Independent Banking Commission Report

Stephen Williams Excerpts

Monday 12th September 2011 Commons Chamber

[Mr Speaker]

Order. The Chancellor is helpfully offering the House very informative answers, but I would gently point out that thus far we have made what can best be described as leisurely progress, on which I hope we can now improve.

[Stephen Williams (Bristol West) (LD)]

Reform of the banks was one of the key foundation stones of the coalition Government, so I very much welcome today’s report. The public will certainly expect this Government to legislate as soon as possible to enact the various parts of the report, but they will need a reassurance today that there will be no excuse for the banks not returning to lending to small and medium-sized businesses, which are so necessary for our economies to return to sustainable growth.

[Mr Osborne]

The agreement among my right hon. Friend the Chief Secretary to the Treasury, the Business Secretary, me, the Prime Minister and other members of the coalition Government has been solid on this report. Anyone who has been looking for disagreement in the coalition has not really been able to find it today because both parties agreed that this was a good idea and we both support the report’s conclusions. On lending, briefly, we have the Merlin agreements and we are trying to protect small and medium-sized businesses as these huge banks deleverage, and the process has helped to do that. Indeed, the targets are for a big increase in small business lending, and I am confident that they will be met.