Helen Goodman
Main Page: Helen Goodman (Labour - Bishop Auckland)Department Debates - View all Helen Goodman's debates with the HM Treasury
Banks and Communities
Helen Goodman Excerpts(6 years, 10 months ago)
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Helen Goodman (Bishop Auckland) (Lab)
It is a pleasure to serve under your chairmanship, Mr Gapes, and a great pleasure to follow my hon. Friend the Member for East Lothian (Martin Whitfield), who made an excellent speech.
When HSBC decided to close the last bank in Shildon, a town of 10,000 people in my constituency, the mean spiritedness of the bankers was fully on display. We asked them to make a £10,000 contribution to the local credit union. They could not afford to do that, but let us look at the fancy salaries of the people at the top of these banks. This debate is about the values of those institutions. RBS is closing its branch in Barnard Castle, and there is a massive petition going in Barnard Castle and Teesdale. Many local people, small businesses, charities and churches ask, “How are we going to manage?” They are outraged that, even though we own that bank, the Government fail to put controls on what it does.
Hon. Members have rightly spoken about broadband. Branches are being closed in low-income, predominantly rural areas—precisely the areas with the worst broadband, where it is most difficult to access internet banking. This is a structural problem. People in my constituency have to drive all the way to Leeds to have any kind of sensible discussion about a business issue. That is a four-hour round trip. That means that someone who is trying to run a small business has their day taken up by visiting the bank.
I suggest to the Minister that we should look at changing the competition rules. It seems to me that it might be possible for some banks to share premises, which would undoubtedly enable them to save money, but they say that that would be a breach of competition legislation. That tells me that the competition legislation and the competition authority’s mandate are wrong. There should be a public interest test as well as a competition test so that the banks do what they are meant to do: serve the public.