Oral Answers to Questions

Debate between Gemma Doyle and Mark Hoban

Monday 5th November 2012 Commons Chamber

[Gemma Doyle (West Dunbartonshire) (Lab/Co-op)]

21. What assessment he has made of the effectiveness of the youth contract; and if he will make a statement.

[The Minister of State, Department for Work and Pensions (Mr Mark Hoban)]

The youth contract was introduced in April 2012 to provide additional support worth almost £1 billion to unemployed young people over the next three years. Although it is too early to make any judgments of its effectiveness, we have commissioned an external evaluation of the youth contract to examine delivery and outcomes, and the first report will be available early next year.

[Gemma Doyle]

I notice that the Minister gives a cautious response. Is it true that millions of pounds that we should be using to get young people into work are sitting unallocated and helping no one, because the Government cannot get employers on board with the youth contract?

[Mr Hoban]

A number of young people have been helped by various aspects of the youth contract. Twenty young people in the hon. Lady’s constituency have had work experience as a consequence of it, and another group has been helped into work as a result of the sector-based work academies. I hope that she is doing all she can in her constituency to champion the youth contract and to get more young people into work.

Northern Rock

Debate between Gemma Doyle and Mark Hoban

Monday 21st November 2011 Commons Chamber

[Mr Hoban]

That is right. We have a significant new entrant in the financial services market that is prepared to buy Northern Rock, to invest in the future of the operations in Gosforth and to provide job security there. It is a vote of confidence. It demonstrates that there are people out there who want to be part of our financial services market and who want to offer a good deal to consumers.

[Gemma Doyle (West Dunbartonshire) (Lab/Co-op)]

Can the Minister guarantee that the Government will get back the £150 million that they are lending to Virgin and, if so, when?

[Mr Hoban]

What we put in place with Virgin Money is a capital instrument which is an important part of its financing structure, and the terms of that instrument will be set in place shortly. It is important to recognise that we want to see a well capitalised bank there. The FSA will look very carefully at the structure of Northern Rock and its ownership. As I said, Virgin operated a business model whereby it has capital levels which are much greater than those of some of its peers. That is a welcome sign that Virgin takes financial stability very seriously indeed.