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Northern Rock

May I caution the hon. Gentleman and the Conservatives to be a little careful about being wise after the event and backing away from the wholehearted support that they initially gave to the Government's position on Northern Rock? Today's Financial Times made clear the Conservatives' position in the middle of August. It said:"““The Conservatives' economic competitiveness policy group…advocated….'We see no need to continue to regulate the provision of mortgage finance, as it is the lending institutions rather than the client taking the risk'””." That policy commission's findings were widely praised by the Leader of the Opposition and by the shadow Chancellor, so I caution the hon. Member for Fareham (Mr. Hoban) about resiling from his party's former position and trying to be wise after the event. I urge him instead to continue the wholehearted support for the Government's policy. That is what leadership is about; it is not about ducking out when the going gets tough.