Oral Answers to Questions
Debate between Mims Davies and Guto Bebb(7 years, 2 months ago)
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Guto Bebb
I remind the hon. Gentleman that the Secretary of State and I have been successful in achieving city deals for Cardiff and Swansea, and we are working towards a north Wales growth deal as well. That additional funding from Westminster was not subject to any Barnett consequentials with regard to any other part of the United Kingdom.
Mims Davies (Eastleigh) (Con)
Does my hon. Friend agree that last year’s fiscal framework agreement secures long-term, needs-based funding for the Welsh Government, and that that can act as an enabler for improved public services across Wales?
Guto Bebb
I thank my hon. Friend for her question. She is absolutely right: this Government have delivered a fiscal framework for Wales that was called for for 13 years, when the Labour party did absolutely nothing. That fiscal framework gives certainty of funding for Wales and the people of Wales, and it will be beneficial to the development of the Welsh economy.
Connaught Income Fund
Debate between Mims Davies and Guto Bebb(8 years, 10 months ago)
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Guto Bebb
I will join the hon. Lady in that call, and I agree entirely with her comments.
On 26 May 2011, three months after the whistleblower provided evidence of wrongdoing, the FSA finally published a note on its website stating that the fund should not be compared to a bank or building society account. That was remarkable, considering it had been provided with evidence of wrongdoing. In the light of that evidence, it is difficult not to argue that a stronger warning should have been provided to investors by the FSA.
Mims Davies (Eastleigh) (Con)
Does my hon. Friend agree that many of our constituents have waited a long time for this investigation, despite the whistleblowers? This debate provides an excellent opportunity for us to urge the Financial Conduct Authority to set out a clear timescale. It is only right and proper that full clarity should be given to all our constituents—we can see the large number of Members present in the Chamber tonight—about the scope, nature and timing of this full and much needed investigation.
Guto Bebb
Absolutely. My hon. Friend has just covered part of my speech very well, and I agree entirely with her comments.
Despite the warnings, and the acknowledgment of those warnings by a note that was issued on the FSA’s website, money was still being invested in the fund for a further 10 months. That is scandalous.