Business of the House

Tom Greatrex Excerpts

Thursday 15th September 2011 Commons Chamber

[Sir George Young]

My hon. Friend will have heard the Chancellor’s statement earlier this week. The Government are now examining the report in detail and we want to keep the House updated on its implementation. We welcome the report and have given our support to its central recommendations. An initial response will be given by the end of the year. We were all pleased, if somewhat surprised, to hear the shadow Chancellor apologise on Tuesday for being partly responsible for the failed system of regulation under the previous Government.

[Tom Greatrex (Rutherglen and Hamilton West) (Lab/Co-op)]

May we then have a debate on bank charges, following the news this morning that both RBS and Clydesdale bank are, for the first time in their history, to charge credit unions for banking services, so that we can make our view clear that banks should not pass on their charges to vulnerable organisations and customers in the current circumstances?

[Sir George Young]

I understand the hon. Gentleman’s concern. One of the Vickers report’s recommendations is that it should be much easier to switch accounts from one bank to another. I therefore hope that if a bank raises its charges, it will be easier for people to transfer their custom to a bank that offers a more competitive service.