argyrotsipi/train-dataset huggingface dataset:
Aviation Security — House of Commons, 2015-11-05
Topic: Immigration
Patrick McLoughlin (Conservative, Centre-right): We do not give any such advice without having due cause to do so. We consider all the different streams of information that we get and feed them into our decision-making process—of that, the hon. Lady can be certain. These decisions are not taken lightly. They worry the people who are in the resorts, and they worry their families who are here, but it is right that we should take them if we feel that it is necessary to do so.
Aviation Security — House of Commons, 2015-11-05
Topic: Mixed Topics
Jeremy John Elton Lefroy (Conservative, Centre-right): May I associate myself with the sympathy expressed by my right hon. Friend the Secretary of State? I should also like to thank him and his colleagues for the action that they have taken. He talked earlier about looking for and pointing out cracks in the security at airports around the world, which is extremely important, but will he also commit to working with our friends and allies around the world to ensure that, when we do see those cracks, we take action proactively rather than waiting until these tragic incidents happen before doing anything?
Aviation Security — House of Commons, 2015-11-05
Topic: Mixed Topics
Peter William Bone (Conservative, Centre-right): I refer the House to my entry in the Register of Members’ Financial Interests I am grateful to the Secretary of State for immediately coming to the House to explain the situation in great detail. The one thing we can be sure of is that the British travel industry is second to none in response to a crisis like this. It is also true to say that we would not be flying to a country if we were concerned about the security systems there, so this must have been a lapse in the security. People should be reassured by the fact that we would not allow our aircraft to fly into a country where the security was deemed to be poor. Does the Secretary of State agree?
Points of Order — House of Commons, 2015-11-05
Topic: Other
John Simon Bercow (Conservative, Centre-right): Let me say the following in response to these points of order. First, I understand that there are strong feelings on this matter, and sometimes feelings that are contrary to each other, and they have been articulated on the Floor of the House this afternoon. About that, I make no complaint whatsoever. In response to the hon. Member for Bromley and Chislehurst (Robert Neill), who, with his usual courtesy, kindly notified me in advance of his intention to raise the point of order, what I would say is this: it is not for the Chair to seek to advise Members on those with whom they should or should not communicate. That is a matter upon which they can and will make their own individual judgment. The DPP will decide what course of action, if any, to follow in response to representations, written or otherwise, from a Member of Parliament. I do not doubt the good intentions of the hon. Gentleman, a distinguished lawyer who of course chairs an important Select Committee in this House, but I feel that it is not for the Chair to be drawn into these matters. I hope that, upon reflection, people will feel that there is a certain logic to what I am saying. Colleagues, make your own judgments about these matters.
Points of Order — House of Commons, 2015-11-05
Topic: Mixed Topics
John Simon Bercow (Conservative, Centre-right): I thank the hon. Lady for that point of order. It is a well-established principle in this House that ministerial answers to questions should be both timely and substantive. In reference to the latter point, colleagues will appreciate that what I am stressing is that a reply that simply says, "I hope to respond shortly" is not regarded by most Members as in any way helpful and that to comply with the spirit of the obligation upon Ministers to reply to answers it is important that those answers should be substantive As the hon. Lady will fully appreciate, the Chair has no responsibility for the content of answers. Every Member is responsible for the veracity or otherwise of what she or he says in this House. Ministers are certainly responsible for the content of their answers. My advice to the hon. Lady is that if she is dissatisfied with the answers, because she thinks either that they are uninformative or incorrect, she should table further probing and specific questions, based on those answers she has received, seeking to track down the precise particulars that she wants to establish. If that is unsuccessful, there is always the recourse of oral questions to the relevant Secretary of State and the opportunity to apply for Adjournment debates. I have not noticed, over the past 10 years, the hon. Lady displaying a noticeable reluctance to explore those avenues.
