Speeches by Baldwin.

“I know there will be more questions about those retrospective changes, but I will carry on asking about interest rates. The Committee has received evidence suggesting the interest rate really should be just a pass-through of what the Government themselves pay. Would that be practical, Chief Secretary?”

“We are looking at a Bill that the Government’s own impact assessment says might have a bit of a “chilling effect” on inward investment into the sector. We should all want to have inward investment into our economy. If someone who we regard as an excellent owner of this business should come in and make an offer that is …”

“The hon. Gentleman seems to be conflating two issues. Last year, when the emergency legislation was introduced and Parliament was recalled on a Saturday for the first time since the Falklands war, we did not stand in its way, but what we are asking for in the new clause is for Parliament to be kept informed. Let us agr…”

“I actually think the hon. Gentleman is also agreeing with me on this point. I yield to no one in my admiration for the Minister and his expertise in this industry, but I heard the hon. Gentleman say that he too thinks that it will take business nous and investment into this business to bring it back to a state where it…”

“I take issue with where the hon. Member is coming from on that, because by putting a sensible and finite limit on the amount per employee—and I will speak later to another amendment where we propose an overall limit—we are talking about the amount that has been set by the Chancellor through the spending review envelope…”

“Yesterday we discussed amendments in which we sought to rein in some of the unfettered powers that the Secretary of State is taking for himself in this legislation. Today’s amendments are about trying to rein in the unfettered liability and financial risk that this legislation puts on the taxpayer. For example, amendme…”

“We are looking at a Bill that the Government’s own impact assessment says might have a bit of a “chilling effect” on inward investment into the sector. We should all want to have inward investment into our economy. If someone who we regard as an excellent owner of this business should come in and make an offer that is …”

“I actually think the hon. Gentleman is also agreeing with me on this point. I yield to no one in my admiration for the Minister and his expertise in this industry, but I heard the hon. Gentleman say that he too thinks that it will take business nous and investment into this business to bring it back to a state where it…”

“My right hon. Friend is absolutely right, and I know the Minister to be an extremely reasonable man, so I am sure he will agree with our amendment. New clause 12 would place a firm cap on the total financial assistance that can be provided under the Bill, limiting it to £2.5 billion. As I am sure the hon. Member for Mo…”

“The hon. Gentleman seems to be conflating two issues. Last year, when the emergency legislation was introduced and Parliament was recalled on a Saturday for the first time since the Falklands war, we did not stand in its way, but what we are asking for in the new clause is for Parliament to be kept informed. Let us agr…”

“How will we, as a Committee, be able to measure success on all these initiatives that you have?”

“It will be part of what is in the Bill?”

“Economic Secretary, you will have heard Sarah Pritchard’s recommendation earlier about the Consumer Credit Act 1974 and the urgency with which it needs to be updated. Is that on this year’s legislative agenda for the Treasury?”

“New clause 9 would place a clear duty on the Secretary of State to actively seek a private sector purchaser for any nationalised steel undertaking and to report to Parliament every six months on the progress made. The Minister has said at the Dispatch Box that he sees the Bill as a potential route to a new private sect…”

“I have a question for Ms Barber. With respect to our new Economic Secretary, this preceded your appointment. On the decision to start an access to banking review, can you talk us through what prompted it? Do you recognise the picture I painted of banking deserts and a real lack of access to financial services in rural …”

“It is not just cash though, is it? Lloyds has stopped taking cheques, for example. You cannot deposit a cheque at Lloyds at a banking hub anymore. There is a whole cadre of older constituents who are not digital natives, who find themselves finding it increasingly hard to deal with the financial services sector. I did …”

“Surely what the hon. Member should do is welcome the fact that our party is under new and outstanding leadership. We believe that politicians should not be in the business of running commercial enterprises, but I can see that that is the political position of the Reform party. The risks of inefficiency, political inter…”

“If I think about my own constituency, the issue really is that it is a banking desert now. I have a lot of older constituents who probably do not have a smartphone and do not know what an app is. It is really hard for them to get face-to-face contact with the banking system. The post office network is increasingly impo…”

“What will success look like in terms of financial inclusion in this area?”

“It is a bit rich to be lectured on support for party leadership from someone on the Labour Benches, so I will move on swiftly. This Bill sets a precedent. Indeed, the Government’s own impact assessment says that expropriating assets in this way risks undermining the investor confidence that we need at this precise mome…”