Sanctions and Anti-Money Laundering Bill [Lords] (Fourth sitting)

Debate between Jo Stevens and John Glen

Thursday 1st March 2018 Public Bill Committees

[John Glen]

I would hope that BEIS will address the issue of what resourcing is necessary to do that sort of work. That will be something that the Department will seek to respond to in the consultation.

[Jo Stevens (Cardiff Central) (Lab)]

Is the Minister aware that Companies House has been making large-scale redundancies for the past few years?

[John Glen]

The issue is really about the effectiveness of the regime. As I said, it is matter of what BEIS determines it needs to do to address the problem. Clearly, questions can be asked about the plans that will be put in place when they are forthcoming.

As clause 43 already gives the Government the power to make provision for the purposes of combating money laundering by Scottish limited partnerships, I ask the hon. Member for Oxford East to withdraw the amendment.

RBS Global Restructuring Group and SMEs

Debate between Jo Stevens and John Glen

Thursday 18th January 2018 Commons Chamber

[John Glen]

I think the FCA understands, in the light of today’s debate, where the pressure is leading to and what action we will need to take if its response is not effective.

The key issue for the debate today, which I discussed with all-party group members yesterday afternoon, is that we must remember that there are already multiple avenues for resolution. I understand the frustrations Members have expressed about their effectiveness, but our smallest businesses have redress via the Financial Ombudsman Service for quick and informal resolution of disputes, the FCA has the power to take action to address issues that require resolution, and there is also the usual legal recourse available for businesses.

[Jo Stevens]

Will the Minister give way?

[John Glen]

No, I am going to make some more progress, but I might give way later.

The motion calls for an independent inquiry into the treatment of SMEs by financial institutions, reflecting the frustration addressed by Members across the House today in respect of the experience of their constituents. A number of contributions have also focused on the proposed new tribunal system to deal with financial disputes between banks and SMEs.

As the industry, the FCA and the Treasury progress discussions on this issue, all avenues will be considered. The FCA is undertaking a review, and it launched a discussion paper on SMEs in November 2015. I feel that that is a very long time ago, so I am reassured to be able to report to the House that it will be making a statement on Monday 22 January on its 2015 SME paper and on its consultation on widening SME eligibility for the Financial Ombudsman Service. I shall look carefully at what it comes up with. The FCA has promised to consult on widening the remit of the FOS for small businesses—the detail of that will be known—and to take a view on SMEs’ access to redress more broadly. I hope and believe that we will see significant steps forward.

I have thanked the hon. Member for Norwich South and the right hon. Member for North Norfolk for raising this issue. I also want to mention the hon. Member for Sefton Central (Bill Esterson), who mentioned Lloyds’ support for SMEs in the Carillion supply chain. I am pleased to report that it has been announced since we have been in the Chamber that Lloyds is taking the required steps to help those facing short-term problems as a result of the Carillion group going into liquidation by providing £50 million to support the SMEs affected. It is essential that the small businesses exposed to the Carillion insolvency should be given the support they need by their lenders. I was with the Business Secretary yesterday when we met representatives of the banks to explain that to them. It is in the UK’s interest that our businesses continue to prosper and thrive. That will mean allowing them ready access to finance at a serviceable cost. This is about getting the balance right, and that is what the Government are helping them to do.

I thank all hon. Members who have contributed to the debate, and I will try succinctly to summarise the Government’s position. We certainly note the many intensely painful experiences and issues raised in the motion and by hon. Members in the debate. On GRG, it is right that we should wait for the conclusion of the FCA’s investigation of the matters arising from its skilled persons report before determining what further action needs to be taken. On the broader issue of dispute resolution, I remind the House of the existing avenues that are open to businesses, but the FCA is undertaking work to look at the relationship between SMEs and financial services providers. It is also right that we await the next steps in that area. However, I assure the House that this Government will continue to support businesses large and small when addressing these challenges.

Let my final words be these: small businesses and their continued success are critical to the continued growth and improvements in productivity of our economy, and SMEs’ improved confidence in the mechanisms to achieve redress from banks is crucial. In my role in this Government, I will be doing everything I can to ensure that the injustices that have been discussed today are addressed.

City of Culture 2021: Swansea Bid

Debate between Jo Stevens and John Glen

Tuesday 5th December 2017 Westminster Hall

[John Glen]

I thank the hon. Gentleman for his intervention. The independent panel will be looking at a whole variety of factors. It will be looking at what advantages, and the extent of those advantages, the different bids are likely to accrue to their given cities, and the economic advantage will be one of the elements that they will look at very carefully.

As with the other debates, I thought it would be helpful to set out the benefits of the city of culture. Speaking of Hull, it is helpful to reflect in this debate on how much is to be gained from winning the UK city of culture title. Hull City Council estimates that the local economy has benefited from £3.3 billion in total investment since being awarded the title in 2013. Seven out of 10 Hull residents say that the UK city of culture status is having a positive effect on their lives. As I have mentioned in previous debates, Hull 2017’s volunteers have already undertaken more than 300,000 volunteer hours. City of culture status has helped to restore local pride, and who can forget Hull City’s fans singing, “You’re only here for the culture!” at a premier league match earlier this year? Ironically, I think they were playing Swansea at the time.

[Jo Stevens]

Although this is just an anecdote, does the Minister think it represents Hull? I remember going to a Cardiff City match against Hull where the Hull fans had a big banner saying, “Ghetto of excellence.” I think they can lose the “ghetto” bit now, after city of culture.

[John Glen]

The hon. Lady makes a fine point. Hull has seen brilliant engagement with the arts.