Banking Reform

Ian Murray Excerpts

Thursday 14th June 2012 Commons Chamber

[Mr Hoban]

My hon. Friend is right, and I think transparency plays a key role in holding the financial system to account. We need to make sure that data on lending is transparent, but we also need to focus on identifying other ways in which we can help small businesses. That is why the Government introduced the national loan guarantee scheme—to help support lending to new businesses. That scheme is working; it is making thousands of loans to small and medium-sized enterprises, which are benefiting from the lower interest rates that the scheme delivers. That is an important way to help businesses grow.

[Ian Murray (Edinburgh South) (Lab)]

Why will the Treasury not agree to Opposition requests for the Vickers commission to implement a progress report on how the Government are doing with its recommendations? Is it because the Government are trying to water them down?

[Mr Hoban]

The process we are going to go through is a very transparent one. We have published a White Paper today, setting out clearly our response—our detailed response—to John Vickers’ recommendations. As I said earlier, we are going to publish a draft Bill, which will be subjected to pre-legislative scrutiny. We are being very transparent about how we are implementing Sir John Vickers’ recommendations. I hope that the hon. Gentleman will work with us and ensure that the recommendations get through, so that we remedy the mistakes of the past.