I will keep my comments brief, not least because we have had so many learned and expert speeches, particularly from my hon. Friends the Members for Dover (Mrs Elphicke) and for Mid Norfolk (George Freeman). That is not the only reason I intend to be brief. We have many important Bills that we want to discuss today, not least, of course, my own Pet Abduction Bill, which is coming next.
I congratulate the hon. Member for Sunderland Central (Julie Elliott) on introducing this important piece of legislation. I fully support it. I declare an interest immediately, as I have had a number of mortgages over my time. We have a mortgage with the Halifax and of course we have had various savings accounts, although none with building societies at the moment.
Building societies fulfil a fantastic purpose. They are often, as we have heard today, the last institution standing on many high streets, still providing a face-to-face banking service. That is exactly what is happening in my constituency in Leigh-on-Sea, which I shall come on to. I welcome the Bill because it aims to put the building societies on a more level playing field with other retail deposit takers, such as banks, particularly on their capital raising and corporate governance requirements. It will make them more competitive and they will therefore be more effective in the financial services sector. Not only will building societies offer more to consumers and my constituents, but they will offer better support to their members. I can only see positives, particularly given everything we have heard about the support that building societies give to the first-time buyer and have given for many, many years.
I am sure that we all have our stories to tell about how exciting it was when we got our first mortgage and the keys to our very first place—a flat, in my case—and about what an important step that was for us all. After someone gets their first job and starts to pay tax and make a first contribution to society and the economy, the next thing is getting their first home and becoming a stakeholder in our property-owning democracy. Sadly, that experience is not available for as many young people as it was in my time. That is a crying shame, and I hope that the Bill will lead to building societies beginning to expand even more into that first-time market.
What I really want to talk about is the fact that in recent years bank branches have closed in Southend West. I do not have a single bank in my constituency offering that essential face-to-face service. I only have the Nationwide, a fantastic building society on Leigh Broadway.