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Financial Services Bill

Before I give way to the hon. Gentleman, I say to him that changing the institutional system and moving specific responsibilities from one body to another will not in itself make a blind bit of difference, other than to cause significant disruption at a time when attention should surely be focused on practical, workable solutions on regulatory performance and decision making. His idea of regulation seems to be based on constructing some sort of new Maginot line of financial services regulation. In a global financial system, it is sometimes helpful to have discussion internationally and to co-ordinate regulatory action on a global or pan-European basis. The policies that he argues for do not reflect the modern reality of how the world does its business.