---

Banking Bill

No, I want to finish my point. The money supply was growing at 11, 12, 13 per cent. when the Prime Minister was Chancellor. I do not know whether he made any phone calls about it to the Governor of the Bank of England, but he certainly should have done. In the arguments over the Governor's reappointment, that is something that he should have been doing. He has watched the FSA, with the supine attitude that it seems to have had to practically everything that has happened on its watch; an authority that clearly did not have the expertise to regulate the banking system. It seems that everybody could see a crunch of some sort coming, except the former Chancellor.