---

The Economy

I am grateful to the Chief Secretary, who was quoting what people were saying just before the credit crunch. Let me quote what the present Secretary of State for Children, Schools and Families said in October 2006. He said:""Some have suggested that given their central role in the economy, it would be appropriate to treat banks just like utilities—to subject them to . . . onerous rules on how they interact with their customers. The alternative approach—and the one I favour—is to rely on market forces and competition policy to promote efficiency through open and competitive markets"." By the way, in the same year the Prime Minister heralded""a new golden age for the City"." Perhaps the right hon. Lady should have a word with her husband and with her Prime Minister.