AstraZeneca (Pfizer Bid)

Debate between Vince Cable and Ann McKechin

Tuesday 6th May 2014 Commons Chamber

[Vince Cable]

The European Commission must make up its own mind about whether it wishes to investigate this matter, but it will do so from the standpoint of competition policy, which implicitly takes into account consumer benefit.

[Ann McKechin (Glasgow North) (Lab)]

In assessing the credibility of Pfizer’s claim, does the Secretary of State intend to consult trade union representatives of the many workers of AstraZeneca, who are obviously deeply concerned about their future?

[Vince Cable]

I am always happy to meet trade union representatives. I have already made this point briefly, but changes introduced to the takeover panel operations in 2010, when I came into the Government, include additional provision for consultation with the work force. I hope that the parties concerned recognise and act on that.

Royal Mail

Debate between Vince Cable and Ann McKechin

Tuesday 1st April 2014 Commons Chamber

[Vince Cable]

My hon. Friend has given me a wholly new argument to deploy, and I will do so in future.

[Ann McKechin (Glasgow North) (Lab)]

The Government’s advisers, Goldman Sachs, made more than £12 million profit from the sale of Royal Mail shares —a gross conflict of interest by any standards. Will the Secretary of State rule out completely the payment of any bonuses to those advisers, and put the money back into the public purse?

[Vince Cable]

No bonuses have been paid and there is no pressure on the Government to make a decision on that at the moment.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 23rd January 2014 Commons Chamber

[Ann McKechin (Glasgow North) (Lab)]

T8. The Financial Times this morning quotes a Treasury spokesman as saying that an interest rate rise is “not something we are worried about” and a “sign of success”. Does the Secretary of State concur with that view?

[Vince Cable]

Fortunately, my many responsibilities do not include the setting of interest rates. I am happy to leave that to the Governor of the Bank of England, who has made an admirable impression.

Royal Mail

Debate between Vince Cable and Ann McKechin

Wednesday 10th July 2013 Commons Chamber

[Vince Cable]

Indeed. That was raised when the Postal Services Act 2011 went through the House two and half years ago. The commitments were made then, and they are embedded in legislation.

[Ann McKechin (Glasgow North) (Lab)]

Will the Secretary of State confirm what proportion of the sale proceeds will be reinvested in the business rather than taken as profit?[Official Report, 15 July 2013, Vol. 566, c. 3-4MC.]

[Vince Cable]

We are not making any advance predictions as to what the sale proceeds will be or how they will be utilised. We are giving Royal Mail the commercial freedom to make those decisions itself.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 13th June 2013 Commons Chamber

[Vince Cable]

As many of us know from our constituency work, there are a large number of consumer rip-offs. The purpose of this legislation is to provide for much stronger redress, particularly in internet trade, which is growing rapidly—we have had the most rapid growth of any country outside Finland—and we must bring consumer legislation up to match it.

[Ann McKechin (Glasgow North) (Lab)]

Glasgow’s Evening Times reported this week that one in five Glasgow citizens is currently using payday loans to try to meet everyday costs. What measures do the Government propose taking in their new legislation to protect consumers and, in particular, control the rollover of payday loans, which is often the nub causing people to go into serious debt?

[Vince Cable]

A great deal is happening on the payday loan front. The Office of Fair Trading is coming to the end of its investigation, which will result in action that is appropriate to the competition authority. Responsibility will shortly pass to the Financial Conduct Authority, which has more powers and can be more active in that field. We are looking, in particular, at how we can deal with misleading and dangerous advertising in that area.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 20th December 2012 Commons Chamber

[Ann McKechin (Glasgow North) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

My Department plays a key role in supporting the rebalancing of the economy through business, to deliver growth while increasing skills and learning.

[Ann McKechin]

Given the acknowledged need to get finance quickly to the SME sector, does the Secretary of State share my concern that the British business bank will not be fully operational until the autumn of 2014? Given that private sector models such as Aldermore have been up and running to a much quicker timescale, can he give an assurance that he will try to speed the process along at his end?

