Bankers’ Bonuses

Judith Cummins Excerpts

Tuesday 8th November 2022 Westminster Hall

[Judith Cummins (in the Chair)]

I will call Jon Trickett to move the motion, and then the Minister to respond. There will not be an opportunity for the Member in charge to wind up, as is the convention for 30-minute debates.

[Jon Trickett (Hemsworth) (Lab)]

I beg to move,

That this House has considered the Government policy on bankers’ bonuses.

It is a pleasure to serve under your chairpersonship, Mrs Cummins. It is good to hear somebody from the old West Riding, as we would call it, in charge of the sitting this afternoon. I look forward to fair but firm chairpersonship.

It was the great German playwright Bertolt Brecht who once said that, to make money from banking, set up a bank rather than rob one. People make more money that way. It is clear that there needs to be a wider debate about the role of the financial sector in the British economy, but it is good to start with the remuneration structures in the finance sector. That is what this debate is about.

The previous Chancellor’s deplorable mini-Budget, as I would insist it is called, contained a series of clearly mistaken policy shifts. Following the change in Chancellor and then in Prime Minister, almost the whole of that mini-Budget disappeared, except for one thing: the idea that we should lift or remove the cap on bankers’ bonuses. I hope that the Minister will be able to change Government policy this afternoon, following my persuasion, but we will see what he says.

We have been here before on the question of bankers’ bonuses. I want quickly to recall what happened in the 2008 banking crash. As it happened, I was working in Downing Street at the time and saw clearly that we were on an economic precipice, in part because bankers’ remuneration had been allowed to let rip. The crash almost brought down our whole economic system.

When it came time to review how the crash happened, a significant part of it was attributed to the reckless culture of greed in the banking sector, which had exposed the banks to unacceptable levels of risk. Adair Turner, the then chair of the Financial Services Authority, said that

“inappropriate incentive structures played a role in encouraging behaviour which contributed to the financial crisis”.

He is hardly a man of the left, and therefore I think his words might be regarded as authoritative.

In 2009, the all-party Treasury Committee returned to the question of remuneration. It said that remuneration in the banking industry had played a role in causing the banking crisis. It questioned whether Turner’s response was strong enough and whether

“the Financial Services Authority has attached sufficient priority to tackling remuneration in the City.”

As we know, although bankers played a major role in bringing the system to its knees, in the immediate aftermath of the crash no banker was charged with any offence, in spite of their reckless behaviour. Many people in the country, in my constituency and elsewhere—perhaps in yours, Mrs Cummins—thought that at least some of them should have served time at Her Majesty’s pleasure.

It was the European Union that eventually instituted control of bankers’ bonuses. The EU said that no banker should receive a bonus of more than 100% of their salary—though where that figure came from I do not know—or 200% if shareholders had voted in agreement. It is that cap that the Government appear to now be intent on removing.

I want to use this short debate to ask three questions. First, how much is remuneration for bankers now, 14 years after the crash? Secondly, who is suggesting that the bankers’ cap be removed and why? Thirdly, how do we justify an ethos of greed as a determining factor guiding so many decision makers in a strategically important sector of the British economy?

--- Later in debate ---

[Jon Trickett]

My hon. Friend has caught my next point. In the interest of social justice, the country feels that a 2% cap on the salaries of public sector employees and the lifting of the cap on already over-remunerated bankers is the wrong way for the Government to go. I agree with the statement made last week by the former deputy governor of the Bank of England, who my hon. Friend has just referred to. He said:

“The British government should raid the banks for tens of billions of pounds to fill a black hole in the public finances”.

He argued that the combination of rising interest rates and the money printed as part of quantitative easing has handed banks windfall profits. Those profits are going towards increased bonuses, which is totally unacceptable. Surely the banks and the financial sector should work for the common good, rather than for the private interests of a handful of very wealthy people. I will now make way for the Minister, and I look forward to him attempting to defend the indefensible.

[Judith Cummins (in the Chair)]

Just so Members are aware, the debate will finish by 4.40 pm.

