Oral Answers to Questions

Rachel Reeves Excerpts

Tuesday 30th January 2018 Commons Chamber

[Greg Clark]

That is exactly the point that the businesses made. That is why I asked the banks to attend in person to meet those businesses, and it is why the banks gave those commitments and guarantees. It is important for Members with constituents who may be affected that the banks have made that commitment and have made a promise that they will deal individually with anyone who is so affected. The measures are on each bank’s website, but any colleague should come back to me if they experience a problem.

[Rachel Reeves (Leeds West) (Lab)]

This morning, at a joint Select Committee hearing on Carillion, we were told by the chief executive of the Financial Reporting Council that, before and after the collapse of BHS, he had asked for greater powers to regulate companies and take action before things go badly wrong. He told us that there was a lack of Government interest in making the necessary changes. In the light of the collapse of Carillion and the threat to thousands of jobs and suppliers in the supply chain, are the Government interested in taking action now?

[Greg Clark]

I do not agree with the hon. Lady. I engaged the FRC immediately, and it is very important that we and the FRC learn the lessons. We will apply whatever is appropriate that comes from those inquiries.

--- Later in debate ---

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Richard Harrington)]

The sector has huge growth potential. The Government support the industry through the aerospace growth partnership and have committed £3.95 billion for it, which already supports 200 companies, including Safran and GE Aviation in my hon. Friend’s constituency.

[Rachel Reeves (Leeds West) (Lab)]

T3. By last Friday, just 526 of the 9,000 companies that need to report their gender pay gap had done so. What powers do the Government have to compel companies to publish these numbers ahead of the April deadline, as there are no civil or criminal sanctions in the regulations?

[The Minister for Energy and Clean Growth (Claire Perry)]

Having just taken over the diversity portfolio in the Department, I share the hon. Lady’s extreme disappointment at companies failing to report. I will take this matter forward and perhaps work with her as a matter of urgency.