Financial Mutuals Arrangements Bill. Second Reading debate. Agreed to on question and committed to a Public Bill Committee.
Financial Mutuals Arrangements Bill
Debate on bills on Friday, 23 March 2007,
in the House of Commons,
led by John Butterfill.
The answering
member was Ed Balls.
About these Parliamentary proceedings
Reference
458 c1060-1100Session
2006-07Legislative stage
Second readingChamber / Committee
House of Commons chamberRelated items
Proceeding contributions
Andrew Love | 458 c1061 (Link to this contribution)
Does the hon. Gentleman agree that in the best buy tables for financial services, such as the cost o...
John Butterfill | 458 c1062-5 (Link to this contribution)
The hon. Gentleman, with his usual perspicacity, has anticipated my next point. The Miles review, wh...
Show all contributions (53)
Andrew Love | 458 c1065 (Link to this contribution)
Does the hon. Gentleman agree that it is palpably unfair that any type of mutual can convert into a ...
Andrew Love | 458 c1066-7 (Link to this contribution)
I thank the hon. Gentleman for being so generous this morning. With consolidation taking place acros...
John Butterfill | 458 c1061-2 (Link to this contribution)
Indeed. We are presenting the Bill with a view to strengthening the mutual sector and removing some ...
Andrew Love | 458 c1069 (Link to this contribution)
Before my hon. Friend leaves that point, did not the investigation show an even deeper malaise in th...
Adrian Bailey | 458 c1070-1 (Link to this contribution)
The hon. Gentleman makes a valuable point again, no doubt rooted in his deep knowledge of the indust...
John Butterfill | 458 c1070 (Link to this contribution)
Does the hon. Gentleman agree that when the banks, for example, want to improve their expertise in m...
Adrian Bailey | 458 c1069-70 (Link to this contribution)
My hon. Friend makes a valuable point. I do not wish to indulge in the grief of the experience of on...
Meg Hillier | 458 c1072-4 (Link to this contribution)
I congratulate the hon. Member for Bournemouth, West (Sir John Butterfill) on securing the debate an...
John Butterfill | 458 c1074 (Link to this contribution)
That is an important point. The assets of a building society have been built up by all who have cont...
Meg Hillier | 458 c1074-7 (Link to this contribution)
The hon. Gentleman makes his point eloquently and passionately, and I absolutely agree with him. My ...
Andrew Love | 458 c1077-8 (Link to this contribution)
I also congratulate the hon. Member for Bournemouth, West (Sir John Butterfill) on bringing forward ...
Andrew Love | 458 c1078-9 (Link to this contribution)
Indeed. The origins of the Co-operative Permanent building society lay with the employees of the co-...
Kerry McCarthy | 458 c1079 (Link to this contribution)
I believe that my hon. Friend signed my early-day motion, which congratulates my right hon. Friend t...
Andrew Love | 458 c1079-80 (Link to this contribution)
I agree. That is a very important point, because the thrust of our efforts is to try to eliminate fi...
John Butterfill | 458 c1079 (Link to this contribution)
While many banks pay lip service to the problems of financial exclusion, do not those that impose ch...
Kerry McCarthy | 458 c1085 (Link to this contribution)
I shall be brief, Mr. Deputy Speaker.
John Butterfill | 458 c1087 (Link to this contribution)
I thoroughly agree with everything the hon. Lady says about credit unions. I was one of the earlier ...
Mark Hoban | 458 c1087-8 (Link to this contribution)
It is a pleasure to follow the hon. Member for Bristol, East (Kerry McCarthy). She spoke eloquently ...
James Duddridge | 458 c1090 (Link to this contribution)
My hon. Friend mentions cross-party support. Given the importance of the Bill, is he not surprised, ...
Mark Hoban | 458 c1090 (Link to this contribution)
I am grateful to my hon. Friend for pointing that out. I am sure that that has not been lost on the ...
John Butterfill | 458 c1099-100 (Link to this contribution)
I thank the Economic Secretary for his comments and the helpful way in which he and the Department a...
John Butterfill | 458 c1060-1 (Link to this contribution)
I beg to move, That the Bill be now read a Second time.
