The Building Societies Act 1986 (Amendment) Bill - Clause 1 - The funding limit: funds to be disregarded

Supports amendment 2, which aims to subject the delegated powers to the affirmative procedure. Emphasises the importance of proper scrutiny and provides an example from the Dangerous Dogs Act where negative procedure led to significant changes without adequate parliamentary debate.

Supports Julie Elliott's amendment 2, which aligns with his own amendment. Stresses the necessity of affirmative procedure for proper scrutiny and references a negative procedure case that affected hundreds of thousands of dogs and their owners without parliamentary debate.

Moves Third Reading, outlining how the Bill will disregard specific funding from the 50% wholesale funding limit to support building societies in times of national economic crisis. Emphasises the importance of modernizing and balancing the playing field between building societies and banks.

Supports the Bill, highlighting its significance for building societies like Darlington Building Society in his constituency. Acknowledges the need to remove outdated corporate governance requirements and welcomes modernisation efforts that align with Government consultations.

Building societies play a unique role in the UK economy, serving around 25 million people. They provide community engagement beyond banking services and support first-time buyers with mortgage lending. The Bill aims to level the playing field for building societies by increasing their lending capacity, making it easier for more people to get on the housing ladder.

Building societies are vital financial institutions in communities. They provide face-to-face support for first-time buyers and engage with community members on various financial issues. The closure of bank branches highlights the importance of building societies, which have assured their commitment to stay open and serve local communities.

Building societies play a crucial role in supporting working people access affordable finance, particularly for first-time buyers. The Bill aims to level the playing field with banks and increase lending capacity from building societies. Labour supports the Bill as part of its broader ambition to double the size of the co-operative and mutual financial services sector.

Congratulates Julie Elliott on reaching Third Reading of her Bill. Highlights the importance of building societies in communities, citing examples from his constituency and beyond. Supports the Government's commitment to promoting mutuals' growth through various measures such as amending the Credit Unions Act 1979 and passing the Co-operatives, Mutuals and Friendly Societies Act 2023. Emphasises the Bill’s role in enabling building societies to compete more effectively with retail banks by updating legislation on funding limits, virtual participation at meetings, and aligning constitutional provisions.

[INTERVENTION] Asks the Minister about a gift he received from Robin Blair during an opening day event in Darlington. Supports the Bill and recognises the importance of building societies in local communities.

Commemorates the journey of the Bill, acknowledging contributions from Treasury officials, Clerks, Whips, the Building Societies Association, and the Co-operative party. Expresses gratitude for cross-party support throughout the debate.