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Banking (Special Provisions) Bill

Speaking as a north-eastern MP, I believe that, on Northern Rock, the Government have taken the hardest and most difficult of decisions, but none the less, the right one. I support the Bill. The Government did not rush to take this decision, and they have found themselves dealing with a problem that is not of their making. It would have been a mistake to act in haste. If the Government had opted for temporary public ownership five months ago, the Opposition would no doubt have said that they should have looked for a private buyer first. The Government's approach has been consistent in its aim of achieving the best possible outcome for the country. The Government were guided by the need to maintain financial stability, to safeguard depositors and to protect the interests of the taxpayer. The decision to take Northern Rock into temporary public ownership was not ideologically driven, but unlike the Conservatives, my party knows that from time to time it is right for the Government to intervene to protect the best interests of the country, to save jobs and, on this occasion, to promote the economic well-being of a region that suffered so much under the Opposition.