Future of Financial Services

Patricia Gibson Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

I thank my hon. Friend her for her warm comments. She is right to say that we need that finance to develop new technologies, which have helped to meet our climate ambitions. To give a couple of examples, we can be a world leader in carbon capture and storage, and similarly for offshore wind—those are the kinds of investments that will need extra financing to help develop those technologies, or further their export capabilities, and that is exactly the type of investment that this new capital will help to fund.

[Patricia Gibson (North Ayrshire and Arran) (SNP)]

I confess I was surprised to hear the Chancellor say that he was grateful to the people who are keeping local bank branches open. I now have seven towns in my constituency with no bank, and only three that do have access to a local bank—it is surely the hardest hit in the UK. If he really wants to help people to keep bank branches open, when will he do more to ensure and help facilitate banking hubs in my constituency of North Ayrshire and Arran, and across Scotland?

[Rishi Sunak]

The hon. Lady will have heard my previous answer about our plans to take forward initiatives on access to cash, and protecting it. The outstanding consultation will conclude shortly, and then we will decide on a future legislative strategy.