Storm Éowyn

Debate between Pat McFadden and Sammy Wilson

Monday 27th January 2025 Commons Chamber

[Pat McFadden]

My sympathies go out to the hon. Lady’s constituents—flooding is devastating for those who are affected by it—and I understand what she said about the consequences. I note what she said about funding. We have a better settlement for local authorities this year than they have had in recent years, but I must say to her what I also said to Conservative Members: all appeals for more funding, to be consistent, must be matched by consistent support for the revenue measures needed to raise that money in the first place.

[Sammy Wilson (East Antrim) (DUP)]

First, I thank the many workers who have worked tirelessly in treacherous conditions to restore power. I watched them on Saturday afternoon and Sunday. Equally, I give sincere thanks to the Chancellor of the Duchy of Lancaster for the work that he did. I know from speaking to the Deputy First Minister over the weekend and this morning before coming to the House that she was very pleased with the response, effort and commitment that he has shown to the people of Northern Ireland. That is an indication of how, by being part of the United Kingdom, we can draw on wider resources where there is willingness to do so.

However, there are still many people without power in Northern Ireland. Many people find it incomprehensible that some of the resources being sent to Northern Ireland are going to the Republic rather than being used in Northern Ireland. Will the Chancellor of the Duchy of Lancaster address that? An increase in the number of generators, people to fit them and so on would enable people who need machines for health and other reasons to have supply in their homes ahead of power being restored.

[Pat McFadden]

I thank the right hon. Gentleman for his kind comments. Of course I take this seriously. As I said to the hon. Member for Strangford (Jim Shannon), we want to do everything we can to get power restored for people who are without it. According to the latest figures I have seen, we have sent more than 100 engineers to Northern Ireland. That number will move. The electricity grids of Northern Ireland and the Republic of Ireland are physically linked, so sometimes it might make sense in connecting people to work on both sides of the border. We will respond as positively as we can to requests for generators to get help to people who need it.

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Debate between Pat McFadden and Sammy Wilson

Report stage & 3rd reading
Wednesday 22nd September 2021 Commons Chamber

[Mr McFadden]

The hon. Member raises a very fair point. It has already been referenced in the debate that this is not just about amounts, but about the timescale, and we all want the Government and whoever is administering this scheme to be able to get on with it.

[Sammy Wilson]

I understand the point, but does the right hon. Gentleman accept that defining those who have suffered the most could be quite difficult? Are those who have suffered the most those who have lost the most, or perhaps those who are not all that well-off and have found that they had lost all of their savings, even though all of their savings would not have been the same as the loss of some of the bigger investors? Does he accept that that is a difficult definition?

[Mr McFadden]

The right hon. Member raises a very fair point. If we pluck a sum of money out of the air, it could be a lot of money to one person and perhaps less to somebody else, depending on their wealth.

Let me return to the questions for the Minister arising from the amendment and the Bill. The second is the important question of where the decision to compensate the LCF investors leaves investors in other firms where regulatory failure is alleged. Where has the bar now been set for future compensation in the event of regulatory failure? The taxpayer cannot stand behind every investment loss. Some investors will make money and some will lose. That is in the nature of a market economy. However, the question of compensation arises when there is a clear regulatory failure, because that is considered to be a different matter. Having come up with this scheme, where do the Government now draw the line?

How can we be sure this will not happen again? There are two aspects to this question. The first is the role of the regulator. The FCA is going through a transformation programme designed to ensure that changes are made to prevent a similar thing from happening in the future.