Securitisation Regulations 2018

Baroness Laing of Elderslie Excerpts

Wednesday 13th February 2019 Commons Chamber

[Bambos Charalambous]

I will not give way again, as I am almost at the end of my contribution.

These are important changes that Parliament needs to get right, due to the dire consequences of what went wrong in the past. These measures are opaque, unconstitutional and lacking in proper scrutiny. I invite the Government to withdraw the regulations and introduce primary legislation, to allow thorough and proper scrutiny to take place. Without such assurances, I will vote for the motion in the name of my right hon. Friend the Member for Islington North (Jeremy Corbyn) and against the Government.

[Madam Deputy Speaker (Dame Eleanor Laing)]

I call Anneliese Dodds.

[John Glen]

rose—

[Madam Deputy Speaker]

I beg your pardon. If the Minister would like to respond, and it is the wish of the House that he should do so, he may.

--- Later in debate ---

[Anneliese Dodds]

The Minister—[Interruption.]

[Madam Deputy Speaker (Dame Eleanor Laing)]

Order. A short while ago, this was a very well behaved debate on very specific issues, but since the speech of the hon. Member for Enfield, Southgate (Bambos Charalambous), it seems to have become a very general and exciting debate. I know that Members are anticipating a Division, and they will be trying very hard to make up their minds on which side of the House they are going to vote, but they must listen to the hon. Lady.

[Anneliese Dodds]

I will not strain the House’s patience, but I fear that the Minister, who is normally very clear in his remarks, is mixing apples and pears. He mentioned credit rating in relation to sub-prime mortgage-related securities in the United States. There was a relationship with the US state in that case, because of Fannie Mae and Freddie Mac, but there was not a connection between that process and the British state. I fear that there was a little bit of confusion there.