Emma Reynolds

We have a very good deal with the EU, which we agreed in May this year and will continue to build on. I was pleased to have invited the European Commissioner for Financial Services, Maria Luís Albuquerque, who was at the dinner last night at the Mansion House. I will try to get through all the hon. Member’s questions. On liquidity and valuations, I point out that we have some of the deepest capital markets in the world. Last year, the amount of equity capital raised in London was larger than in the next three European exchanges put together. However, I recognise the issues she talked about. On the advertising campaign, Chris Cummings of the Investment Association is leading the secretariat. He will also be looking at risk warnings. That is not to say there should not be risk warnings, but that there should be a balance in risk warnings to ensure that warnings are also informing people of the benefits of investing over the long term. The hon. Member rightly talked about the importance of financial education and capability. We will put forward suggestions on that in the financial inclusion strategy, which we will publish in the autumn. However, as this is a cross-Government effort, I reassure her that I am speaking and meeting actively with the Minister for School Standards so that we are aligned with the Department for Education’s curriculum review. The hon. Member asked about mortgages. May I reassure her? Obviously, we have had extensive regulations since the global financial crash and we are not going back to the bad old days when there were no verification checks on affordability and 125% mortgages. But the system we have got means that people on modest incomes are unable to get on the housing ladder. Nationwide has said that because of the Bank of England’s recent decision, it will be able to help an additional 10,000 people a year with its helping hand mortgage to fulfil their dream of home ownership. I think that is a great step forward and will mean that people across the country, like many in this House, can benefit from the security of home ownership, and particularly those on modest incomes and in generations that are being deprived of such opportunities.