Business of the House

Huw Irranca-Davies Excerpts

Thursday 11th February 2016 Commons Chamber

[Huw Irranca-Davies (Ogmore) (Lab)]

The Leader of the House will probably be aware that within very short order, two separate debates in Westminster Hall have raised serious allegations of the deliberate undervaluing and downgrading of assets, forced bankruptcy and seizure of assets, and further allegations of collusion between banks, receivers and intermediaries. For my constituent, Alun Richards, that involved Alder King and Lloyds, but other banks and intermediaries were involved in cases considered by many other MPs. More than 10 cross-party MPs have written to the Chair of the Business, Innovation and Skills Committee to ask him to investigate the matter urgently, and I have written to the director of the Serious Fraud Office to ask for a meeting. Is it time for a debate on the Floor of the House on that matter, and for the Serious Fraud Office to investigate those serious allegations?

[Chris Grayling]

I am not aware of the individual cases that the hon. Gentleman raises, but this is a serious matter and I hope that he will successfully secure an investigation from the Committee, which should respond to substantial and widespread concerns raised by Members. I will ensure that the Department for Business, Innovation and Skills is aware of the matter.