Oral Answers to Questions

Debate between Mark Hoban and Harriett Baldwin

Tuesday 24th April 2012 Commons Chamber

[Mr Hoban]

We have heard the same old stuff from the hon. Gentleman for the last 42 years. Perhaps it is time for him to help youth unemployment by creating a vacancy. We are providing young people with more help to get into work, with an extra quarter of a million apprenticeship places. I would have thought he would have welcomed the fact that the city of Sheffield enterprise zone is at Markham vale in his constituency. That is the sort of practical action this Government are taking to ensure that jobs are being created.

[Harriett Baldwin (West Worcestershire) (Con)]

Will the Minister explain to employers—in Bolsover and elsewhere—that as of this month there is a youth contract that will pay them to take on unemployed young people?

[Mr Hoban]

My hon. Friend is absolutely right. Some 160,000 wage incentives, worth up to £2,775 each, are available for employers who recruit an 18 to 24-year-old through the Work programme.

Eurozone Crisis

Debate between Mark Hoban and Harriett Baldwin

Thursday 3rd November 2011 Commons Chamber

[Mr Hoban]

My hon. Friend is right. If we had not taken the tough action we took when we came into office, the UK could be in the firing line, not just Greece and other eurozone member states.

[Harriett Baldwin (West Worcestershire) (Con)]

Two-year Greek interest rates reached 100% this morning. Will the Financial Secretary remind everybody how important it is for jobs and growth that despite the fact that we have a higher deficit than the Greeks, our interest rates are closer to those of the Germans?

[Mr Hoban]

My hon. Friend hits the nail on the head. It is because we took that tough action and are tackling our deficit, and have a credible plan for putting our public spending back on a firm footing, that we have lower interest rates than countries with a lower deficit than ours.

Eurozone (Contingency Plans)

Debate between Mark Hoban and Harriett Baldwin

Monday 20th June 2011 Commons Chamber

[Harriett Baldwin (West Worcestershire) (Con)]

Madame Christine Lagarde is clearly an outstanding candidate to be head of the IMF, but is the Minister slightly concerned that she is French and, given that the French banks have a very large exposure to the Greek problems, that she might therefore be conflicted in her approach to the problem?

[Mr Hoban]

Madame Lagarde is a strong candidate for the role of director-general of the IMF. My hon. Friend is absolutely right to point out that she is French; that fact has not escaped us in ECOFIN meetings. Madame Lagarde said on “Newsnight” a couple of weeks ago that she recognised that the bail-out of Greece involved a series of agreements between eurozone countries, and that that should remain the case.

Regulatory and Banking Reform

Debate between Mark Hoban and Harriett Baldwin

Thursday 16th June 2011 Commons Chamber

[Mr Hoban]

My statement today has demonstrated the action that we have taken over the past year to create a more stable and sustainable banking system. That should give comfort to my hon. Friend’s constituents in respect of the safety of their savings. Savers and depositors should be mindful of the limits on deposits imposed through the financial services compensation scheme, but the range of interventions that we are making, through this statement and further reforms, will ensure that we have a safer, more sustainable banking sector in the future—one that does not impose a burden on the taxpayer, but makes sure that it continues to meet the needs of businesses and households across this country.

[Harriett Baldwin (West Worcestershire) (Con)]

Does the Financial Secretary share my astonishment at the selective recollection of historical facts by Opposition Members? The run on Northern Rock started well over a year before the global financial crisis, and it was the first run on a bank in this country for more than 100 years. In rebuilding the stability of the financial system, will the Financial Secretary repeat for my constituents the reassurance that their deposits up to £85,000 are now effectively guaranteed by the Financial Services Compensation Scheme?

[Mr Hoban]

My hon. Friend makes two important points. The first is to recognise the role played by the Financial Services Compensation Scheme in protecting depositors up to that £85,000 limit. The other point is that there is collective amnesia among the Opposition about their role in the financial crisis. Yes, Northern Rock took place before the global financial crisis—and they were the champions of light-touch financial regulation and introduced the tripartite system of regulatory reform that was shown to fail during the crisis. The Opposition need to recognise their responsibility; until they do so, it will not be possible for them to move on.

Oral Answers to Questions

Debate between Mark Hoban and Harriett Baldwin

Tuesday 10th May 2011 Commons Chamber

[Harriett Baldwin (West Worcestershire) (Con)]

7. What steps he is taking to ensure that the Financial Services Authority exempts from new domestic regulation businesses employing fewer than 10 people and new businesses for the next three years.

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

Where the Government are granting new powers to the Financial Services Authority through primary and secondary legislation, we will seek to apply the moratorium. The FSA is, however, an independent regulator with powers to make rules under the Financial Services and Markets Act 2000. The Government’s policy on exempting micro-businesses and start-ups from new regulation will therefore not apply automatically to rules made by the FSA.

[Harriett Baldwin]

In his testimony to the Treasury Committee, the chief executive of the FSA said that up to 10,000 jobs—in many cases, those of small independent financial advisers—could be lost as a result of the retail distribution review. Will the Financial Secretary meet the chief executive of the FSA as a matter of urgency to discuss ways in which the impact could be mitigated?

[Mr Hoban]

I know that my hon. Friend has campaigned tenaciously for IFAs. I remind her that although the FSA is an independent regulator—this addresses her question directly—it has an obligation to assess the impact of its rules on businesses, including small businesses, and to make its rules proportionate. I should add that it is not planning any initiatives by means of its powers under the Financial Services and Markets Act apart from those that are already under way.

Finance Ministers’ Meeting (Ireland)

Debate between Mark Hoban and Harriett Baldwin

Wednesday 17th November 2010 Commons Chamber

[Mr Hoban]

I do not want to engage in speculation about the eurozone; I do not think that that is very helpful. The hon. Gentleman, like the hon. Member for Foyle (Mark Durkan) and their colleagues, will know from experience in Northern Ireland that we have very strong interests in the stability of the Irish economy, and it is important that we stand ready to help the Irish Government in stabilising it.

[Harriett Baldwin (West Worcestershire) (Con)]

Does the Minister agree that the problem in Ireland is not so much the fiscal measures that it is taking, or global growth, but the fact that it is in the euro, and that as long as Ireland is in the euro it is hard to see how it can work its way through these problems? Would the Minister like to pay tribute to all those on this side of the House who fought to keep this country out of the euro?

[Mr Hoban]

Indeed, and my hon. Friend makes an important point. We have access to a wider range of economic tools to resolve our problems as a consequence of our being outside the euro. It is also worth bearing it in mind that this crisis flows from the banking sector, not from public spending in Ireland.

Banking Reform

Debate between Mark Hoban and Harriett Baldwin

Thursday 17th June 2010 Commons Chamber

[Harriett Baldwin (West Worcestershire) (Con)]

I very much welcome that direction of travel, just as I welcomed the decision of the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown), in 1997, to set the Bank of England free to make decisions on interest rates. Will the Minister clarify whether the Financial Policy Committee will publish its minutes openly and on a regular basis, and how it will deal with a situation in which it is concerned about a specific institution?

[Mr Hoban]

It is important that the Financial Policy Committee is transparent in its dealings. It is a great strength of the Monetary Policy Committee that it is transparent and that it can be held to account by the public for its decisions. We need to ensure that similar arrangements are put in place for the FPC—while respecting, as my hon. Friend has pointed out, the confidentiality of individual firms.