Enterprise Bill [Lords]

This company has been financed by more than £3 billion of taxpayers’ money at a time when my constituents have had the third lowest pay increase in any part of the country since the financial crisis of 2008. The pay of my constituents and those of the hon. Gentleman has been eroded and depressed over the past year as a direct result of the actions of reckless bankers. Given that, and given the journey on which we have travelled in the past 10 years, it would be negligent of us to privatise a fully owned state bank without introducing protections to prevent the huge increase in remuneration that tends to take place when state assets are privatised.