Building Societies (Amendment) Bill - The entire bill for Second Reading

Supports the Bill, highlighting its importance in enabling working people to own homes and expanding homeownership among young people and first-time buyers.

Expresses support for the principle of mutuality embodied by building societies. Asks if the Bill will retain this principle and discourage building societies from converting to banks.

Supports the Bill for its importance in rural areas, highlighting the role of building societies such as Nationwide Building Society. Emphasises the need for a vibrant rural economy and cash facilities for pensioners and first-time buyers. Advocates for mutuality and civic conservatism to champion local connected capitalism. Addresses issues like the closure of banks in rural areas and the impact on small businesses and retirees. Supports the Bill's potential to encourage more choice, competition and presence from building societies and banks.

Supports the Building Societies (Amendment) Bill, which aims to level the playing field for building societies against banks by removing funding limits and enabling more lending. Emphasises that building societies are crucial in providing financial services, especially to first-time buyers and small businesses. Raises concerns about current regulatory constraints on smaller lenders like building societies and advocates for simplified regulation to foster innovation and community-oriented banking.

Natalie Elphicke strongly supports the Bill, highlighting its importance for her constituents in Dover and Deal. She emphasises the need to level the playing field between banks and building societies by updating funding rules and modernising arrangements for meetings and execution of deeds.

Ms Nicola Richards highlighted the historical significance and community value of building societies, particularly referencing West Bromwich Building Society. She emphasised that these institutions have a long-standing tradition of supporting local communities and home ownership. She praised the society's prudent lending practices and its growth despite economic challenges such as world wars and recessions. Ms Richards also mentioned initiatives like the community grant scheme, which demonstrates the societal contributions of building societies. Furthermore, she noted that the Bill will provide more flexibility for building societies in raising capital, thereby supporting their ongoing evolution and relevance.

Emphasised building societies as social institutions with a long-standing history, providing community benefits beyond financial services. Highlighted the importance of legislative support for their survival and competitiveness.

Supported the Bill as it aims to level the playing field between building societies and other retail deposit takers, enhancing competition and providing better services for first-time buyers. Highlighted face-to-face banking services provided by building societies in her constituency.

Congratulates Julie Elliott on her work and supports the Building Societies (Strengthening) Bill. Emphasises that building societies have a proud tradition of supporting working people with affordable finance, particularly first-time buyers. Points out that building societies supported 70,000 first-time buyers in the first three quarters of 2023 alone and £63 billion since 2020 to help people buy their first homes. Supports clause 1 which allows building societies to exclude certain funds from funding limits during financial stress scenarios, ensuring they can continue supporting members through crises.

Congratulated the hon. Member for Sunderland Central on her Bill, emphasising its importance in supporting building societies to compete with retail banks on a more level playing field while preserving their mutual ethos. Highlighted recent government initiatives supporting credit unions and mutual businesses through legislative updates and funding commitments.

Expressed appreciation for the supportive tone of the debate, thanked speakers for contributing different perspectives on building societies' importance. Acknowledged the historical context provided by other Members and reiterated her Bill's modernising measures aimed at enhancing governance practices in building societies.