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Northern Rock

My Lords, I am sure that when he reads Hansard, the Minister will want to revisit the answer he has just given to the noble Lord, Lord Lawson, on the question of compensation. It appeared to be at odds with the Statement. I am happy to give the Minister a chance to think about that now, if he wants. I was much taken with the suggestion of the noble Lord, Lord McIntosh, that the chancers should have had a chance to expose themselves in the City. In that context, I ask the Minister what fee the taxpayer is paying to Sir Richard Branson for his efforts. The most important issue now is clearly that the nationalised bank should be run on proper prudent and commercial lines. I ask the Minister to accept that we on these Benches will not support wrecking amendments from the Conservatives. It is clearly important that the Bill goes through as soon as possible, but we need proper assurances about how the bank will be run, preferably in the Bill or in the order that will immediately follow it. Only today, my noble friends and I met the Chancellor and challenged him about why pernicious 125 per cent together mortgages are still being offered by the bank. We have raised the issue in this House and in the other place. Now that it is taxpayers’ money, can that nonsense stop?