Financial Services Reform
Debate between John Glen and Nusrat Ghani(3 weeks, 6 days ago)
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John Glen (Salisbury) (Con)
I warmly welcome the Leeds reforms; they build on many of the things that were done under the previous Administration and I acknowledge the consumer-facing changes on mortgages and ISAs and the aspiration to get more people investing. Those are positive things.
I will just say two things. First, on the listing review, we did one about four years ago and it is all just about implemented. I urge the Minister to look at culture and fiscal issues as much as at regulatory issues. Secondly, on the PRA and the scale of ambition on that side of the regulatory framework, in conversations with senior leaders at Mansion House last night, it was felt that the FCA’s level of ambition is high but that there must be wariness about a constant shifting of the goalposts and a lack of real change, particularly on the internal rating base and how banks can get their regulatory capital treated differently more quickly. It is taking too long and that needs to change urgently.
Growing the UK Economy
Debate between John Glen and Nusrat Ghani(6 months, 2 weeks ago)
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John Glen (Salisbury) (Con)
Among the fundamental enablers of growth in the economy are financial services and opening up markets to invest. I think there was consensus across this House in the last Parliament on the Financial Services and Markets Act 2023, which provided the framework to do that. What concrete proposals have come forward from the Financial Conduct Authority and the Prudential Regulation Authority consideration of changing some of the restrictions that stop the right levels of investment? This week, the Government enabled about £100 billion of surplus funds from defined-benefit pension schemes to be made available. What proportion of that money will be invested and in what timeframe? The concern around these announcements is the delay to tangible, calculable economic impact.
Obesity: Food and Diet
Debate between John Glen and Nusrat Ghani(6 months, 3 weeks ago)
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Madam Deputy Speaker (Ms Nusrat Ghani)
Order. When the hon. Member for Chelsea and Fulham (Ben Coleman) takes an intervention, he must be seated.
John Glen
The hon. Gentleman is making a thought-provoking observation, but does he acknowledge that in times past, the proportion of income that any individual, from whichever class, spent on food was considerably higher than it is today? If we are to get to the heart of the matter, we have to address the wider challenge of our society’s expectations of how much money we should spend on food. Does he not agree that we are addicted to cheap food?