Business of the House

Stephen Hammond Excerpts

Thursday 11th June 2015 Commons Chamber

[Stephen Hammond (Wimbledon) (Con)]

The news of any job losses is disappointing, and it is concerning to hear this week that HSBC intends to make 8,000 staff redundant. Equally concerning is the news that it is considering moving its headquarters from the City of London. Will my right hon. Friend make time for a debate in which the Government can highlight what is being doing to ensure that London maintains its position as a global city and the global centre for professional and financial services?

[Chris Grayling]

We will all have been deeply disappointed by yesterday’s announcement by HSBC. We extend our good wishes, sympathies and concerns to all those affected, and I know that all the relevant authorities will do their best to help mitigate the impact of the change. It is vital that we maintain the competitiveness of our banking sector—something the Chancellor of the Exchequer addressed last night. A Treasury Minister will be at the Dispatch Box shortly to talk about the issues raised last night, so my hon. Friend might have an opportunity to raise those concerns directly.