Points of Order — House of Commons, 2015-11-05
Topic: Other
John Simon Bercow (Conservative, Centre-right): If I understood the terminology and construction of the right hon. Gentleman’s inquiry correctly, there would be nothing disorderly in the Prime Minister providing such information to the House. The matter of whether to make any such statement is a judgment for the Prime Minister, as is the judgment over what form that statement should take. Knowing the right hon. Gentleman’s experience in the House and the senior office of a parliamentary kind that he has held as a former Deputy Leader of the House, I think that he will expect that his words will at least have been noted. If he is dissatisfied with the response, he will pursue it with the Prime Minister. We will leave it there for now, and I thank all those who have taken part in the exchanges thus far.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I hope that the hon. Lady would accept that the German banking system also had its problems during the financial crisis. The Sparkassen to which she refers were often lending very inappropriately, which helped to pump up the credit bubble, and they were investing in southern Europe in a way that helped to cause the eurozone crisis.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): It is a pleasure to take part in the debate, particularly as today we commemorate a most significant day in the history of Parliament. Although I have not signed the motion and am minded to abstain, I understand entirely the perspective from which it has been approached The financial crisis of 2008 did much to rock public confidence in the UK’s financial sector, with the collapse of several household names in banking. It could be argued that to a great extent the banks brought that fate on themselves. Years of overambitious and risky lending practices led to kegs of bad debt being piled up around the foundations, so it all came unstuck in an explosive fashion. Members will be pleased to hear that is the end of my joke this afternoon—[Hon. Members: "Shame."] We might, perhaps, be able to discuss the punishment inflicted on Guy Fawkes, which some Opposition Members would like to see replicated for the bankers The Government in 2008 had to perform significant bail-outs and interventions and introduce stimulus packages, leaving us in with large state-owned holdings in financial institutions, most notably the Royal Bank of Scotland, in which the Government have a share of 73%.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): I am glad that the hon. Lady, representing Plaid Cymru, managed to refer to Wales in her question. I am not sure whether it is quite within my remit to say how the Government should direct such profits towards Wales The return of RBS to private ownership is an important first step, but the motion provides the opportunity to debate some particulars of RBS’s business and some important aspects of the aforementioned lending practices, which occurred both before and after the crash. I am sorry to say that RBS, in particular, was found wanting in that regard I want to highlight certain negative practices that have been shown by independent sources to have occurred in RBS that affected its small and medium-sized business clients, particularly one business in my constituency. I want to place my concerns on the record and am keen to hear from my hon. Friend the Minister how such practices will be investigated and what action will be taken to restore public trust in RBS and the banking sector more widely in the run-up to any further share sales The Government will no doubt be aware of the report by the businessman Lawrence Tomlinson, to which the hon. Member for Edmonton (Kate Osamor) referred. It was published in 2013, when Mr Tomlinson held the position of entrepreneur-in-residence at the Department for Business, Innovation and Skills. Mr Tomlinson’s report considered the lending practices of banks and in particular the treatment of businesses in distress. It considered several banks in general, but took a particularly in-depth look at RBS’s turnaround division, the global restructuring group, or GRG. Tomlinson received large bodies of evidence on RBS’s practices, including from its business customers. The report found "very concerning patterns of behaviour leading to the destruction of good and viable UK businesses", all for the sake of profit for the Royal Bank of Scotland.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): Following your lead, Mr Deputy Speaker, I will address one of those points, on bankers’ bonuses. Of course, bonuses should not be used to reward wrongdoing. I make my remarks and quote from the motion in the context of the UK’s financial sector Further examination of the report revealed that many businesses across the country, at least those among RBS customers, found themselves in circumstances in which the bank unnecessarily engineered default to move them out of local management and into its turnaround division, in order to generate revenue through fees, increased margins and devalued assets.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): I agree entirely that the practice was not restricted to RBS. The case of my constituent involved RBS, but the hon. Lady’s constituent no doubt had a similar experience with other banks Tomlinson said that the practices at RBS’s turnaround division were typical. Once placed in this division of the bank, businesses were trapped, with no ability to move and no opportunity to trade out of their position. Good, honest and otherwise successful businesses were forced to stand by and watch as they were sunk by the decisions of the bank. The bank could then extract maximum revenue from the businesses, beyond that which could be considered reasonable, and to such an extent that it was the key contributing factor in the businesses’ financial deterioration.