Opposition debate on banking responsibility and reform

08 February 2012

Shadow Secretary of State for Business, Innovation and Skills, Chuka Umunna MP, moved an Opposition debate in the House of Commons on Tuesday 7 February on banking responsibility and reform.

Banking responsibility

The motion in the name of Chuka Umunna called on the Government to "increase transparency, accountability and responsibility in the setting of pay in the banking sector, including through the immediate implementation of the Walker Review on corporate governance, and the placing of an employee representative on the remuneration committees of company boards" and to "reform the banking sector so that it better supports businesses and provides the credit they need to create jobs and growth."

Minister of State, Department for Business, Innovation and Skills, Mark Prisk responded on behalf of the Government. The House divided (voted) and the motion was defeated on division (Ayes: 244, Noes: 295).

Watch and read the views expressed by MPs during the debate on Parliament TV and in Commons Hansard. Also find parliamentary material on economy and finance in the Topics and News sections.

Opposition day debates

Opposition days are days allocated in the House of Commons in each session for the discussion of subjects chosen by the Opposition. Seventeen days are at the disposal of the leader of the largest opposition party to decide which topics are debated. Three days are also allocated to the other smaller opposition parties.

The Opposition generally use them to raise questions of policy and administration. Frequently, two separate subjects are debated on an opposition day.

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