Business of the House

Glyn Davies Excerpts

Thursday 6th March 2014 Commons Chamber

[Mr Lansley]

The Government have been very clear that in banks where we exercise a shareholding responsibility on behalf of the taxpayer, the level of bonuses will come down, bonuses should be paid in a form that can be recovered if people do not deliver and bonuses should often be deferred so that they can be linked directly to the long-term increase in the value of the business and the benefit to customers. Of course, there are many banks in which we do not have that shareholding responsibility. Those banks are subject to the law and to their shareholders, but that is as far as it goes.

What is important is that we have a more competitive banking system. That is what the Financial Services (Banking Reform) Act 2013 and the measures that we are putting in place will achieve. There should be more challenger banks. People can and should make their own judgments about which banks are providing them with the right service.

[Glyn Davies (Montgomeryshire) (Con)]

This afternoon a general debate on Welsh affairs will be held in this Chamber. Does my right hon. Friend agree that that is a hugely welcome development, so close as it is to St David’s day, and that it should be standard practice to hold a similar debate every year as part of the programme of the House?

[Mr Lansley]

I am grateful to my hon. Friend, and in this instance credit goes to the Backbench Business Committee. It has demonstrated that it is responsive to Members in this House, and the Welsh affairs debate today is very positive. I hope, for example, that Members will look forward to the changes that the Government are planning to bring forward in the draft Wales Bill, and it might be an opportunity for those on the Opposition Front Bench to explain why they are opposed to further devolution of tax powers to the Welsh Government.