Business Banking Fraud — [Mr Laurence Robertson in the Chair]

Part of the debate – in Westminster Hall at 5:48 pm on 9 October 2018.

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Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury 5:48, 9 October 2018

It is a pleasure to serve under your chairmanship, Mr Robertson. This has been the fourth such debate since I was appointed on 9 January. In each of those debates we have had a number of passionate contributions from Members across the Chamber. Today has been the same. We have had 10 speeches, each of which has contained compelling evidence of a situation where banks have failed small businesses. We must be honest and true to the reality of the experiences of the many people who have come to the House today to challenge me, as the Government’s representative in this area, over what can be done to achieve proper redress.

I pay tribute to my hon. Friend Kevin Hollinrake for his campaigning on the matter and to my hon. Friend Mr Wragg, who set out powerfully the case that justice needs to be blind, that it needs to be done and that it needs to be seen to be done.

My deliberations will reach a conclusion imminently; I have not been putting the matter off. As has been discussed, a series of pieces of work are being undertaken, two of which will report in the next few weeks, and I will then make a judgment about the best way forward. Financial sector fraud has had a severe impact on SMEs—we heard today about several individual cases in which lives have been destroyed and families ruined. This is not a subject that I treat lightly; I have been very focused on it over the past nine months.