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): I agree wholeheartedly with the hon. Lady’s remarks. The pattern has no doubt been repeated across the country in different circumstances, but with the same sorry result. I know that the case in my constituency is not an isolated one, and the Tomlinson report suggests that the bank’s practice was widespread and systemic. RBS has failed to resolve the case of Pickup and Bradbury, and I am sure the same can be said of many hundreds of cases across the country. This is about more than just the numbers on a balance sheet; it is about people’s businesses, their jobs, their homes and their lives In addition to raising the issue on the Floor of the House today, I have previously written to my right hon. Friend the Minister for Small Business, Industry and Enterprise about this case. This is obviously a cross-departmental issue covering both the Treasury and BIS. Will my hon. Friend the Minister confirm, on the record, that she is aware of my constituent’s case and similar cases across the country? Can she give an indication of how many small businesses it is estimated fell victim to RBS in a similar way The Business Minister has told me that the Financial Conduct Authority and the Prudential Regulation Authority have been established by Parliament with legal powers to investigate this situation. I am also aware that two accountancy and consultancy firms, Promontory Financial Group and Mazars, have been appointed to carry out a skilled person review of the allegations against RBS. The FCA review is ongoing and I understand that it is not expected to report until the end of this year. Given that it is two years this month since the publication of the Tomlinson report, and in view of the fact that some of these cases of forced liquidation and destruction of viable businesses are over a decade old, that is an awfully long time to wait for justice or closure.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): My hon. Friend will be disappointed to hear that at a meeting with RBS this morning it was confirmed that it is not expecting the FCA report until the new year, so the hope of having something in our Christmas stocking has been taken away.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
William Peter Wragg (Conservative, Centre-right): I thank my hon. Friend for that intervention, and naturally I am disappointed to hear its content. Can the Government give any assurance about the timeliness of the report from the FCA The recommendations of the Tomlinson report call for more competition to remove incentives to make short-term decisions purely in favour of bank profit, rather than in the interest of longer-term customer relationships. When do the Government expect to produce their own full response to the Tomlinson report What steps are the Government taking to improve the lending practices and reputation of RBS in the light of what has happened? Let us not forget that they still own over 70% of the bank. I also want to give my hon. Friend the Minister an opportunity to give any message that she feels would be appropriate to the former owners of now liquidated businesses, including my constituent Mr Topping, while we await the reviews of third parties In conclusion, the motion before the House concerns the potential sale of further Government shares in RBS. I said at the outset that this is, on the whole, a positive direction, but my question still is this: how can we be comfortable proceeding while this long shadow still hangs over RBS’s reputation? I therefore call on the Government, while they still hold a large controlling stake in RBS, to use their position of influence to ensure that these matters are fully investigated, to deem what admission of wrongdoing is appropriate and, if necessary, to facilitate compensation and the issuing of apologies to those business owners affected by the scandal. I am at present minded to abstain on the motion, pending the Minister’s response, and I look forward to what the Government have to say.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): Does the hon. Gentleman accept that building societies also suffered from problems through the crash? We had our own equivalents in this country, and I am afraid that they fared no better than some of our major banks.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Steven John Baker (Conservative, Centre-right): I agree with the hon. Gentleman that this is a live issue on the right, and I, too, would like to see a much more diverse banking sector. Let me bring him back to the point made by my hon. Friend the Member for Horsham (Jeremy Quin). Is it not a problem for the hon. Gentleman and me, and for all those who want a more diverse, more co-operative and mutual banking sector, that the entire atmosphere of co-operative banking in the UK has been established by the circumstances of our own Co-operative bank?
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): The number of compliments paid to Royal Bank of Scotland over the past few years has not been such to overtax the Hansard reporters, and I have no doubt that today’s debate will be no different. I have huge sympathy with my hon. Friend the Member for Hazel Grove (William Wragg) and the experience of his constituent. We will all have constituents with similar issues—I certainly do—and it is absolutely right that these things should be focused on and that the lessons from the mistakes must be learned. I am trying to take up the challenge of the hon. Member for Dagenham and Rainham (Jon Cruddas) by presenting an alternative viewpoint in addressing the subject of the debate that I congratulate the hon. Member for Edmonton (Kate Osamor) on securing As the Register of Members’ Financial Interests points out, I have had some familiarity with this sector. I therefore think it is appropriate that we at least acknowledge the huge transformation that has happened inside RBS over the past few years. With the encouragement of United Kingdom Financial Investments Ltd and my right hon. Friend the Chancellor, it has taken serious actions. It has dramatically shrunk its investment bank, and that will be welcomed in many parts of this House. It has sold off its overseas assets, getting rid of Citizens Financial Group in the US, and it is sorting out the mismanagement of the past. It is investing in IT systems finally to bring together the amalgamation of all the banks that form the business. With its capital now at 16%, I very much hope that it is now in the position that we all want to see whereby it can really drive lending into the UK economy and support our small and medium-sized enterprises.