Financial Services: Mansion House Speech

Polly Billington Excerpts

Monday 18th November 2024 Commons Chamber

[Tulip Siddiq]

I know that the right hon. Member did a huge amount of work in the financial services sector while he was in office. The civil servants still talk about how amazing he was—much to my dismay sometimes! We agree that there needs to be a change in appetite in this place. Transparency is top of the list, as the Minister for Pensions just whispered in my ear. We thank the right hon. Member for his constructive approach on the review, and urge him to tell the people he knows in the sector to respond to and feed in to the consultation.

[Ms Polly Billington (East Thanet) (Lab)]

The Minister will know that investment in our energy system is vital to our mission of being a clean energy superpower, creating jobs and cheaper, cleaner and more secure home-grown energy to power our economy. What is she doing to ensure that financial service regulators support the Government’s mission while upholding high industry standards?

[Tulip Siddiq]

I know that my hon. Friend takes a keen interest in this area—she been talking about it for the 25 years that I have known her. We agree that it is important. The FCA and the PRA are required to have regard to the UK’s net zero emissions target, as set out in the Climate Change Act 2008. The Mansion House speech set out the Government’s next steps to deliver a world-leading sustainable finance framework. That will be a huge part of our financial services strategy, as part of the industrial strategy, next spring. I urge her to consult and feed in on that.