Oral Answers to Questions

Judith Cummins Excerpts

Tuesday 11th October 2022 Commons Chamber

[Dan Jarvis (Barnsley Central) (Lab)]

12. What fiscal steps his Department is taking to fund the Government’s levelling-up agenda in the north of England.

[Judith Cummins (Bradford South) (Lab)]

17. What fiscal steps his Department is taking to support levelling up.

[The Exchequer Secretary to the Treasury (Felicity Buchan)]

It is a pleasure to answer my first question at the Dispatch Box, and to reply to the hon. Member for Barnsley Central (Dan Jarvis), who responded to my maiden speech.

The White Paper “Levelling Up the United Kingdom” set out a clear plan to level up every corner of the UK by 2030. We are also driving growth and unlocking housing across the UK with our new investment zones, and we are continuing to invest billions in regional infrastructure. That includes £1.7 billion allocated under the levelling-up fund, of which £500 million went to the north.

[Felicity Buchan]

We are absolutely committed to the levelling-up agenda. South Yorkshire received £570 million through the regional cities transport scheme, £95 million through the levelling-up fund and £46 million through the shared prosperity fund, and our ambitions for levelling up continue.

[Judith Cummins]

Building on Bradford’s city of culture win and in a momentous year for Rugby League, I am supporting the plan for the transformation and regeneration of the home of the Bradford Bulls, the iconic Odsal stadium, to become a world-class sports, music and culture arena. This plan would be an incubator for the ambitions of the entire Bradford district, delivering more than £1 billion of socioeconomic benefits. Following the Bank of England’s repeated interventions, can the Minister confirm that round 2 of the levelling-up fund will still be going ahead in full, and will she and the Chancellor demonstrate that by meeting me, Bradford Council, the Bradford Bulls and the Rugby Football League to discuss our catalyst for growth?

[Felicity Buchan]

I can confirm that we will be going ahead with the second round of the levelling-up fund. There should be decisions by the end of the year, and I wish the hon. Lady well with her bid. An independent assessment of the bids is going on at the moment, but if that meeting is possible, we will do it. Clearly we would need to decide if that was appropriate. I congratulate her on her success in the first round of the levelling-up bids, where she got £20 million for the Squire Lane leisure centre.

Government Response to Covid-19: Public Inquiry

Judith Cummins Excerpts

Thursday 22nd July 2021 Commons Chamber

[Jack Dromey]

The hon. Member makes a good point that a sensible debate can and should take place on how the inquiry can commence immediately and then be conducted in stages. Surely the first priority is learning lessons from what has gone wrong in order to avoid that in the future and to avoid us seeing yet more people die needlessly. That approach is sensible. Exactly how the public inquiry is conducted should form part of the debate.

Over the past year, the country has experienced tragedy and human suffering on a scale not seen since the second world war. No one could have imagined that 130,000 lives would be lost to this terrible virus, which has turned whole lives upside down as family and friends mourn the loss of loved ones. That is why this debate matters and why a public inquiry is so important. All Members across the House will have heard heartbreaking stories from their constituents over the past 18 months, like from Jane, who quite simply says, “I want to know why my dad and sister died. What were the mistakes that were made?”. She always asks, “How can we ensure that no one else in future suffers the loss that I have suffered?”. It is therefore vital that the covid-19 public inquiry has the confidence of the bereaved families, such as Jane.

The Committee’s report is a vital contribution to ensuring that the Government get the process right. In the time since the report was published, the Government have announced that a public inquiry will take place. However, that should not be a reason to be relaxed, because I am afraid that the Government’s approach to the inquiry thus far falls far short of what the Committee recommends should be expected. As a consequence, the Government risk the trust and confidence of the bereaved families if they do not place them at the heart of the process going forward, about which I will say more later.

I wish to focus on three key areas highlighted by the report in which, frankly, the Government’s approach is lacking: first, the timetable for the inquiry to begin; secondly, the selection of the chair and the terms of reference; and thirdly, the implementation of the inquiry’s recommendations. On the first point, the Government have set a timetable for the inquiry to commence in the spring of next year. That is simply too far away. Everyone understands the challenges that the country had to face during the first wave, but the Government’s failure to learn the lessons of the first wave has already left us with an even more tragic second wave during last winter, with too many lost lives and our stretched economy under even more strain. Then, this spring, we have had the debacle of the borders policy, with the delta variant sweeping through the country and a third wave developing and cases now rocketing.

