City of London (Various Powers) Bill [Lords]

Jim Fitzpatrick Excerpts

Tuesday 26th February 2013 Commons Chamber

[Mr Chope]

That is almost a commentary on regulation. We regulate, and to deregulate we have to create provisions that are a lot more complicated than the original regulation. Reverting to the brilliant lecture that I attended last night, one of the representatives from a large City firm said that we must be alert to the danger of “comfort in complexity”. That is a good thing to bear in mind. My hon. Friend says that we introduce powers to seize and then we have to set out at even greater length the exemptions to the seizure regime. How complicated is that? It is unnecessarily complicated, regulatory and burdensome on people who might want to start a new enterprise that could result in their becoming multimillionaires and working for people in the City, whom Opposition Members so despise but we realise are important to the British economy. That is by the by.

[Jim Fitzpatrick (Poplar and Limehouse) (Lab)]

I did not quite catch what the hon. Gentleman said. I apologise that I was not here from the start of the debate, but I was watching from my office. Did he say that Opposition Members despise the City of London?

--- Later in debate ---

[Jim Fitzpatrick (Poplar and Limehouse) (Lab)]

rose—

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. The hon. Member for Poplar and Limehouse (Jim Fitzpatrick) was not in the Chamber at the beginning of the debate, and I am sure that he will mention that to the House. I am also sure that he will speak only briefly.

[Jim Fitzpatrick]

I am grateful for that clarification, Mr Deputy Speaker. I said in an intervention that I had been watching the debate from my office, and I apologised to the hon. Member for Cities of London and Westminster (Mark Field) for missing his speech. I congratulate him on bringing the Bill to the House. I will speak briefly, because I am in the Chamber principally to lead for the Opposition on the Humber Bridge Bill, which is next on the Order Paper, and which a number of colleagues are keen to get on to.

I think that the hon. Member for Christchurch (Mr Chope) described the attitude of Opposition Members towards the City of London as “hostile”. There is no doubt that some Opposition Members are hostile to the City, but they are not here tonight and I want to support my hon. Friend the Member for Edinburgh South (Ian Murray) on the Front Bench as he is in favour of the Bill. I do so for several reasons. I acknowledge the contribution that the City makes to the UK economy. I am a constituency MP in the neighbouring borough of Tower Hamlets, and we benefit greatly from the generosity and support of the City. We appreciate the partnership with the Corporation of London. On a personal basis, as a member of the Worshipful Company of Shipwrights, I have had the honour of participating in a ceremony at which I was granted the freedom of the City, although it was pointed out that I do not have the right to drive my sheep across London bridge, were I to have any.

I am a great admirer of the traditions, history and heritage of the Corporation of London. I am pleased to support the Bill, which will now go into Committee. I am also pleased to correct the record in relation to what was said about Opposition Members earlier. I also hope that we will be able to deal with—

[Mr Chope]

Will the hon. Gentleman give way?