Oral Answers to Questions

Debate between Vince Cable and Christopher Chope

Thursday 20th December 2012 Commons Chamber

[Mr Christopher Chope (Christchurch) (Con)]

Do the Government believe in the right of each individual and business to choose the bank they wish to have operating on their behalf, and if so will the Government guarantee that no existing customer of Lloyds bank, whether a business or an individual, will be forced to transfer their account to the Co-op without their express consent?

[Vince Cable]

The general principle of account portability and its being voluntary is absolutely right. I am aware that some banks are currently discharging their customers against their will, which is bad business practice but not something we can stop. I am not sure what particular objection the hon. Gentleman has to the Co-op. It is one of the new challenger banks that we welcome.

Directors’ Pay

Debate between Vince Cable and Christopher Chope

Wednesday 20th June 2012 Commons Chamber

[Vince Cable]

They should be considered. If my predecessors had been as active as this Government have been in bringing forward this legislation, the Labour party would probably not be facing these redundancies.

[Mr Christopher Chope (Christchurch) (Con)]

I congratulate my right hon. Friend on securing this socialist measure through the coalition Government. Will he assure me that this will not drive UK-listed companies out of the UK? What will it do to encourage more companies to get listed in the UK?

[Vince Cable]

I am frequently accused of socialist tendencies by colleagues behind me, but the promotion of shareholders is a rather strange definition of socialism. There is not a shred of evidence to suggest that this will promote the outward movement of companies. Indeed, all the leading business associations and investor groups have welcomed what we are doing.