Oral Answers to Questions

Debate between Harriett Baldwin and Tom Brake

Monday 30th January 2017 Commons Chamber

[Harriett Baldwin]

As the right hon. Gentleman knows, we are of course the industry’s biggest customer. He will also know that there are great examples of international collaboration. For example, we are purchasing 138 planes from the 3,000 in the F-35 programme, and 15% of each of those 3,000 planes is being built in the north-west of England. We have also been selected as the global hub for the repair and maintenance of those planes.

[Tom Brake (Carshalton and Wallington) (LD)]

How are the UK Government helping defence suppliers to innovate and secure part of the £1.4 billion that is spent on repairing the UK’s nuclear weapons systems? Does the Minister agree that it would help those suppliers if there was transparency and accountability about the weapons not working effectively?

[Harriett Baldwin]

That is another example of where we work closely with companies in the defence supply chain on a range of ways in which they can innovate. We put a premium on innovation right across the defence industrial base, and the right hon. Gentleman draws attention to one of the areas where human innovation has been outstanding.

Oral Answers to Questions

Debate between Harriett Baldwin and Tom Brake

Tuesday 19th January 2016 Commons Chamber

[Harriett Baldwin]

My hon. Friend asks a salient question. The FCA is investigating this matter, and he will be aware that new rules—the markets in financial instruments directive II—will require firms to keep information for a considerable period, but this is the subject of ongoing discussions.

[Tom Brake (Carshalton and Wallington) (LD)]

23. Will the Minister agree that one of the biggest problems with the banking culture is that banks are too big to fail, and will she consider the issue of diversity in the sector, including, for instance, new lending platforms and market disruptors? In particular, will she consider new primary duties on the FCA to consider the issue of diversity?

[Harriett Baldwin]

I am sure the right hon. Gentleman will welcome the announcement we are expecting on Wednesday from the Bank of England, the FCA and the Prudential Regulation Authority about their working together to back innovation in the financial sector. A key part of our long-term economic plan is to back competition in the banking sector, which is why I am pleased there were eight new entrants to the banking sector in the last Parliament. In this Parliament, we are aiming for 15.