Business of the House

Nadhim Zahawi Excerpts

Thursday 10th February 2011 Commons Chamber

[Sir George Young]

I hope that the right hon. Gentleman will recognise that some 3 million people in this country want to volunteer but at the moment are not doing so and that there is an untapped potential that we want to unlock through our big society initiative. There is a good tradition of volunteering in this country and it is right for the Government to try to develop that.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

May we have a debate on the financial code on bonuses, which was introduced on 1 January? The Chancellor has introduced the toughest such code of any financial centre of any size in the world, but, most importantly, it should encourage behaviour that creates value by bonuses being deferred for at least three years, being linked to performance and being taken in shares, which can go down as well as up.

[Sir George Young]

My hon. Friend is absolutely right. He may have heard the statement that my right hon. Friend the Chancellor made yesterday when he contrasted the previous Government’s lack of success in getting a number of banks to sign up to the code with the large number that we have persuaded to sign up to it, which, as he said, is one of the toughest in Europe.