Royal Bank of Scotland

Debate between Jeremy Quin and Harriett Baldwin

Thursday 11th June 2015 Commons Chamber

[Harriett Baldwin]

I think my right hon. Friend was delighted to be invited back to the Mansion House to make a speech again this year. The question the hon. Lady asks about locally owned banks indicates that she favours a system of public ownership of our banking sector which, overall, the Government disagree with.

[Jeremy Quin (Horsham) (Con)]

Having worked on the sale of Northern Rock—I refer the House to my entry in the Register of Members’ Financial Interests—may I congratulate the Government on their successful asset sale programme to date? As referenced in paragraph 2.2.2 of the Rothschild report, the benefits of these sales are not just direct for the taxpayer; they are indirect as well. They may result in increased lending and more mortgage approvals. Will my hon. Friend confirm that those indirect benefits will be taken into account when we judge the success of this programme?

[Harriett Baldwin]

I welcome my hon. Friend to his place, and also welcome his wealth of experience and knowledge in this matter, which he ably demonstrates in his question. The sale will bring wider benefits to the overall economy. It will help us to continue to make progress in making the banking sector more competitive, and may result in a more competitive financial services sector and mortgage sector. That position is echoed not only in the Rothschild report, but in the Governor of the Bank of England’s letter.