Banking (Responsibility and Reform)

Debate between Mary Macleod and Marcus Jones

Tuesday 7th February 2012 Commons Chamber

[Mr Marcus Jones (Nuneaton) (Con)]

I welcome the debate and want to discuss a number of issues that arise from the motion, but, having explored it, I think it contains a strong hint of political expediency and opportunism. To a degree, the Opposition seem to be ignoring part of the history of the UK Government between 1997 and 2010. That said, this is an extremely important and topical issue and the motion therefore deserves proper consideration and scrutiny.

My starting point would be to reflect on where we are today with some of the issues at hand and on what we are trying to achieve.

[Mary Macleod (Brentford and Isleworth) (Con)]

Although the reform of banking is important, does my hon. Friend agree that we have not heard today about the importance of the financial services sector and banking as a whole? The sector employs 1.1 million people and contributes 12% of the total tax take and 10% of UK GDP. We should be talking about how to create a strong and vibrant sector that helps to grow the UK economy.

[Mr Jones]

My hon. Friend makes a very important point and I hope that some of my comments later will enthuse her about my stance on that issue.

Not many people would disagree that we need to move from irresponsible banking practice to responsible but successful banking, from poor Government regulation to effective regulation, from bailing out the banks to getting taxpayers’ money back, from the state ownership of banks to putting them back into private ownership, and from the state guaranteeing banks to ensuring that they stand on their own two feet and are not too big to fail. We need to draw some important distinctions when we consider such matters. There is a distinction between taxpayer-owned banks and private banks and we also need to take into account the taxpayer guarantee. When we consider irresponsible bankers—who now seem to be epitomised by Fred Goodwin, who should not be singled out but seems to be taking the brunt of the blame for all the irresponsibility in the banking industry—there should be a distinction between their type of banking and the more responsible banking that many are trying to promote.

One person who was brought in to try to promote more responsible banking and to get RBS back on its feet was Stephen Hester. He came in and took on a job, and although we might all agree or disagree with the definition of the success that he was tasked with bringing about, the fact is that he was given that definition—I think by the Labour party, when it was in government—and now Labour seems to want to move the goalposts and change the definition of success or failure within his remit.

Future of Town Centres and High Streets

Debate between Mary Macleod and Marcus Jones

Tuesday 17th January 2012 Commons Chamber

[Mr Jones]

Thank you, Mr Speaker, for that guidance. I will try to keep my remarks brief and to keep interventions to a minimum.

Starting new enterprise is crucial on our high streets, particularly with many of our chain stores retrenching. We need to reinvigorate our independent shopkeepers. Street markets and indoor markets are an important route to doing that. In my constituency we have an award-winning street market on Wednesdays and Saturdays which often has more than 150 stalls. As in the case of car parking, which I shall come to shortly, local authorities must be careful to make sure that markets are not just cash cows and income generators for the local authority, but are there for the benefit of the local community and the local town centre.

That brings me to ways of allowing businesses to flourish. Lower taxation and less regulation are the keys to unlocking that potential, although we should be careful not to throw the baby out with the bath water. Through deregulation—for example, the deregulation of pedlars—we could end up with a situation where pedlars can turn up and trade alongside market traders, without paying any rent or rates. The market traders who have traditionally been on our high streets will find themselves at a disadvantage.

Car parking is a major issue. There is a case study in the Portas review that mentions Swindon, and my hon. Friend the Member for North Swindon (Justin Tomlinson) will probably elaborate on that. Although I acknowledge the restraint on both Government and local government budgets, further direct action on car parking charges must be explored. It would be fantastic if a pilot scheme could be run to see whether we could bring in free short-stay parking that would have the effect that we are looking for. The pilot should be run in a constituency, and I would make the argument for that to be my Nuneaton constituency, but other right hon. and hon. Members probably have other ideas on that.

There is also an inherent unfairness in how the business rates regime applies to town centre car parks and out-of-town-centre car parks, and we need to look at that carefully to ensure that we allow our town centres to operate on a level playing field. As Mary Portas rightly pointed out, we need to look carefully at planning in our town centres. My hon. Friend the Member for Henley (John Howell) mentioned the national planning policy framework, and we must ensure that the “town centre first” policy and the sequential test are retained in the framework. I also think that it is important that office development is included, because although we must not deny out-of-town development, we must ensure that it is proportionate and meets the needs of a particular area.

I note your comments about time, Mr Speaker, and appreciate that many right hon. and hon. Members wish to speak. By bringing the matter before the House, I sincerely hope that we will have a positive debate, that our views will prevail and that the Minister will go away loaded with positive ideas from Back-Bench Members that can be fed into the Government’s review. I firmly believe that the British people instinctively wish to see our high streets and town centres not only survive, but flourish and prosper, as they form one of the unique components that make up the UK.

[Mary Macleod (Brentford and Isleworth) (Con)]

Will my hon. Friend join me in commending the Mayor of London, who today announced £177 million of targeted regeneration investment for town centres and local high streets, of which Brentford and Isleworth will receive £4.8 million?

[Mr Jones]

That is fantastic news, and just the sort of support that our town centres and high streets need. It is extremely important that we support our high streets and town centres not only as Members of Parliament, but as individuals, and that at all times we promote their cause so that they are there for hundreds of years to come, as they have been for us all thus far.