It is therefore critical that we learn the lessons that need to be learned now. The Government cannot kick the can down the road to next spring. I stress again that we need to go forward to the next stages. We know that the Government have conducted internal lessons learned reviews. What are these reviews? Why will they not publish them? What is there to hide? The Committee recommends that such in-house assessments by Government Departments should be handed to the relevant Select Committees and the summaries also made public, and that has got to be right. Surely, on a matter so important to the future preparedness of the nation to rise to the challenge of coronavirus, the Government should publish these reviews now.

I now turn to the selection of the chair and the terms of reference of the inquiry. Paragraph 24 of the Committee’s report is clear that the setting up of the inquiry’s secretariat and administrative functions must begin “immediately” as

“delaying the set-up will inevitably delay the inquiry’s ability to start work in earnest”.

The Committee is absolutely right. I completely agree, and we have been clear, that the work must commence now and that it must be transparent and in consultation with the bereaved families. Just how long do the Government expect the families to wait for this process to begin? Other family members have said to me, “Jack, justice delayed is justice denied. We, the bereaved families, deserve better than this.”

I understand why the Government do not wish to redirect officials and frontline staff on a wholesale basis from the work of combating the pandemic, but surely the consultation with the bereaved families and other stakeholders on the selection of the inquiry chair, its secretariat and terms of reference can and should begin now. The Committee highlights that consultation with the bereaved families could make a “significant contribution” to the inquiry. I absolutely agree. The House will therefore want to hear from the Minister how much progress has been made on consulting the bereaved families on these matters.

Yesterday, dozens of members of the Covid-19 Bereaved Families for Justice campaign came to London. It was heartbreaking to walk down row upon row of photographs of loved ones who had died. They wanted to bring home the impact on them, the relatives and the bereaved, but they also wanted to know, in telling their often heartbreaking stories, why no one was talking to them. One mother whose grandmother had died said, “Why is it that they are not talking to us?” She wanted to know why the Government had not contacted relatives’ organisations, particularly the Covid-19 Bereaved Families for Justice campaign, to start to engage in a dialogue going forward at the next stages. It is inexplicable and absolutely unacceptable.

I share the concern of the relatives over the foot-dragging by Ministers who have avoided repeated requests to meet the bereaved families and hear their concerns. I can give an example that I have been engaged in personally. Before resigning, the former Health Secretary was good enough to agree at the Dispatch Box last December to meet families from Birmingham, yet not once did he or his office contact them or me to make the arrangements, despite numerous phone calls and emails from us. Not once. He had lifted the expectations of dozens of relatives that they would at last be involved in dialogue and consultation, but the door was shut in their face. I hope the Minister can now give a clear assurance that the bereaved families will be consulted on the chair and the terms of reference.

Finally, there is the question of implementing the inquiry’s recommendations. The hon. Member for Thurrock, in a powerful contribution, mentioned Bishop Jones, the Hillsborough inquiry and the mistakes that were made before fully exposing the truth of what happened. That point was well made. We cannot let this be a public inquiry whose recommendations are quietly shelved or swept under the carpet. The national trauma that the country has endured over the past year demands more. Despite the crisis last year, this country has achieved great things, but a decade of austerity weakened the foundations of our country and undermined our national defences against the pandemic.

We cannot simply go back to business as usual when the pandemic subsides. Lessons must be learned. The Government should therefore make a clear commitment both to set up the inquiry and to engage with it. It is only by beginning the inquiry that we can learn those serious lessons to avoid future tragedies. Without that, we cannot build a better future for our country, built on the strength and resilience we tapped into to get through the hardest of times. Only then can we be ready for whatever challenges come next.

In closing, I refer once again to those who should be at the heart of the covid-19 public inquiry: those who died and their families. On both sides of the House, right hon. and hon. Members have been meeting bereaved families over the past year. Those meetings have been some of the most difficult and emotional I have ever been involved in. The families simply want to know why their loved ones died, when many of them should not have. They want the right lessons to be learned so that no one else has to suffer the loss they have suffered. That is a noble aim, and it is one that the Government must rise to in setting up the public inquiry. We owe nothing less to the bereaved families.

[Madam Deputy Speaker (Judith Cummins)]

I call Penny Mordaunt.

