Royal Bank of Scotland

Scott Mann Excerpts

Thursday 11th June 2015 Commons Chamber

[Harriett Baldwin]

I am pleased to welcome my hon. Friend back to the House. He has made an important point. In his speech, the Governor said that it was right to fine many financial services organisations that had behaved badly in both the recent and the distant past, because such behaviour reduces banks’ capital. Responsibility needs to fall on the individuals who are culpable, and also on the management of those individuals. Reducing the capital that is available through regulatory actions contracts the supply of lending to small businesses.

[Scott Mann (North Cornwall) (Con)]

May I draw attention to my entry in the Register of Members’ Financial Interests? I am a former Royal Mail employee, and a small shareholder.

How does my hon. Friend think posties up and down our great country will have responded today to the announcement of a 1% gift in shares, and the announcement of the continuation of our universal service obligation?

[Harriett Baldwin]

I welcome my hon. Friend to the House. He speaks with great knowledge and eloquence about the real experience of the hundreds and thousands of men and women up and down the land on whom we rely every day for our post. I am delighted to be part of a Government who have enabled them to own shares in the organisation for which they work.