---

Banking Bill (Money)

The proposal that the Government have put before us is profoundly worrying. It would allow an unlimited amount of expenditure, by authorising"““the payment out of money provided by Parliament of any expenditure of the Secretary of State in respect of, or in connection with, giving financial assistance to or in respect of a bank or other financial institution””." That is, in fact, a blank cheque. In January, the Prime Minister expressed surprise and anger that the Royal Bank of Scotland had invested in derivatives—““invested”” being a pejorative—and that it had become necessary to write off £2.5 billion of taxpayers' money, which was irrecoverable from a Russian oligarch. What on earth are we doing surrendering taxpayers' hard-earned money to a Russian? The Prime Minister expressed anger, but how much more angry should we be that he spent taxpayers' money on that basis and that he then expressed surprise? The only way ahead must surely be to tie down the Government, so that they are not so profligate in the expenditure of our money, and to reject the motion. Having said that, I was present when my hon. Friend the Member for Tatton (Mr. Osborne) gave an undertaking that the Bill would go through with our support in February, and on that basis I will not be voting against it.