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Financial Services Bill

Several noble Lords have made that kind of point. To my certain knowledge, not a single economist of any standing in the whole world predicted what happened in 2007. It is not in the least surprising, therefore, that the decision-makers in this country were somewhat taken aback. To the extent that they did not work optimally, it was not remotely because of the tripartite arrangements; it was to do with the fact that the event was a staggering event which, for the moment, some of us still do not fully understand. So I do not think the position of the noble Baroness has any logic or basis whatsoever.