Professional Standards in the Banking Industry

Debate between George Osborne and Elizabeth Truss

Thursday 5th July 2012 Commons Chamber

[Mr Osborne]

My hon. Friend makes a good point, and I agree absolutely with his instinct. We need to look at giving more criminal powers to our prosecuting bodies. One thing that Lord Turner has said is that, unfortunately, the FSA does not have the criminal powers it needs—[Interruption.] While the hon. Member for Islington South and Finsbury (Emily Thornberry) interrupts me from a sedentary position, let me say this: Lord Turner has said that it is a matter of regret that the FSA does not have those criminal powers available to it. That is precisely one of the things we need to look at this year to see whether we can amend the law this year. The second point I would make to address the point she makes from a sedentary position is that the SFO is completely independent of the Government of the day. It is actively looking at what criminal powers are available to it. The director of the SFO has said that he will be able to tell us how he will proceed by the end of the month. The hon. Lady wants to persuade me that the law unfortunately does not give us all the criminal sanctions we need to deal with financial crime in the way that we deal with crime on our high street, but I absolutely agree with her. The people responsible for that situation are Labour Members.

[Elizabeth Truss]

All hon. Members want wrongdoers in both the authorities and the banks rooted out, but does the Chancellor agree that we need swift action so we can attract investors to this country and start to build up our economy? Is not that what our constituents want to hear about?

[Mr Osborne]

My hon. Friend is absolutely right. This is not just about assuaging public anger; it is also about restoring any damage that has been done to the reputation of the City of London and ensuring that London remains the pre-eminent financial centre in the world.

Oral Answers to Questions

Debate between George Osborne and Elizabeth Truss

Tuesday 24th April 2012 Commons Chamber

[Elizabeth Truss (South West Norfolk) (Con)]

T8. In 2005, Germany exempted businesses with fewer than 10 workers from unfair dismissal regulations and created flexible mini and midi-jobs. Since that date, youth unemployment in Germany has halved. What steps are the Government taking to improve flexibility and to get more young people into jobs?

[Mr George Osborne]

We need to reform the labour market, which is why, as my hon. Friend will know, we have this month extended the qualifying period for unfair dismissal cases from one to two years. That has been welcomed and will encourage people to take on new employees. We also have a call for evidence on compensated no-fault dismissal. I have no doubt that she will make a submission to that call for evidence.