[Vince Cable]

The business bank has already been established, and it will be up and running next year. Of course, the full clearance of European state aid, which is a necessary formality for certain kinds of lending, will take longer. I acknowledge the role of Aldermore and other banks, such as Metro and Handelsbanken, which is very important. This bank will complement and support them.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 15th March 2012 Commons Chamber

[Ann McKechin (Glasgow North) (Lab)]

Given that UK companies are sitting on some of the highest levels of cash reserves of any western nation, what steps will the Secretary of State’s Department take to release those funds for the much-needed investment in British industry?

[Vince Cable]

Perhaps I should say that because of the problem of large piles of liquidity in the big corporates—this is not a new problem: it has been building up over the last decade—I asked Tim Breedon, who was formerly the chief executive of Legal and General, to look at practical ways of dealing with it, such as building up supply chain finance and new forms of trade credit. It is a serious problem, but we need business to invest, and the cash is there in many companies.

Office for Fair Access

Debate between Vince Cable and Ann McKechin

Monday 20th February 2012 Commons Chamber

[Vince Cable]

I would never accuse the hon. Gentleman of plotting. I know that he is a totally straightforward and much respected colleague. I will say, however, that what we have engaged with is a very thorough process. We went through two rounds of applications in order to attract a high-quality applicant for this important post, and Professor Ebdon and the other two gentlemen who made the final shortlist were regarded as eminently appointable by independents on a completely non-political basis.

[Ann McKechin (Glasgow North) (Lab)]

As the Secretary of State will know, I concurred with his decision about the appointment. Does he share my concern about the apparently organised campaign of vilification against Professor Ebdon in the Tory media, many of whose members are friends of the Secretary of State for Education? Will he also tell me how the Secretary of State for Education will help the professor in his new role?

[Vince Cable]

The one aspect of the so-called campaign of vilification that does concern me is that slights have been cast on the reputation of Professor Ebdon’s university, which is in fact excellent. Here are some of the key facts: 90% of the university’s graduates are engaged in work or further study within six months; last year it was given one of the Queen’s Awards for Enterprise; it was given top quality assurance in the most recent audit; and, in the most recent research assessment exercise, it was complimented on its world-class research. Those are the things that we should remember about Professor Ebdon’s achievements in his existing university.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 2nd February 2012 Commons Chamber

[Vince Cable]

Those two individuals are symbolically very important, but what is much more important is that we have a proper system governing executive pay over the long term, and that is what my proposals were designed to achieve. Bonuses in the banking sector as a whole are now running at roughly a third of the level at which they operated at the peak of the boom when Labour was in power. As for the state-owned banks, my right hon. Friend will know that a set of disciplines is being introduced through United Kingdom Financial Investments Ltd.

[Ann McKechin (Glasgow North) (Lab)]

Does the Secretary of State agree with Will Hutton, the chair of his High Pay Commission, that there should be a definite risk to the basic pay of executives who fail to meet their targets?

[Vince Cable]

Yes. I have talked extensively to Will Hutton about that. In the proposals that I will bring forward next week, we will introduce the principle of a clawback; that clawback can operate in different ways, and we are certainly looking seriously at one of the ways that Will Hutton has recommended.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 8th July 2010 Commons Chamber

[Vince Cable]

I think that the hon. Gentleman is conflating two massively different issues. I have many responsibilities—this is a very big Department—but school building, mercifully, is not one of them. However, he raises the more basic question of bank lending. Of course, there is an enormous problem, despite very high approval rates through the banking system. I am discussing with the Chancellor how we can improve the supply of capital, and there will be a paper before the summer on the different streams that we can energise to get capital flowing into good companies.

[Ann McKechin (Glasgow North) (Lab)]

12. What plans he has for the future funding of university-based research.

Oral Answers to Questions

Debate between Vince Cable and Ann McKechin

Thursday 3rd June 2010 Commons Chamber

[Ann McKechin (Glasgow North) (Lab)]

T6. I note that this week the Secretary of State visited Glasgow university in my constituency, according to The Scotsman, although unfortunately I did not receive prior notice of his visit. He will be aware of the significant spin-off industries in life science from Glasgow university and other universities in Scotland. Does he agree that a patent box, which the previous Labour Government talked about, is essential if we are to grow and increase the life science industry in this country?

[Vince Cable]

I apologise to the hon. Lady if she did not get advance notice of my visit, but it was a very successful one. There is an outstanding project based on grants from the Medical Research Council, among others, with very good commercial spin-off. That is exactly what the Government want to encourage.