Bobby Dean

Bobby Dean

Liberal Democrat — Carshalton and Wallington

Speaking in the House of Commons on 16 July 2025

Debate

Financial Services Reform

Contribution

The Chancellor announced quite a list of reforms yesterday. I note that many were on the shopping list of industry, so the Committee will examine them closely to make sure they also work for the consumer and for the long-term stability of the economy. One change in particular, on ringfencing, will worry those with strong memories of the 2008 financial crash. The shadow Economic Secretary indicated that perhaps we need to look at removing the ringfencing entirely. That would be a big step backwards. These reforms were driven by the Liberal Democrat Vince Cable, and the idea was to separate everyday customer deposits from the risks of investment banking. Will the Minister give us assurances that the hard-earned savings of families across the country will not be put at risk by the speculative activity of people playing with other people’s money?

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