Lord Wilson of Sedgefield (Lab)

There is a duty to provide that kind of governance in the Bill. All I am trying to say is that there are various kinds of capacity in the 10,000 parish councils and they are not all the same. We cannot approach them in the same way. We know some of them have problems. I come from a shire county in the north-east of England so I know the capacity of parish councils and town councils to do certain jobs. We are well aware of that, and it is something that we obviously want to try and improve, and work with these parish and town councils into the future. Amendment 252 concerns the powers available to local and combined authorities to promote local economic growth through banking and credit provision. Banking regulation is of systemic national interest. Its implementation must be consistent in applying technical standards, ensuring financial stability and protecting taxpayers. As such, it remains important that banking regulation continues to be considered at the national level as a reserved matter. Local and community banking is already possible within the existing framework, and the UK has a strong record of enabling new entrants to support access to finance. Mutuals, including building societies and credit unions, play a key role in supporting local economic growth. The Government are committed to doubling the size of the mutuals sector, with reforms already under way to help mutuals grow and raise capital. Further, through our financial inclusion strategy, the Government are improving access to affordable credit and strengthening community finance partnerships to support people and local economies. As such, the objectives of the proposed review are already addressed by existing initiatives, and I ask noble Baroness to withdraw her amendment.