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The Economy

I am glad to be welcomed to the Maoist self-apology system. Actually, I argued in 2000, at the time of the Cruickshank report—if the hon. Gentleman goes back to the Hansard record, as he was obviously primed to do, he will see this—that the banking system had to be more effectively regulated. I was the first person, and the Liberal Democrats were the first party, to argue that. I did so nine years ago, the year after I made the comment that the hon. Gentleman read out. I repeat, however, what I said 10 years ago: where institutions do not pose any systemic risk—and many of them do not—there is no justification for onerous, intrusive regulation.