Oral Answers to Questions

Debate between Vince Cable and Stella Creasy

Thursday 26th March 2015 Commons Chamber

[Vince Cable]

There has been a record number of start-ups across the country, but Brighton is a particular growth centre. The creative industries are very much at the heart of that, and I am sure the hon. Gentleman would like me to congratulate him on his own contribution to that.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

If women set up businesses at the same rate as men there would be 1 million extra entrepreneurs in this country, adding about £60 billion a year to our economy. What is stopping the Secretary of State putting into practice the Liberal Democrat Burt report recommendations on monitoring whether the Government are buying from women in their own supply chain to help to bridge that gap?

[Vince Cable]

I can cite a couple of examples of where we have consciously and successfully sought to promote women in business. The start-up loans scheme has a very high proportion of women entrepreneurs—off the cuff, I think it is 40% or more. Yesterday we launched, with the Cranfield business school, the report on the successful efforts to get women on the boards of our top companies. The target was set and it is very, very close to being achieved. I am sure the hon. Lady is happy to work with us in continuing a very important campaign.

Consumer Rights Bill

Debate between Vince Cable and Stella Creasy

Tuesday 28th January 2014 Commons Chamber

[Stella Creasy]

The hon. Lady does not quite recognise that a contract involves both a vendor and a purchaser, and the terms of a contract can apply to both. That is the point of the amendments we will table. On secondary ticketing, for example—the Secretary of State should be interested in this as the Member for Twickenham—legislating to make the rugby world cup an event of national significance would require tickets to be resold through recognised ticket vendors at face value, as happened in 2012. It would then be illegal to sell tickets through any other means. Indeed, viagogo already has tickets on sale for that event at huge mark-ups, and tickets do not even go on sale until the autumn. Some 2.3 million tickets will be sold at between £7 and £15 for children, with a top price of £700 for adults. That means that touts will be able to cash in on those prices on top of that, and damage the affordable ticketing policy of the organisers. Surely it cannot be right for us not to include in the Bill a way of ensuring that if someone wants to sell a ticket at a certain price, they can.

[Vince Cable]

rose—

[Stella Creasy]

I will give way to the Secretary of State who I am sure is a passionate rugby fan.

[Vince Cable]

Not least because the hon. Lady is looking after my constituency for me. Let me reassure her that I live on the road from Twickenham station to the rugby ground, and I am well aware of ticket touts as they operate outside my front door. There is, of course, a public order offence of ticket touting, and in addition, the hon. Lady might not be aware that there have been extensive discussions between the Department for Culture, Media and Sport and Ticketmaster—the agent for the world cup—to ensure that those problems are minimised. It is not as if the issue is being overlooked.

[Stella Creasy]

I think the fact that the Secretary of State is considering the ticket touts rather than the rugby fans is the challenge. If we get consumer rights legislation right, rugby fans will be put first in such matters. That is why Labour, including my hon. Friend the Member for Eltham (Clive Efford), has offered to co-operate with the Government to get the legislation through and support the negotiations in time to protect rugby fans next year. The fact that the Bill is silent on such issues—I say this as a regular gig-goer in my time off—causes me great pain because it is consumers who suffer.

We see such problems not only in the secondary ticketing market but with letting agencies, because there are no regulations about how charges are levied, and there is a high demand for properties. My hon. Friend the Member for Wolverhampton North East (Emma Reynolds) has highlighted those problems, including charges such as excessive up-front fees, additional letting agency fees, and people losing deposits.

Oral Answers to Questions

Debate between Vince Cable and Stella Creasy

Thursday 5th December 2013 Commons Chamber

[Vince Cable]

The bank is already succeeding. As I said to the right hon. Member for East Ham (Stephen Timms), there has been a very big increase in the lending being made available under the existing schemes and a big growth in equity-related activity. I think he will find that, as the business bank moves forward, we will use the £1.25 billion of new capital from the Treasury to do exactly what it was designed to achieve. I am very positive about the bank’s future.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

The Secretary of State admits that there have been problems with the Government’s plans. One area of lending at a local level that has been picking up the pieces and expanding is payday lending to businesses. Does the Secretary of State now accept that his Department was wrong to oppose capping the cost of credit, given that businesses have been ripped off by legal loan sharks as much as consumers?

