Parliamentary Commission on Banking Standards

Thomas Docherty Excerpts

Tuesday 23rd April 2013 Commons Chamber

[Thomas Docherty (Dunfermline and West Fife) (Lab)]

It is a pleasure to speak in this—hopefully short—debate on behalf of Her Majesty’s Opposition, and I congratulate the Banking Commission on its work to date. Its reports so far have won cross-party support, which I am sure is in no small part due to the chairmanship of the hon. Member for Chichester (Mr Tyrie).

There can be no doubt that the Banking Commission’s inquiry into malpractices at HBOS, which received so much merited attention recently, was the direct cause of James Crosby’s correct decision to return his knighthood. However, the success of the Banking Commission should not be measured by whether it generates headlines or compels one or two of the banking executives who caused the financial crash to apologise. It has made—and I am sure it will continue to make—a thoughtful and important contribution to the debate about the future of the UK banking industry.

The Commission’s contribution will be best measured by how Parliament reforms the banking industry. It is therefore disappointing that the Treasury seems intent on pressing ahead with its plans, without awaiting the full conclusions of the Banking Commission’s deliberations. I therefore urge the Government to reconsider their timetable for future legislation to allow the Commission to finish its important work.

I confess that I was not always the most diligent of students, and from time to time I had to ask for an extension to complete my work. The Opposition are clear, however, that that is not the reason for the sensible request for the life of the Commission to be extended. I understand that the Commission has worked tirelessly in recent months, and has met on many occasions a week in order to make progress. We see the short extension into the next Session of Parliament as a sensible and pragmatic step to ensure that the Commission is able to complete its work, and we commend the motion to the House.

[Mr Speaker]

Does the Deputy Leader of the House wish to respond? I do not think he needs to do so—he has moved the motion. If he is desirous of doing so, he can. He does not appear to be especially desirous. This is decision time! Does the Deputy Leader of the House wish further to favour the House with his thoughts?