Richard Burden
Main Page: Richard Burden (Labour - Birmingham, Northfield)
Jo Swinson
We absolutely are moving ahead on the basis of evidence. We have legislated on this issue. We are transferring the issue of consumer credit to a new regulator. It is not as if there is no legislation. We agree that tough regulation is needed to deal with the significant problems in this market, and that regulation is happening. I have confidence in it and in what has happened already, which I will set out. This is about whether further legislation is needed at this juncture and I think that that is the only issue about which there is slight disagreement.
Jo Swinson
I will give way to the hon. Member for Birmingham, Northfield (Richard Burden) and then to the hon. Member for Worsley and Eccles South (Barbara Keeley), and then I will make some progress.
Richard Burden
I am grateful to the Minister for giving way. She has said that the objectives are shared throughout the House but that there is slight disagreement on some aspects. If the disagreement is slight, would it not make more sense to let the Bill have its Second Reading and go into Committee, and then any amendments that she might want to table could be debated? What is wrong with that?
Jo Swinson
The disagreement may be slight, but it is on the basic principle of whether the FCA is best placed to regulate these matters or whether the Government should mandate it to do so through legislation. That is a significant difference in principle.