Financial Services Reform

Liz Saville Roberts Excerpts

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

I can reassure my hon. Friend that the concierge service will be working across the country. This is about ensuring that the UK has a single shop window for international firms looking to either set up or invest further in the UK. As we set out in the Leeds reforms, the benefits of that investment and of unleashing the potential of the financial services industry should be felt across the country, in the east midlands and beyond.

[Liz Saville Roberts (Dwyfor Meirionnydd) (PC)]

The grim truth is that people’s living standards in Wales have still not recovered from the 2008 crash, which resulted in a Labour Prime Minister bailing out the banks and the Tory austerity experiment, so why are the Government risking a repeat of the mistakes of the past when all the evidence shows—this is important—that growth will not trickle down from poorly regulated bankers?

[Emma Reynolds]

I gently say to the right hon. Member that we are not talking about going back to 2007—we have come a long way since then. Of course, after the crash, financial services regulations and a new system of financial services regulation in terms of the twin peaks of the FCA and the PRA—conduct and prudential—were introduced. We are not talking about going back to then. We are not bringing back 125% mortgages, as I have repeatedly said. We are simply saying that we need to reassess where we are and that the pendulum has swung too far the other way. We need to rebalance the system so that both consumers and firms can take informed risks to drive growth across the country. That will make people better off and give them the opportunity to secure better returns on their savings. I encourage her to look at the detail of this. We are looking to rebalance the system, not go back to where we were.