Briefing from the Prime Minister’s Spokesman on: Financial Services Authority, David Cameron’s speech, Northern Rock, nuclear power, Scotland and miscellaneous
Financial Services Authority
Asked if the Prime Minister accepted Lord Turner’s criticism that the Financial Services Authority (FSA) had been set up on the cheap, the Prime Minister’s Spokesman (PMS) said that the FSA was staffed by professionals and that, if the implicit suggestion in the question was whether or not the regime had been adequate over the last decade, the FSA themselves had accepted that, in relation to Northern Rock, there were lessons to be learnt.
Asked what the case was in relation to other banks, the PMS said that what we were seeing at the moment was a global phenomenon, affecting all banks across the world.
Put that Lord Turner had said that there were systemic problems with the way the FSA had been set up and the way it was funded, the PMS said that current issues in the financial sector were not issues that were affecting only the UK. All financial centres and major economies in the world were affected. If there were any particular managerial resourcing issues in relation to the FSA then the Treasury would look into it in the normal way.
David Cameron’s Speech
Asked if the Prime Minister had studied David Cameron’s speech, the PMS said that the Prime Minister was on a visit to Nottingham, talking to businesses and local people and getting on with the business of Government. In terms of any reaction to David Cameron’s speech, it was best to talk to the Labour Party; Yvette Cooper had put a statement out and Stephen Timms would be giving a political response shortly.
Northern Rock
Asked if the Prime Minister was embarrassed about newly nationalised Northern Rock’s approach to property repossessions, the PMS replied that Northern Rock had released a statement refuting any suggestions that they had adopted an overly aggressive stance to repossession. This was a matter for Northern Rock; as we had made consistently clear, the company was being run as a commercial institution at arm’s length from the Government.
Nuclear Power
Asked about the Marketing Research Society (MRS) report on the Government’s second public consultation on nuclear power, the PMS said that the particular complaint related to the role of Opinion Leader Research (OLS), which the company itself disputed, and formed only one component of the wider consultation. The outcome of the consultation would stand, whatever the view of the MRS.
Asked if there was a conflict of interest regarding Deborah Mattinson, the PMS said that it was best to check with OLS, but that his understanding was that Deborah Mattinson did not have any particular role in relation to this consultation.
Scotland
Asked for the Prime Minister’s response to the demand from the First Minister that Scotland should get an extra £1 billion to get through the economic downturn, the PMS said that what we had seen in the last week was considerable support for Scottish banks which, as the Prime Minister had said, was only possible because we were a United Kingdom. We needed to support Scotland through this downturn, just as we needed to support England, Wales and Northern Ireland, and this is what the Government of the United Kingdom would continue to do.
Miscellaneous
Asked for a response to the Organisation for Economic Co-operation and Development’s report on bribery, the PMS said that Jack Straw had responded on behalf of the Government.
Asked if the Prime Minister was going to the Asia-Europe Meeting next week, the PMS said that David Miliband would be attending on behalf of the Government.
Asked if there were any staffing changes at No 10 to announce, the PMS said that he was not in a position to confirm anything at this moment in time.
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