Member

In conclusion, we support the overall aim of the Bill. It will strengthen our banking system and our banking resolution framework. As I said, the Bill was originally drafted by the previous Government and retains cross-party support. We have highlighted several key areas that require further consideration, and I hope the Minister will consider them. From ensuring that the mechanism is not extended to MREL banks to protecting mutual societies and credit unions and safeguarding the Financial Services Compensation Scheme against inflation, our amendments aim to improve the Bill’s effectiveness and fairness, which is entirely in line with the promises made by the Labour party before the general election. I very much look forward to Labour supporting its own manifesto promises.