Financial Services: Mansion House Speech

Mike Wood Excerpts

Monday 18th November 2024 Commons Chamber

[Tulip Siddiq]

I absolutely share my hon. Friend’s enthusiasm for credit unions—I have visited those in my constituency several times and know what good work they do. We have made clear our strong support for the mutual sector. We recognise the value that credit unions bring to their members in local communities, including in her constituency. The Chancellor launched a call for evidence on reforming the credit union common bond during the Mansion House speech last week. We want to understand whether reform is needed in that space to help credit unions to grow substantially. Once we have completed the call for evidence, we will consider how much of that reform we can take forward as a Labour Government.

[Mike Wood (Kingswinford and South Staffordshire) (Con)]

The Pensions Minister will be all too aware of the ongoing problems facing members of the west midlands pension fund, one of the country’s largest public sector pension funds. Why does the Economic Secretary think that the Chancellor’s eight mega-funds will provide a better service than the west midlands pension fund in investing those people’s pensions?

[Tulip Siddiq]

We will build on the success of the pools that already exist. If the hon. Gentleman is not satisfied with my answer, the Minister for Pensions is happy to meet with him.