Rail Timetabling
Debate between Jeremy Quin and Huw Merriman(5 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
UK Economy
Debate between Jeremy Quin and Huw Merriman(7 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Huw Merriman
I am not—not least because the point has just been made for me—but I am well aware of that fact, and it is one of the reasons that I am feeling positive. My point is that, at the time, people feel terrible but history judges that things might not have been quite as bad as they feared. I certainly take my hon. Friend’s point.
The bankruptcy of Lehman Brothers certainly brought out the worst emotions in people, as well as some of the better ones. I can recall three stages of behaviour. There were those who lost their heads, those who wielded the knife and those who put their heads down and tried to work through the chaos.
Huw Merriman
I will give way to my hon. Friend, because I know that he had similar experiences at that time.
Jeremy Quin
I did indeed. I worked in Her Majesty’s Treasury for the then Government, who are now the Opposition.
Jeremy Quin
I can assure the hon. Member for Kirkcaldy and Cowdenbeath (Roger Mullin) that I arrived here to help after the events in question. My hon. Friend the Member for Beckenham (Bob Stewart) mentioned the fact that the markets have bounced back, and it is good that they have done so, but we should all be aware that they will be volatile and they will fluctuate. They will go up and down, but what matters is the long-term momentum in our economy and particularly our ability to attract ongoing inward investment. Our minds must soon turn to how we can ensure that that tap has not been turned off, either through infrastructure investment or through fiscal measures to encourage investment into our country.
Huw Merriman
My hon. Friend has great experience in these matters and I agree with everything he has just said. I shall now press on because I am conscious of the time.
I was talking about the three emotional states that I came across during the events of 2008, and the best of those was demonstrated by those who put their heads down and tried to work through the chaos. Being a believer in such action, I stayed on with the Lehman Brothers estate for seven years to manage the team of lawyers that was dealing with the claims, worth tens of billions, that were made against the estate as well as those that the estate made against other trading entities. For 18 months, I led a team dealing with a multibillion-pound case against a large international bank that had locked up our custodial assets to use against its own claim. Rather than litigate across the globe, we negotiated with the bank and ended up settling to both parties’ satisfaction, drawing up a new trading agreement to continue future business. I hope that that is a metaphor for what can be achieved with our European partners. As a result of that success, Lehman Brothers claimants, who originally feared getting only 10p in the £1, will end up with nearer £1.50. It became such a sound and safe investment that we struggled to get claimants to take their money out because they wanted interest to continue to accrue.
I use that example because, at the time, the situation looked hopeless to staff and financial stakeholders alike, and I recognise that that is how much of our population sees the UK’s plight following the referendum. I hope that, over time and with the right team in place, a better outcome can be delivered for the UK. Only time will tell whether our economy will be stronger outside the European Union than inside, but what is in our hands is putting in place an experienced civil service team with the qualities to deliver for the UK and then giving them the time and space to come up with a strategy and allowing them to implement it. While we have discussed many of the trading principles that we would like to see in place, I urge the House to think more soberly about the type of people that we have to fight for them. From experience, I would say that that is as important as the cause itself.
That approach, with sufficient transparency in the process, is what will give the population the reassurance that they so badly need at this uncertain time. I look forward to calls from across the House saying that the House should work together and add all its experience and support to the process, so that we can support all the people in this country.