Oral Answers to Questions

Debate between David Hamilton and Lord Cameron of Chipping Norton

Wednesday 18th January 2012 Commons Chamber

[The Prime Minister]

We will publish a draft water Bill for pre-legislative scrutiny in the coming months. As my hon. Friend knows, there are many important parts to the water Bill. One that stands out is the promise that we have made and the funding that we have supplied to help cut water bills in the south-west of our country by £50 from April 2013. That addresses a historical unfairness: people in the south-west feel that they have paid unfair charges to provide clean beaches for many of us who do not live in the south-west. I am delighted that we can make progress on this issue.

[Mr David Hamilton (Midlothian) (Lab)]

Q4. In America, six directors from the bailed-out Freddie Mac and Fannie Mae companies have been taken to court for gross mismanagement. In this country, the Financial Services Authority says that it cannot bring enforcement action against Royal Bank of Scotland because of the ongoing legal tender. Will the Prime Minister consider introducing a legal sanction of strict liability into his draft Financial Services Bill so that those responsible for the banking crisis will be taken to task? After all, we are in this together.

[The Prime Minister]

The hon. Gentleman makes an important point. The whole point about overhauling our financial services regulation is that it gives us the opportunity to look around the rest of the world, see who has tougher penalties and work out whether we can introduce them to our system. That is why we will be introducing this Bill, with a major overhaul of how the Financial Services Authority and the Bank of England work, and dealing with the regulatory system that was not working properly.

Oral Answers to Questions

Debate between David Hamilton and Lord Cameron of Chipping Norton

Wednesday 15th December 2010 Commons Chamber

[The Prime Minister]

The right hon. Gentleman has made an extremely good point. I am sure that all Members in all parts of the House—many of whom will take the opportunity to visit sorting offices this Christmas—will want to record our support and thanks for the very good work that postal workers do throughout the country in ensuring that everything is delivered in time for Christmas. I know that they are having a particularly difficult time in Scotland. Additional air and rail services have been laid on to speed the movement of mail in and out of Scotland, and Royal Mail itself has made a big investment—of £20 million—to try to deal with the most severe weather that it has faced for 30 years.

Again, let us all pay tribute to those who will ensure that cards and presents are delivered on time.

[Mr David Hamilton (Midlothian) (Lab)]

Q7. The right hon. Member for Gordon (Malcolm Bruce) is right. The situation has been horrendous in Scotland, and indeed in the north of England. The only people who are delivering are those in Royal Mail, as the private companies have offloaded their commitments on to it. The £20 million invested by Royal Mail is important. Will the Prime Minister give a straight answer to this question? Will he guarantee that universal service, and will he and his friend the Chancellor of the Exchequer, who is sitting next to him, review Royal Mail’s privatisation and step back from it?

[The Prime Minister]

The whole point of trying to get private capital and management involved in Royal Mail is to make the service better, and to ensure that it can go on doing all the things that we want it to do. Opposition Members—including the Leader of the Opposition—shake their heads, but the fact is that they were going to present plans in the last Parliament, because even they realised that this needs to be done.