Financial Services: Mansion House Speech
Tom Hayes Excerpts(3 days, 18 hours ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Tulip Siddiq
We are looking at a diverse portfolio of assets, and the pension funds mentioned by the right hon. Gentleman have already pooled and are investing in the UK.
Tom Hayes (Bournemouth East) (Lab)
Bournemouth is a wonderful place to represent for lots of reasons; one very good reason is the presence of a large finance sector. We have JP Morgan and Nationwide building society, which I was pleased to visit recently and hear from about its aspirations. Over the last 14 years, that sector on the south coast has been starved, so what steps will the Minister and this Government will take to support coastal finance hubs? Moreover, I recognise that her diary will be quite booked up, but can I invite her to come to Bournemouth and meet with representatives of those firms? If she does, I am happy to buy her an ice cream.
Tulip Siddiq
My hon. Friend will know that I can never resist an ice cream, so I probably will visit after all. Places such as JP Morgan, which employs 4,000 people in the financial services industry, are vital to us. One of the things that the Chancellor’s speech built on was the significant steps that the Government are already taking to enhance the competitiveness of our financial services sector. We want to look at the biggest changes to the UK’s listings regime in more than three decades and—my hon. Friend will be familiar with this—deliver the final stages of the post-crisis capital reforms to banks. With our financial services growth and competitiveness strategy, which I hope my hon. Friend will write to us on, we want to give the industry certainty and the confidence to invest. That is the main thing that the financial services sector wants right now, and people in Bournemouth will probably agree with that. I look forward to that ice cream.
Fiscal Rules
Tom Hayes Excerpts(3 weeks, 3 days ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Darren Jones
The hon. Member asks me so politely, but he will know that I cannot guarantee anything in advance of the Budget. However, it sounds as though he has already experienced the positive way in which this Government are approaching how we will repair the NHS and get it back on its feet, both by getting junior doctors off the strike line and back into wards and by investing in hospitals for the future. I know that he will look forward to the announcements in the Budget on Wednesday.
Tom Hayes (Bournemouth East) (Lab)
Before I became an MP, I led services for very vulnerable people and, unfortunately, came into close contact with gaslighting. As a new MP, I am afraid that my contact with gaslighting is not diminishing, and I slightly despair at what I am seeing from Opposition Members. While I was out canvassing over the weekend and talking with residents on Ken Road in Southbourne, I met a constituent who said, “We knew it wasn’t going to be pretty and you were going to inherit a mess, and we knew that it would be a long haul to get things right. But we were sick and tired of politicians who weren’t taking the big decisions and investing in the long term.” Does my right hon. Friend agree that we should listen to more of our constituents, like the person I just mentioned, who happened to vote Labour on 4 July for the first time in her life?
Darren Jones
I thank my hon. Friend, and I thank his constituent for putting her trust in this Labour Government. As the Prime Minister said today, this Government will “run towards” the problems, as opposed to running away from them, as the Conservative party did. That will mean difficult decisions at the Budget on Wednesday to deal with the mess that we inherited, to reset public finances and to be able to start to deliver our manifesto. But this Government will take those decisions and we will announce the detail on Wednesday.