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The Economy

The right hon. and learned Gentleman is quite right. The Conservatives did do so, and from day one, they have been consistent on that point. I have never entirely seen the force of that argument, however, because the whole of the banking supervision section of the Bank of England moved, lock, stock and barrel, into the FSA. The name and label was changed, but the same people were there. It is a perfectly valid point, and he is right to say that the Conservatives consistently warned about it, but it is not clear that that in itself made an enormous difference.