Banking Reform

Ronnie Campbell Excerpts

Monday 4th February 2013 Commons Chamber

[Greg Clark]

I will certainly pass on my hon. Friend’s comments to my right hon. Friend the Chancellor. What we are saying when it comes to the regulation of payment systems is that, through the Bill, we will set up a regulatory responsibility to promote competition on the part of the regulator of payment systems. One thing regulators will want to look at is how they can quickly make accounts portable between customers. That, however, is only one of the innovations that could be made. I mentioned in my response to the urgent question the requirement to speed up the clearing of cheques. My hon. Friend will recall that the Payments Council once introduced a statement—almost ex cathedra—to the effect that cheques would be abolished in future. What kind of contempt for the consumer does that show? It should not happen again, and it will not happen again.

[Mr Ronnie Campbell (Blyth Valley) (Lab)]

Why are we pussyfooting with these banks? Why not just nationalise them and make them into a good public service? After all, we own half of them.

[Greg Clark]

As a result of the chaos of the previous Government, we almost ended up nationalising the banks. I want to see our banks back in the private sector; I want to see them competitive; I want to see them making money, providing jobs and getting credit to businesses and consumers.