[Vince Cable]

The evidence from Bristol university among others, which we support, suggested genuine potential problems with a cap on interest rates, but we have been persuaded, on the balance of evidence, that we should do it. There are good experiences, in places such as Florida in the United States, that we will now seek to apply in the UK. I congratulate the hon. Lady and others on their persistent campaigning on this subject. I think we have now achieved a good outcome.

Business and the Economy

Debate between Vince Cable and Stella Creasy

Monday 14th May 2012 Commons Chamber

[Vince Cable]

There were many candidates for the Queen’s Speech—a lot of productive legislation. The reforms in higher education are being pursued successfully. Many of the alarms sounded about the university reforms have not been realised. We can pursue questions about higher education in Business, Innovation and Skills questions next week. This is not about the higher education Bill.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

On the point about what is not in the Queen’s Speech, I agree with what the Secretary of State said about concern about Governments who were intensely relaxed about excessive financial practices. In a week when we found out that Wonga intends to lend to small businesses failed by Project Merlin, does the Secretary of State regret that there is nothing in the Queen’s Speech to deal with legal loan sharking?

Oral Answers to Questions

Debate between Vince Cable and Stella Creasy

Thursday 14th July 2011 Commons Chamber

[Vince Cable]

We will certainly consider the proposal, but, as my hon. Friend knows, there is a proper process for evaluating different bids. The third TIC will centre on renewables, substantially on wind, and existing centres, such as the one in his constituency, are eligible and may well be considered.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

Yesterday the Prime Minister told us that Citizens Advice was one of the most admired organisations in the country. Given that it and Consumer Focus are boycotting the payday industry proposals on a voluntary code of practice, does the Secretary of State think it appropriate that his Lib Dem colleagues are in Parliament today hosting a reception to endorse it?

Oral Answers to Questions

Debate between Vince Cable and Stella Creasy

Thursday 17th February 2011 Commons Chamber

[Vince Cable]

Indeed. In not only the agreement but our wider policy, we have advanced considerably on the position a year ago. We inherited a banking system that had collapsed, in part because of failures of regulation. We have introduced much more effective and higher levels of tax on the banks, because of the profits on their balance sheets. We have introduced greater transparency, which will add to legislation. Through the banking commission, we have set up a process of fundamental structural reform.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

On Government action to encourage lending, we see this week that, thanks to a lack of regulation, Dollar Financial intends to open another 800 money shops in this country this year alone. Will the Secretary of State clarify whether such legal loan sharking is the lending that he wants to encourage?

[Vince Cable]

There is a consultation process going on at the moment led by my colleague, the Under-Secretary, my hon. Friend the Member for Kingston and Surbiton (Mr Davey), and we shall respond to it shortly. Clearly, it is essential that we have lending in deprived communities, with social enterprise and credit unions, and we are working to expand those areas.

Higher Education and Student Finance

Debate between Vince Cable and Stella Creasy

Tuesday 12th October 2010 Commons Chamber

[Vince Cable]

Of course nobody wishes to stop people travelling to other communities in pursuit of the best course—[Interruption.] I was simply making the point that for many universities, especially those that absorb people from less privileged backgrounds, the students live locally in their home environment. That is the common practice in London, Glasgow and other big cities. It is not true for all, and we do not want a one-size-fits-all system. We merely want to have more flexibility and choice, and that is one of the models available.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

Over the past 10 years, we have seen an 83% increase in the number of children from Walthamstow going on to higher education as a result of the previous Government’s work on increasing participation. If we do not see a similar trend under the new Government and these proposals, will the Secretary of State commit to coming back to the House to justify the waste of potential that that represents to our country?

[Vince Cable]

We certainly regard it as a reasonable challenge to ensure that the higher education system takes a larger proportion of people from disadvantaged backgrounds, and I have made that very clear. On most measures, social mobility declined under the previous Government.