the light of his statement and what he has heard from the Opposition Front Bench, will my right hon. Friend give any further consideration to the warning offered by a certain soi-disant financial journalist who said that nothing must be done to endanger a light-touch, risk-based regulatory regime? [Interruption.]

[Mr Speaker]

Order. I must just say to the hon. Member for Vale of Clwyd (Chris Ruane) that I do not know what he has for breakfast, but I think I am going to avoid it.