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Northern Rock

I agree with a lot of what the hon. Gentleman says. He is quite right to remind the House that there have been many occasions when Governments have thought it right to intervene to take action to preserve stability or, in some cases, to preserve vital industries. He will remember what happened in the 1970s because I seem to recall that he was in the Labour party then. He is also absolutely right in his description of the Conservatives' policy. Their policy is nationalisation. It involves nationalisation, but the hon. Member for Tatton has the gall to say that he is going to oppose the Bill that will bring that about. The only way he could deliver his policy—in as much as it is understandable and that it will last for the next day or so—would be to nationalise, so it seems extremely odd that he intends to oppose the legislation tomorrow. On the hon. Gentleman's specific questions, the FSA is responsible for regulating Northern Rock and it judges the mortgage book that Northern Rock holds to be of good quality. On the business model, as I said earlier, Ron Sandler and his team will introduce a model after they have had a chance to consider the options available to them. That will have to be endorsed by the Government, because it has to be cleared by the Commission under the normal state aid rules. Once we have taken that action, assuming that Parliament agrees to it in the next day or so, I believe that there is a good chance that we can help Northern Rock to get through this period, and that seems infinitely better than the Tory options of either bankrupting it or finding some other pretty ill-defined destination for it, which make no sense to me whatsoever.