It is a very great honour and privilege to ...
John Butterfill | 458 c1065-6 (Link to this contribution)
As always, the hon. Gentleman is absolutely right. That is the whole purpose of clause 3. As we stan...
James Duddridge | 458 c1062 (Link to this contribution)
Will my hon. Friend explain how the figure of 75 per cent. was reached, and whether he thinks that t...
John Butterfill | 458 c1062 (Link to this contribution)
It is not foreseen that the level will need to go beyond 75 per cent., which is probably the maximum...
Andrew Love | 458 c1062 (Link to this contribution)
The hon. Gentleman will be aware of the Miles report of 2004, which investigated the movement into l...
John Butterfill | 458 c1067 (Link to this contribution)
Again, I entirely agree with the hon. Gentleman.
Overall, the proposal in clause 3 is probably the ...
Adrian Bailey | 458 c1067-8 (Link to this contribution)
Let me start by congratulating the hon. Member for Bournemouth, West (Sir John Butterfill) on securi...
Meg Hillier | 458 c1072 (Link to this contribution)
I am interested to hear the hon. Gentleman’s comments, but it seems to me that one of the advantages...
James Duddridge | 458 c1072 (Link to this contribution)
When it comes to what appears directly in the Bill, I would be more inclined to see a better balance...
James Duddridge | 458 c1071-2 (Link to this contribution)
I support the Bill and I am particularly grateful to the big hitters on the two Front Benches for be...
Adrian Bailey | 458 c1070 (Link to this contribution)
My hon. Friend makes a valuable point. Looking at the co-operative retail sector, I would like to th...
Andrew Love | 458 c1070 (Link to this contribution)
Is not one of the primary reasons for clause 3 an attempt to sponsor transfers of engagement from po...
Meg Hillier | 458 c1074 (Link to this contribution)
I could not agree more. These organisations belong to the people who benefit from them and run them ...
Andrew Love | 458 c1074 (Link to this contribution)
Earlier in the debate, the hon. Member for Bournemouth, West (Sir John Butterfill) talked about opin...
John Butterfill | 458 c1078 (Link to this contribution)
We ought to have known that the Nationwide would act in that way given its former name, the Co-opera...
Meg Hillier | 458 c1079 (Link to this contribution)
I agree with my hon. Friend that cash machines are an important issue. Many of my constituents are a...
Andrew Love | 458 c1079 (Link to this contribution)
I agree very strongly. Those on lower incomes—those who can least afford to pay charges—are affected...
Andrew Love | 458 c1079 (Link to this contribution)
I congratulate my hon. Friend on her early-day motion, which is an excellent way of drawing attentio...
Kerry McCarthy | 458 c1080 (Link to this contribution)
My hon. Friend has rightly sung the praises of the Nationwide building society for its initiatives o...
Andrew Love | 458 c1080-4 (Link to this contribution)
Yes, I do agree. All the evidence shows that a bank account is the gateway to financial services in ...
Kerry McCarthy | 458 c1087 (Link to this contribution)
I thank the hon. Gentleman for that intervention.
The Government last looked at credit union legisl...
Kerry McCarthy | 458 c1085-7 (Link to this contribution)
I shall be even briefer now that I have received that response. We have had a full and comprehensive...
Mark Hoban | 458 c1088-90 (Link to this contribution)
I fear that may not always be the case in the debates we are holding on either side of today’s priva...
Ed Balls | 458 c1097-9 (Link to this contribution)
We have looked carefully at the legislation and where the responsibility lies. We have consulted the...
Meg Hillier | 458 c1097 (Link to this contribution)
Will my hon. Friend explain why the Treasury has made that decision, because it seems to make sense ...
John Butterfill | 458 c1090 (Link to this contribution)
May I point out that the chief spokesman for the Liberal Democrat party on this matter, the hon. Mem...
Ed Balls | 458 c1092-7 (Link to this contribution)
May I start by joining the hon. Member for Fareham (Mr. Hoban) in praising the series of powerful sp...
Mark Hoban | 458 c1090-2 (Link to this contribution)
I am grateful to my hon. Friend for pointing that out. [Interruption.] The Economic Secretary sugges...
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