Daniel Zeichner
Main Page: Daniel Zeichner (Labour - Cambridge)Department Debates - View all Daniel Zeichner's debates with the HM Treasury
(1 year, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Andrew Griffith
As my hon. Friend well knows, the Government are undertaking a review of ringfencing. There is a call for evidence on how we could reform that, following the work of Sir Keith Skeoch into how we mesh the ringfencing arrangements put in place back in 2008 with the more modern resolution arrangements. We will learn the lessons that we can from this but, as I said at the beginning, in this case we have been able to achieve an outcome that has protected customers, the taxpayers and the financial system.
Daniel Zeichner (Cambridge) (Lab)
I, too, had many representations over the weekend from early stage tech companies in and around Cambridge, and they will be much relieved by the news today. To echo the point made by the hon. Member for North East Bedfordshire (Richard Fuller), the reason they banked with SVB was its close understanding of their particular needs. What guarantee can we have that HSBC will be able to replicate that?
Andrew Griffith
How this bank is run going forward is a matter for HSBC. However, HSBC is a prodigiously successful global institution that has bought SVB on the back of a desire to grow and support that sector, and it sees that this Government are firmly on the side of that sector. We see the aspiration and the opportunity now that we have taken back control from Brussels, and we are going to make an enormous success out of our tech and life sciences sectors; we are on their side.