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I acknowledge and appreciate the hon. Gentleman’s point. I would have a much better case if I could say that all the problems were pre-crisis, but they were not; I fully acknowledge that. There are clearly issues that were endemic in RBS’s culture, and I sincerely hope that it has got a grip on that now RBS certainly does have a grip on its corporate structure and how it is conducting its business. It is now far more focused back on the UK and on UK corporate lending. It is the largest single lender to UK corporates, the largest supporter of SMEs, and the largest provider of mortgage lending. That is what we all want to see and wanted to see when the stake was initially taken.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I will, but let me make one final point in rebutting the point made by hon. Member for East Lothian (George Kerevan), and then I am sure the hon. Gentleman will have another go. The Rothschild report is thorough—it is bigger than the two pages produced by the Governor of the Bank of England—and sets out why the taxpayer can expect to at the very least break even and probably make an overall profit on their investment in the banking system. That is a remarkable achievement, given that back in 2009, when the Labour party was in government, the Treasury was talking about a £20 billion to £50 billion loss.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): Of course, we must maximise the returns, but we must do so in the context of the broader picture for the UK. I acknowledge that the banking system is incredibly important to our economy, including what it can provide to the real economy.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Steven John Baker (Conservative, Centre-right): I am most grateful to my hon. Friend. Having listened to the debate, one of my advisers has texted me to say that according to the International Monetary Fund, as retrospectively analysed by Ewald Engelen et al, the taxpayer cost of saving the banking system was £500 billion, which is way more than the equity injected into it. Has my hon. Friend taken into account the IMF’s calculations, and does he think we will get that £500 billion?
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I am grateful for the wisdom and insight that has flashed on to my hon. Friend’s machine. His staff are very attentive and I look forward to them providing me with the IMF report so that I can go through it in great detail. I look forward to discussing it with him later. I am being intervened on from all sides. My hon. Friend makes me take on board the £500 billion mentioned by the IMF, while the hon. Member for East Lothian (George Kerevan) simply wants us to hit the five pounds tuppence per share. I am being pulled in different directions, but we all agree that RBS needs to be productive for the real economy That takes me to the heart of the motion tabled by the hon. Member for Edmonton. The long-delayed and long-drawn-out splitting off of Williams & Glyn from RBS has cost billions and taken a huge amount of management time. With the best will in the world, splitting up such organisations takes time, effort and money. I am really concerned that it could be an unnecessary distraction to try to pull a bank in as many as 130 different directions, as the hon. Lady proposes. I fear that the creation of multiple banks will lead to multiple dis-synergies and create entities that will find it much harder to access capital markets. It could be a very costly distraction and I am very nervous that it would not act in the interests of the broader economy. There are advantages that flow from a large, well-capitalised and well-regulated bank being able to spread its assets across the UK Although I wish the initial public offering of the Clydesdale and Yorkshire Bank well, if it goes ahead in the new year, I fear that investors prefer the spread of banks across asset classes and across the whole of the UK, rather than regional entities. One only needs to remember the passion in this place regarding the steel industry to recognise how a major problem can have a ripple effect on small and medium-sized enterprises locally and cause huge problems for a regional economy. I fear that capital markets would reflect those risks in a higher cost of capital and scarce resources, particularly in those very areas of the country where we all wish to see the maximum amount of lending.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I will make a negative point and a positive point. On the negative side, I do not think that tackles my concern that smaller banks would have higher costs of capital and scarcer resources, making them less able to lend to smaller businesses. I think the hon. Lady would agree—my hon. Friend the Member for Hazel Grove certainly would—that there is still a huge crisis in confidence in the major banks, and the last thing a lot of small businesses want to do is ask for a loan, because they are worried about the rug being pulled from underneath them. That process is going to take years to address Internationally, I do not think that the United States, given its overall funding strategies and the use of capital markets by corporates, presents Europe with a useful analogy. The caja banks in Spain were regionally focused and regionally driven, and they made huge investments in regional projects, but they have been a disaster and brought the Spanish economy crashing down. I acknowledge the historical success of Sparkassen and Landesbanken in Germany, but I fear that what happened to them during the crisis could happen elsewhere. The inability of Landesbanken to get local lending projects that more than met its cost of capital meant that it ended up taking on very risky investments in Europe, which helped to precipitate the Eurozone crisis