John Healey

We have indeed. As the right hon. Gentleman would expect, an economic impact assessment, which he may see in the Vote Office, has been published alongside the Bill. In rough terms—this is probably a conservative estimate—we think that the benefit of the measures in the Bill as it stands will have a value of about £1.6 billion over the next 10 years. The UK is home not only to some of the deepest and most liquid capital markets in the world, but to some of the largest global banks, the world’s premier insurance market—Lloyd’s of London—and huge digital success stories such as Revolut and Wise. That is why I will always talk up the immense contribution that the sector makes to our economy and to the services that underpin everyday life: funding for the small firm looking to expand, mortgage finance for the first-time buyer and investment for the saver planning for the future. That comes not only from our world-leading banks, insurers and asset managers, but from our mutuals, building societies and credit unions, which are all essential parts of the UK financial system. Just last week, I was pleased to appoint my hon. Friend the Member for Peterborough (Andrew Pakes) as the first ever co-operatives and mutuals champion in Government. He will help to fulfil our aim of doubling the size of the co-operative and mutual sector.