My Work in Parliament - Pat McFadden Labour MP for Wolverhampton South East

Covid-19 Update

Commons debates

I thank the Secretary of State, the NHS and everyone responsible for the booster programme that is helping to protect us as we enter the winter months, but is not one of the lessons of the news...

Black Friday: Financial Products - [Mr Laurence Robertson in the Chair]

Westminster Hall debates

It is a pleasure to serve under your chairmanship, Mr Robertson, and I begin by endorsing the remarks you made at the beginning of the debate. I attended the funeral mass this morning for Sir...

Clause 1 - References to Article 23A benchmarks

Critical Benchmarks (References and Administrators’ Liability) Bill [Lords]

Pat McFadden made a speech in the House of Commons

In layman’s terms, does that mean that a fall-back provision trumps synthetic LIBOR? That is what I am trying to get at. If there is a fall-back provision—some alternative already...

Clause 1 - References to Article 23A benchmarks

Critical Benchmarks (References and Administrators’ Liability) Bill [Lords]

Pat McFadden made a speech in the House of Commons

I am grateful to the Minister and have a few questions for him, all of which relate to clause 1. The methodology for calculating synthetic LIBOR is the five-year average picked by the FCA. Were...

Critical Benchmarks (References and Administrators’ Liability) Bill [Lords]

Commons debates

No, it does not mean that. It means just over one-tenth of 1%, as there are 100 basis points in 1%. Twelve basis points, or just over a tenth of 1%, might not sound like a huge margin, but when...

Critical Benchmarks (References and Administrators’ Liability) Bill [Lords]

Commons debates

The programme motion we approved a short time ago allocated up to six hours for this process. As I look around the Chamber, Madam Deputy Speaker, I feel that span of time may prove adequate for...

Covid-19 Update

Commons debates

When the Secretary of State was appointed, he talked about tackling the “disease of disparity” and the inequalities in healthcare that had been exposed by the covid pandemic. Today,...

SMEs: Access to Finance

Westminster Hall debates

There is a potential tension here between competition and safety. The rules were brought in to insulate the taxpayer, but, at the same time, the Bank of England, the Treasury and the...

SMEs: Access to Finance

Westminster Hall debates

Thank you for your chairmanship, Mr Pritchard. I am grateful to the hon. Member for Darlington (Peter Gibson) for proposing the debate and to the hon. Member for Thirsk and Malton (Kevin...

Support for Business

Pat McFadden made a speech in the House of Commons

I wish the Chancellor and my hon. Friend the Member for Ealing, Southall (Mr Sharma) a very happy Diwali. As well as all the tax rises on income and business that the Chancellor has announced in...

Income Tax (Charge)

Commons debates

That is precisely the point I am making. The long-term growth trend makes a huge difference to the Government’s choices and their power to fund public services. In the face of that, what...

Income Tax (Charge)

Commons debates

If the hon. Member reads the OBR report, he will find that it says very clearly that the effect of the pandemic is smaller in the long run than the effect of the low growth over which his party...

Income Tax (Charge)

Commons debates

It is a pleasure to respond to today’s debate on behalf of the Opposition. Although the Secretary of State for Business, Energy and Industrial Strategy is not in his place, I begin by...

Supporting Small Business

Commons debates

I will not. And the Conservative party willingly gave that up by putting ideology in its place. When the Prime Minister said “f*** business”, some of us thought it was a quip. We did...

Supporting Small Business

Commons debates

I cannot; I have to watch the clock. We put forward a plan both for the short term and the long term, but this is not just about business rates, is it? This is about the broader relationship...

Supporting Small Business

Commons debates

I am happy to talk about our proposals and the hint we got on what the eventual outcome might be. We tabled this proposal because we want to support Britain’s businesses as they try to...

Supporting Small Business

Commons debates

It is a pleasure to respond to this debate, and I thank all hon. and right hon. Members for the contributions they have made. I may not be able to mention them all. My hon. Friend the Member for...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

We have just had a short debate on an amendment that was largely focused on clause 1. Before we finish the Commons stages, I want to put a few questions to the Minister, mainly relating to clause...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

I am coming to the end of my remarks; I hope the hon. Gentleman does not mind. I leave the Minister with this: is it not better to try to stop people being ripped off in the first place, than to...

Clause 1 - Compensation payments to customers of London Capital & Finance PLC

Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill

Pat McFadden made a speech in the House of Commons

The hon. Gentleman makes a fair point. On how we can be sure that this will not happen again, and the transformation programme, it is to be expected that companies would go through such a...