Tom Blenkinsop
Main Page: Tom Blenkinsop (Labour - Middlesbrough South and East Cleveland)Department Debates - View all Tom Blenkinsop's debates with the HM Treasury
Independent Banking Commission Report
Tom Blenkinsop Excerpts(13 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
I agree with my hon. Friend that London and the United Kingdom constitute a very attractive place in which to locate a universal bank. We have what I think will be the best regulatory regime in the world, with the best regulators. We also have a good rule of law. This is a good place in which to live, and it happens to have a good time zone as well. All those factors make it a very good place from which to run financial services.
Tom Blenkinsop (Middlesbrough South and East Cleveland) (Lab)
The Chancellor may recall that the coalition agreement called for net lending targets for the nationalised banks. Why did the Project Merlin deal involve much weaker targets for gross lending?
Mr Osborne
Net lending targets were tried by the previous Government, and when we looked at that in detail on coming into office, we saw why they had failed so spectacularly, and decided not to repeat the mistake.