--- Later in debate ---

[Jackie Doyle-Price]

I thank everyone who has contributed to this debate. There is a great degree of consensus: we all want this inquiry to be very much focused on learning lessons. I guess the real issue of contention is timing, more than anything else. That reflects the tension between doing the job properly and thoroughly, and potentially making timely reflections so that we can act quickly. I want to associate myself with the comments made by my hon. Friend the Member for Harwich and North Essex (Sir Bernard Jenkin). We need to focus on the outcome of the inquiry to get it right, and that outcome must be confidence—confidence from the public that we have learned those lessons and confidence across the system that we have taken steps to ensure that we deal with such issues more effectively in future. In that regard, I welcome the tone with which my right hon. Friend the Minister addressed the issues we considered today. I hope that that reflects how the Government take this issue forward.

It will take time for the inquiry to get up and running, so the sooner we can get on with making the appointments and setting the approach the better. It will be some considerable time before the inquiry starts to impact on those parts of the Government that are dealing with the pandemic now. I hope that we will be able to reflect on that again in due course.

Question put and agreed to.

Resolved,

That this House notes the Fifth Report of the Public Administration and Constitutional Affairs Committee of Session 2019-21, A Public Inquiry into the Government’s response to the Covid-19 pandemic, HC 541; and calls on the Government to provide an updated response to that set out in the Committee’s Fourth Special Report of Session 2019-21, A Public Inquiry into the Government’s response to the Covid-19 pandemic: Government’s response to the Committee’s Fifth Report, HC 995, setting out how the Government intends to implement the Committee’s recommendations, to ensure that the administrative arrangements necessary to set up the public inquiry committed to by the Prime Minister to the House on 11 May 2021, in particular the appointment of an inquiry chair, take place in a timely manner and no later than the end of this year, and to agree: that the Government’s preferred candidate to chair the inquiry should be subject to a pre-appointment hearing by the relevant select committee for the sponsoring Government department.

[Madam Deputy Speaker (Judith Cummins)]

I shall now suspend the House to enable the necessary arrangements for the next business to be made.

Oral Answers to Questions

Judith Cummins Excerpts

Tuesday 9th March 2021 Commons Chamber

[Vicky Foxcroft (Lewisham, Deptford) (Lab)]

What assessment he has made of implications for his policies of the financial barriers to people’s compliance with the requirement to self-isolate during the covid-19 outbreak; and if he will make a statement.

[Judith Cummins (Bradford South) (Lab)]

What assessment he has made of implications for his policies of the financial barriers to people’s compliance with the requirement to self-isolate during the covid-19 outbreak; and if he will make a statement.

[Kate Hollern (Blackburn) (Lab)]

What assessment he has made of implications for his policies of the financial barriers to people’s compliance with the requirement to self-isolate during the covid-19 outbreak; and if he will make a statement.

--- Later in debate ---

[Steve Barclay]

The hon. Lady is right that many people —indeed, the majority of workers—will have support from employers above statutory sick pay, but it is for the reason she outlines that my right hon. Friend the Chancellor also announced that there will be a payment of £500 for those not qualifying for the means-tested benefit, paid through the discretionary scheme that was funded at the Budget and to be administered by local authorities.

[Judith Cummins [V]]

Bradford Council has the highest demand for self-isolation payments in the country, reflecting the fact that most people in our city are unable to work from home. The standard scheme for people in receipt of certain benefits is fully funded, but the discretionary scheme, which the council must use for everyone else, is not. In fact, the funding for Bradford falls far short of demand, so will the Minister urgently look into this so that councils with a high demand can support all workers who need to self-isolate?

[Steve Barclay]

The hon. Lady makes a fair point, which is that there was a pressure on the scheme for local authorities. It is for exactly that reason that my right hon. Friend the Chancellor announced in the Budget that there will be an increase to £20 million per month for the discretionary scheme. He also listened to representations from the hon. Lady and others about widening the scope of eligibility under that scheme.

North of England: Economic Support

Judith Cummins Excerpts

Wednesday 11th November 2020 Westminster Hall

[Judith Cummins (Bradford South) (Lab)]

It is a pleasure to serve under your chairmanship, Mr Efford. I thank my hon. Friend the Member for Barnsley Central (Dan Jarvis) for securing this extremely timely and important debate.

Even before the covid-19 crisis, the UK economy was fundamentally unbalanced. As the Institute for Public Policy Research North put it:

“The UK is more regionally divided than any comparable advanced economy.”

