House of Lords Reform (No. 2) Bill
Debate between Emily Thornberry and Baroness Primarolo(11 years, 2 months ago)
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Madam Deputy Speaker (Dawn Primarolo)
Order. I was not informed that the Opposition Front-Bench spokesman wanted to come in now. Is that the case?
Madam Deputy Speaker
Forgive me, Mr Norman. I will take the Opposition Front-Bench spokesman, then I will come straight back to you.
Corporate Structures and Financial Crime
Debate between Emily Thornberry and Baroness Primarolo(11 years, 5 months ago)
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Madam Deputy Speaker
Thank you, Sir Edward, but you are continuing the debate. Your point is on the record, but we are now eating into the Minister’s time. I understand that he does not mind, so I call Emily Thornberry to conclude her speech.
Emily Thornberry
I am grateful to the hon. and learned Member for Harborough (Sir Edward Garnier) and appreciate his expertise in the matter, but I actually did say that immediately before he came into the Chamber. I am glad that there is now cross-party agreement, and I urge him to ensure that his party’s Front Benchers adopt my ideas. Now is the time to move on in relation to fraud, and I believe that companies should be held liable for the fraudulent activity of individuals, building on the Bribery Act. That is a way forward, and if we can agree on it, then great—let’s do it.
If the Government are committed to a crackdown on crime, why have they left it to Labour to amend the Financial Services (Banking Reform) Bill, which will come before the House again on Monday? Why have they not tabled amendments? We understood that the Prime Minister was committed to introducing a crime of reckless management of a financial institution, so why have the Government not tabled such an amendment? Why do we need to do it? It seems odd. We are concerned that, although the Prime Minister is happy to make pledges when everyone is watching, he hopes that when nobody is noticing he can carry on and do nothing.
It seems to us that an offence of reckless banking needs to do more than deliver symbolic sacrifices after the event. We need managers to be held liable if they turn a blind eye to those who are committing crime. They should have a responsibility to monitor what happens. No single person brings a bank to its knees and no single person should be responsible for UBS, Société Générale or Barings, whatever some may want us to believe. There are further people who are also responsible, and we need to ensure that the law allows for other people to be prosecuted. Nowhere is that more apparent than in the Government’s record on basic economic crime such as the failure to ensure that people are paid the minimum wage. In the past three years, only two bosses have been prosecuted for that, and workplace inspections have halved in the past 12 months. It seems to us that it is about time the Government started taking seriously economic crime of all types, including people not being paid a basic wage.
Business of the House (Thursday)
Debate between Emily Thornberry and Baroness Primarolo(14 years ago)
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Emily Thornberry
On a point of order, Madam Deputy Speaker. Perhaps you can help me on this point. Is the reason that we can have only a five-hour debate tomorrow the fact that the Secretary of State for Business, Innovation and Skills, finds it difficult to stay awake? I can see him sleeping on the Front Bench—