Speeches by Reynolds.

“I will briefly speak to clauses 6, 7 and 8, which cover the more technical aspects of the Bill. Clause 6 makes amendments to the Financial Services and Markets Act 2000. It ensures that, where the FSCS makes a recapitalisation payment to the Bank of England, its ability to levy the banking sector is extended to cover s…”

“Clauses 2, 3 and 5 relate to the reporting and accountability requirements on the Bank of England when it uses the recapitalisation mechanism. The Government added these clauses to the Bill in the other place, reflecting the understandable concerns raised about how the Bank of England will be held to account when using…”

“It is a pleasure to serve under your chairmanship for the first time, but I am sure not the last, Ms Jardine. Government amendment 1 ensures that the Bank of England will have the flexibility to use the mechanism provided in this Bill in a broad range of circumstances. It does that by removing the provision added in th…”

“As we have already discussed in considering Government amendment 1, as well as amendments 3 and 4, clauses 1 and 4 introduce the recapitalisation payment mechanism that is the core of the Bill. Clause 1 inserts a proposed new section into the Financial Services and Markets Act 2000, which will allow the Bank of England…”

“Growth and competitiveness are fundamental priorities for this Government. Financial and economic stability are essential for growth and lie at the heart of the Bill. Risks to financial stability arising from bank failures, and the disruption they cause to continuity of critical services, can be seriously detrimental t…”

“Growth and competitiveness—”

“I think we will get on to the amendment on growth and competitiveness in the next stage of line-by-line consideration of the Bill. Question put, That the amendment be made.”

“I thought that was what the shadow Minister was saying, but it is good to get some clarification. I think I am not the only one who was a little confused. As I said in my opening remarks, we do not support the amendment that the hon. Member for Wokingham tabled, but I understand the intent behind it and the concern tha…”

“Coming on to the amendment, I am a little bit confused by the shadow Minister, because he rightly says—I agree with him about this—that it would not have been possible to use a negative SI, for example, during the weekend when everything was happening with Silicon Valley Bank. The Government at the time and the Bank of…”

“I thank the hon. Members for Wyre Forest and for Dorking and Horley for their contributions. Let me turn to the last point made by the hon. Member for Dorking and Horley and the first made by the hon. Member for Wyre Forest, the shadow Minister: the Government continue to have confidence in the regime for managing the …”

“I beg to move amendment 1, in clause 1, page 1, line 21, leave out subsection (3). This amendment would remove subsection (3), which prevents recapitalisation payments from being required where the Bank has directed a financial institution to maintain an end-state minimum requirement for own funds and eligible liabilit…”

“I commend the Bill to the Committee.”

“May I also take the opportunity to thank the officials of the House and you, Ms Jardine, as well as the Treasury officials who have worked so hard on the Bill? We still have some stages to go, but it is an opportune moment to do that. Question put and agreed to. Bill, as amended, to be reported.”

“Thank you for calling me, Ms McVey. It is a pleasure to serve under your chairmanship for the first time, and I am sure not the last. I thank the hon. Member for Southgate and Wood Green (Bambos Charalambous) for drawing attention to these issues and for bringing this debate on debt cancellation to Westminster Hall tod…”

“I am not sure that is something we are actively considering, but I will check and write to the hon. Gentleman. In December 2024, we were the first country to publish our self-assessment against the G20’s operational guidelines for sustainable financing. In line with those guidelines, we publish annual reports on the to…”

“I am coming to that. It is an exaggeration to infer from that that it becomes a new norm. It does not. I am certainly not going to write next year’s Budget or the year after’s Budget—that would be way above my pay grade in any case—but we are introducing this clause precisely because the former Government failed to kee…”

“It is a bit of an exaggeration to read into this change, which we have introduced because the previous Government failed to keep the levy in line with inflation, and somehow infer from that—”

“I welcome the Opposition’s support for the clause. For quite some time there has been cross-party support for the CCA scheme. I welcome what the shadow Minister said about the Opposition’s support for the extension of that scheme for energy-intensive industries. The shadow Minister asked me about the UK chemicals indus…”

“It is a great pleasure to serve under your chairmanship, Ms Vaz. The clause makes changes to the main rates of the climate change levy, or CCL, with effect from 1 April 2026. The Government are increasing the main rates of CCL on gas, electricity and solid fuels by the retail prices index to maintain the incentive for …”

“Obviously kerosene is zero rated, but the effect of the clause is to increase the main rates of CCL on gas, electricity and solid fuels by RPI. That is in line with what we announced at the Budget, and takes forward those measures, so hopefully it will come as no surprise to hon. Members. Question put, That the clause …”