Financial Services: Mansion House Speech

David Pinto-Duschinsky Excerpts

Monday 18th November 2024 Commons Chamber

[Tulip Siddiq]

I have already mentioned our first step with the two SIs laid on 14 October, which try to modernise the Building Societies Act, and I am happy to send my hon. Friend further information on that.

The main thing we will do is carefully consider the findings of the Law Commission reviews to understand whether reform of the legislation is needed to ensure that businesses are better supported and grow more in the future. The response to the calls for evidence will be carefully considered by myself and others, and any potential reform will require formal consultation. I want to make sure that my hon. Friend knows that at the top of our agenda is trying to unlock the full potential of this important sector after 14 years of that not having happened.

[David Pinto-Duschinsky (Hendon) (Lab)]

I thank my hon. Friend the Minister for sharing her statement and welcome the support that it has gathered from across the House. However, I noted that the right hon. Member for South West Wiltshire (Dr Murrison) mentioned concern about pensions. Members will, of course, remember that it was the Conservatives who caused chaos in the markets with their mini-Budget, putting all our pensions at risk. What will the Government do to ensure financial stability and make sure that there can be no repeat of the chaos that they caused?

[Tulip Siddiq]

My hon. Friend knows this area well, having worked in the Treasury in a former life. We will absolutely make sure that we avoid the mistakes of a certain Liz Truss and work very closely with the TPR and the FCA to deliver all our reforms and ensure that we do not make any decisions that shake the stability of the economy, because we want to have a stable financial services sector and a stable economy to encourage investment and ultimately deliver on our growth mission.