I have spoken before about the issues with the Green Book, and I continue to believe that the method used to assess potential projects skews investment, and therefore growth, into where it already happens, rather than where it needs to happen. The Treasury is committed to reviewing the Green Book, but I know that hon. Members will be interested to hear from the Minister the progress that it has made on that, because covid-19 makes it more urgent, given the disproportionate economic hit that the north has taken and the heavy price that people in the north are paying.

The Government’s handling of the covid crisis, especially their approach to local restrictions and regional packages of financial support, has shown that the needs of the north are still too often an afterthought—or, worse, ignored altogether. Instead of establishing a clear, transparent framework of support, proportionate to need, the Government have employed a strategy of divide and rule. Local areas, most of them in the north, were forced into unfair negotiations on entering higher levels of restrictions, but were then told that there was no negotiating to be done on the level or share of the financial support offered.

Worse still, it appears that the substantial packages of support came only when restrictions were imposed on London. For example, on 22 October, the Chancellor announced new grants for businesses in tier 2. That came the day after London entered tier 2. Areas including Bradford had been under the equivalent of tier 2 for months and months. That is yet another example of the Government’s having a deaf ear for the people of the north.

We are now in a national lockdown and the furlough scheme has been extended until March, but the Government need to set out exactly what will happen at the end of that period. They have suggested that we will go back into the tiered system, but many businesses in places such as Bradford will simply not survive if we go straight back into tier 2 or tier 3, with the current level of support.

In the short term the Government must ensure that, wherever there are restrictions after 2 December, there is a fair set of financial support packages, which take into account how long an area has been in local restrictions already. For each measure, the Government should produce an impact assessment, region by region, which includes the impact on regional inequality and the regional economy.

In the longer term, we need a fundamental rebalancing of our economy. Levelling-up rhetoric and the odd project here and there will simply not be enough. Trust is in short supply and the people of the north will hold the Government to account for their promises and their actions.

Areas with Additional Public Health Restrictions: Economic Support

Judith Cummins Excerpts

Tuesday 6th October 2020 Commons Chamber

[Steve Barclay]

My hon. Friend speaks with great authority when it comes to the business community. I know that he engages extensively with it and understands the issues closely. I am very happy to relay the issue that he raises to my right hon Friend the Secretary of State. As I have said on a number of occasions, we have put in place a comprehensive package of support. It will not address every job, and the Chancellor has been honest with the public in that regard, but it is right that we keep the situation under review. I will take my hon. Friend’s representations on that issue.

[Judith Cummins (Bradford South) (Lab)]

With the Health Secretary reportedly considering further restrictions on hospitality in areas of local restrictions and with 19,000 people in Bradford still on the furlough scheme that comes to an end in just 25 days, will the Treasury bring in a local furlough scheme to save those very viable jobs, which are now under threat as a direct result of this Government’s decisions?

[Steve Barclay]

The hon. Lady raises a legitimate concern, but I do not see the panacea to that being an extended furlough for an indefinite period. What has never been clear to me from those who seek to extend the furlough indefinitely is for how long they would extend it, and how many sectors would be included. We have taken a different approach, as the Chancellor has set out, through the winter plan, the job support scheme and the self-employed income support scheme to support those jobs that we are able to support. I say respectfully to the hon. Lady that I do not agree that the panacea to this would be an open-ended furlough.

Coronavirus: Job-Support Schemes

Judith Cummins Excerpts

Tuesday 7th July 2020 Commons Chamber

[Judith Cummins (Bradford South) (Lab)]

In this debate on the HMRC estimates, I will focus on the potential economic effect of local lockdowns and the need for a flexible local furlough scheme and wider economic support for affected areas. As has been widely reported, Bradford has had a higher than average rate of infection in recent weeks, but I am pleased to say—the whole House will be pleased to hear this—that it has been coming down. However, the risk of things worsening again is very real.

As a city, Bradford has a higher proportion of people who work in high-risk jobs: as key workers in health and social care, in retail and in the gig economy. Out of 198,000 employees in the district, 75% have never worked from home. These people are sadly at higher risk of catching the virus, but they also need more economic support in the event of a local lockdown. Many of my constituents do not have the luxury of vast savings to fall back on. We are not talking here about decisions on whether to take a holiday, but real dilemmas about how people will feed their families.

