Oral Answers to Questions

Debate between Mel Stride and Rosie Cooper

Wednesday 17th October 2018 Commons Chamber

[Rosie Cooper (West Lancashire) (Lab)]

11. What recent discussions he has had with representatives of the Royal Bank of Scotland (RBS) on the potential effect on local communities of the proposed closure of RBS branches in Scotland.

[The Financial Secretary to the Treasury (Mel Stride)]

With permission, I will answer Questions 2 and 11 together. Our position on branch closures is clear. These should be commercial decisions, not those for the interference of politicians, but equally, we do recognise some of the difficulties that constituents face when this occurs. That is why we support the access to banking standard, which takes a number of steps both to support and to inform customers in that situation.

--- Later in debate ---

[Rosie Cooper]

Thank you, Mr Speaker. Sorry for the confusion.

Given that RBS is 63%-owned by the taxpayer and the majority of branch closures are in Scotland or the north-west of England, could the Minister tell us: what does the taxpayer get for their money if not banks and banking services?

[Mel Stride]

The hon. Lady is right to raise the issue of the taxpayer supporting the Royal Bank of Scotland to the tune of some tens of billions of pounds. It is right that the Government therefore expect the bank to show profitability and to come back into economic health. Our overarching principle is that the best way of achieving that is to leave commercial organisations such as the Royal Bank of Scotland to be in charge of their own affairs, rather than subject to political interference from Ministers.