Andrew Lewin

I am going to make some progress. Today the Chancellor has asked the banks to contribute more via a surcharge, and it is really important that we look at the context in which we are having this discussion. I looked at the figures, and all the major banks that operate in the UK are on course for record multibillion-pound profits. That often happens in cycles in which there are high interest rates, so it is the case that banks can make a contribution via the surcharge and still have an exceptionally good year. I have to say that I am surprised by the Conservatives. If they want to have an election, whenever it may come, in which they go around saying, “We oppose a slight increase in the surcharge on the banks,” they will find themselves on the losing side of that argument. In the years to come, we need our entrepreneurs and young people to succeed, which is why I was so pleased to learn of the founders’ relief scheme for British entrepreneurs this afternoon. It is a statement that we will back people with the vision and ambition to build a business here. I will let you in on a secret, Madam Deputy Speaker: the first conversation that I had with our new Prime Minister in Parliament—actually, the first one was about cricket, but the second was more substantive—was about housing and home ownership. I said to him directly that it is so important that we as a Government make the case for giving people the opportunity to get on the housing ladder, especially those who cannot rely on support from the bank of mum and dad. That is why I am so pleased by the announcement of the Your First Home equity loan scheme this afternoon. It has the potential to change thousands of lives in my constituency and many more across the country. The introduction of a 2.5% deposit means that people living in Hatfield or Welwyn Garden City have a chance of getting on the housing ladder with a deposit well under £10,000, bringing it into reach for many more people.