The furlough scheme and the self-employed income support scheme need the flexibility to deal with local lockdowns. If people in a certain area are told by Government to stay at home, it is only right that they can be furloughed during that period. That must include people who work in an area under lockdown, as well as those who live there. I urge Ministers to bring forward proposals on that now, before it is too late. We urgently need more information from the Government on how local lockdowns will work and what support and information will be provided.

The local data has been too slow to come to local authorities, and the criteria used to determine whether somewhere should go into or come out of lockdown are unclear. Clearer information from Public Health England and the Department of Health and Social Care on local infection rates would also allow areas to plan their responses. The Government should publish local figures on test and trace, so that we can see where the system is not working as well as it should and take steps to improve it.

Importantly, the Government should take proactive measures to prevent places such as Bradford needing to go into a second lockdown. This might include more funding for the council for public health outreach as well as financial incentives for people to do the right thing. The economic impact of a second lockdown on a local area will be huge. The Government must be clear about what financial support they will provide in these circumstances to protect jobs and livelihoods, and to help with local economic recoveries. A failure to act will cause economic devastation for many and, ultimately, by undermining the public health advice, cost lives.

[Mr Deputy Speaker (Mr Nigel Evans)]

Thank you for taking only three minutes, because that is where we are now going in order to get as many in as possible. I call Patricia Gibson, with a three-minute limit.

Finance Bill

Judith Cummins Excerpts

Report stage & Report stage: House of Commons & Report: 1st sitting & Report: 1st sitting: House of Commons
Wednesday 1st July 2020 Commons Chamber

[Judith Cummins (Bradford South) (Lab)]

I have 40 seconds. Thank you, Mr Deputy Speaker!

I want to comment on two things. The first is the beauty, aesthetic and wellbeing industry, which is far wider than the nail bars that the Prime Minister has flippantly referred to. It is a sector that contributes a hugely significant £6.6 billion to the UK economy, employs more than 300,000 people across the UK and provides 16,000 apprenticeships, yet it seems to have been forgotten. Hundreds of jobs are at risk. The industry needs clarity, and it needs it now. Those people want to know when they can go back to work. Also—

[Mr Deputy Speaker]

Order. It is now 8.39 pm. I call the Minister.

Covid-19: Economic Package

Judith Cummins Excerpts

Tuesday 12th May 2020 Commons Chamber

[Mr Speaker]

Order. Unfortunately we have to move on to the next question. I call Judith Cummins.

[Judith Cummins (Bradford South) (Lab) [V]]

Has the Treasury made an assessment of how many employers are currently topping up the wages of furloughed workers to full pay? If the Government reduce the amount they are contributing, many employers may struggle to top up wages. What will the Government do if employers cannot top up wages?

[Rishi Sunak]

As well as the furlough scheme, the Government have provided direct cash support to businesses in the form of cash grants or tax cuts, and allowed them to defer taxes such as VAT. We have also provided them with access to discounted and attractive loans to ease cashflow. I believe that in sum that represents a considerable amount of support for business, and we have now stretched and extended the furlough scheme to cover eight months. Sitting alongside the plan that the Prime Minister outlined, that will provide businesses with a generous and sufficient amount of time to help bring their employees back to work. Indeed, they will also benefit from the part-time flexibility to ramp up their operations.

Oral Answers to Questions

Judith Cummins Excerpts

Tuesday 11th February 2020 Commons Chamber

[Rishi Sunak]

I am happy to tell the hon. Gentleman that this Government are committed to improving transport infrastructure across the United Kingdom. Obviously, some matters are devolved. Network Rail has a £48 billion plan for rail infrastructure. I would be happy to hear from him about the specific projects that he is interested in taking up with it.

[Judith Cummins (Bradford South) (Lab)]

Reports over the weekend that the Bradford city centre stop is to be dropped from the Northern Powerhouse Rail route are extremely concerning. Given the importance of NPR to any improved transport infrastructure, can the Minister confirm here today that the Government’s preferred route still includes Bradford?

[Rishi Sunak]

I am a passionate believer in improving east-west connectivity across the north. I am pleased to say that I met the leader of Bradford Council just the other week. Bradford has an exciting future as one of the younger cities in the country. I believe that the plans that NPR has put forward include Bradford. We are happy to look at those. Transport for the North is actively engaging with local stakeholders on the various routes for improving connectivity between Manchester and Leeds, and that includes Bradford city centre.