Oral Answers to Questions

Lord Spellar Excerpts

Tuesday 9th February 2021 Commons Chamber

[Kwasi Kwarteng]

I am very pleased to be responding to my right hon. Friend. I very much enjoyed working with her in the Department and I am pleased that she is taking such an interest in our activities. In answer to her question, I would suggest that this is about policy, not regulation. The Government expect lenders to be constructive in their dealings with businesses in difficulty. I am glad to hear that in this instance her constituents are getting the support that they need from the bank, but bank regulations on forbearance are a matter for the independent Financial Conduct Authority.

[John Spellar (Warley) (Lab)]

When asset-stripper Melrose was allowed to take over GKN, the then Secretary of State said that Melrose had to honour its commitments to stay UK-based. Now that it has torn that up with its disgraceful behaviour and decision to close Birmingham’s GKN Driveline, with the loss of 500 skilled engineering jobs, what is the Secretary of State going to do about it?

[Kwasi Kwarteng]

As the right hon. Gentleman well knows, my door is always open, and I am very happy to meet him to discuss this issue. I recall that when my right hon. Friend the Member for Tunbridge Wells (Greg Clark) was in my place, it was a very delicate situation, but I am happy to discuss with the right hon. Gentleman ideas on how we can ameliorate it.