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Financial Services Bill

That could be the case, but the Bank's principal responsibility for 10 years related very much to monetary policy, and quantitative easing is part of that. I worry what we would bring to the issue if we simply backed the FSA into the Bank of England, other than that one person would nominally be in charge of the whole organisation. As I have said, I understand the case that others make, but I approach it from an entirely practical perspective and regrettably—I use the word advisedly—I have had a lot of experience of this issue in the last two and half years. I have observed first hand some of the do's and don'ts, and I may set them down one day—[Hon. Members: "Ah!"] Some of my proposals and the lessons that I draw are reflected in the Bill. I do not want to labour the point; I simply think that the proposal to put everything under the Bank of England is inherently risky, and I would not do that.