Banking

Debate between Lyn Brown and Sajid Javid

Wednesday 15th January 2014 Commons Chamber

[Sajid Javid]

My hon. Friend is right. It is reported that, this Friday, the Leader of the Opposition will make a speech on the economy and attempt to set out an economic policy. I am afraid that his last such speech did not go very well. From what we know about this proposal—very little at this stage—I am not aware of any country in the developed world that has a similar approach, with the possible exception of the former Soviet Union, which adopted a similar approach to its banking sector.

[Lyn Brown (West Ham) (Lab)]

I am glad we are discussing history, because I am aware of the hon. Gentleman’s own history as a banker. I wonder what his remuneration and bonuses were back in those days. Given his history and the fact that he should be saying sorry—I presume—will he tell us whether he believes that bankers deserve a bonus in excess of 100% of their salary. Does he think so and does the Chancellor think so?

[Sajid Javid]

The hon. Lady seems to suggest that it is best to have Ministers who have no experience or knowledge in the areas for which they are responsible. We saw that under the previous Government, and look what happened. To win back the confidence of the British people, we need a long-term economic plan for recovery.

Fuel Duty

Debate between Lyn Brown and Sajid Javid

Monday 12th November 2012 Commons Chamber

[Sajid Javid]

My hon. Friend makes a good point and shows again where this Government are taking action to balance the nation’s finances.

We are doing a lot more to try to help those in need. We are investing more than £4.5 billion over this Parliament in affordable housing, delivering 170,000 new homes. We have replaced Labour's ineffective stamp duty relief with schemes that work, such as Firstbuy and NewBuy, helping more than 25,000 first-time buyers to find their way on to the first rung of the housing ladder.

Let us look at Labour's claims on tax avoidance. It wants us to clamp down on a scheme that uses a specific tax relief around travel expenses—a relief about which in 2008 the Labour Government, when presented with the facts, chose to do nothing.

[Lyn Brown (West Ham) (Lab)]

Will the Minister give way?

[Sajid Javid]

I will in a moment.

The Labour Government, when presented with the facts about this tax relief in 2008, chose to do nothing. They declared:

“The Government has considered—

[Lyn Brown]

Will the Minister give way?

[Sajid Javid]

If the hon. Lady is patient, I will give way in a moment—[Interruption.]