Mr Redwood’s contribution to the Urgent Question on Tax Avoidance (HSBC), 9 February 2015

Mr John Redwood (Wokingham) (Con): Is this not further proof that Labour’s fundamental changes to banking regulation at the beginning of its period in government did a lot of damage and meant that banks could not be regulated properly—most notably, they led to the collapse of a number of HSBC’s important competitors—and further evidence that Labour Members are blaming this Government for things that went wrong on their watch?

The Financial Secretary to the Treasury (Mr David Gauke): My right hon. Friend makes a very good point. There are many issues that Labour Members should apologise for, but the one issue that they have apologised for was their failures in bank regulation, and this is further evidence of that.

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One Comment

  1. Narrow Shoulders
    Posted February 11, 2015 at 12:42 pm | Permalink

    Might we be pointed to a website that lists the amendments this coalition has made to Labour’s failed bank regulations which would have saved HSBC’s competitors and prevented this latest behaviour from a large bank?

    Reply See the conduct regulations now emanating from the new regulatory authorities which deal with these matters.

  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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