Stella Creasy
Main Page: Stella Creasy (Labour (Co-op) - Walthamstow)Department Debates - View all Stella Creasy's debates with the Department for Education
(13 years, 2 months ago)
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Vince Cable
Indeed. In not only the agreement but our wider policy, we have advanced considerably on the position a year ago. We inherited a banking system that had collapsed, in part because of failures of regulation. We have introduced much more effective and higher levels of tax on the banks, because of the profits on their balance sheets. We have introduced greater transparency, which will add to legislation. Through the banking commission, we have set up a process of fundamental structural reform.
Stella Creasy (Walthamstow) (Lab/Co-op)
On Government action to encourage lending, we see this week that, thanks to a lack of regulation, Dollar Financial intends to open another 800 money shops in this country this year alone. Will the Secretary of State clarify whether such legal loan sharking is the lending that he wants to encourage?
Vince Cable
There is a consultation process going on at the moment led by my colleague, the Under-Secretary, my hon. Friend the Member for Kingston and Surbiton (Mr Davey), and we shall respond to it shortly. Clearly, it is essential that we have lending in deprived communities, with social enterprise and credit unions, and we are working to expand those areas.