Business of the House

Gareth Thomas Excerpts

Thursday 13th January 2022 Commons Chamber

[Mr Rees-Mogg]

I am grateful to my hon. Friend and I thank Mary Gallagher for the work she has done. “On time and under budget” is not a phrase that one often hears in relation to projects in the public sector, let alone within the House of Commons, so this is absolutely terrific news. As we come to debate in due course the rumours that we hear of a potential 20-year decant, and enormous sums of money for restoration and renewal, we will have to think about how well the roofs programme was done. It is an indication of the historic nature of this building that the roof has a very unusual form, and it has been very carefully repaired—within budget, as my hon. Friend says. Keeping careful control of taxpayers’ money should be our watchword.

[Gareth Thomas (Harrow West) (Lab/Co-op)]

I am delighted to say that the unsuccessful attempt by the board of Liverpool Victoria to demutualise and sell up to the controversial American private equity giant Bain Capital just before Christmas was unsuccessful, but it revealed a series of legislative and regulatory weaknesses in the rules governing mutuals. Almost 90% of the owners of Liverpool Victoria rejected the board’s dismal deal, but will the Leader of the House nevertheless find time for a debate about how to strengthen the mutual sector and its rules?

[Mr Rees-Mogg]

I am grateful to the hon. Gentleman for raising that. Historically, mutuals have been a good way of providing financial services and pooling risk—and, indeed, pooling profits for investors. Sometimes mutuals have been demutualised with very significant profits for the mutual owners, which has been quite welcome to them, but of course it is always important that people should be treated fairly and that boards observe their fiduciary duty. The hon. Gentleman is sitting next to the Chair of the Backbench Business Committee; I suggest that he has a quiet word to seek a debate.