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Financial Services Bill

The noble Baroness points to an economy of far less significance than that of the United Kingdom. All the economies that are more comparable to the UK economy, and therefore are subject much more to the challenges of financial actions by significant actors, followed the pattern which we followed. In many ways, it is a reasonable analysis to say that others went earlier. After all, in terms of the real problems with regard to the banks’ toxic assets, the issue was much more apparent and happened earlier in the United States of America than it did here. Noble Lords identified that Northern Rock was a serious failure. Indeed it was, but I cannot remember any noble Lord from the Opposition rushing to support the Government when we actually produced legislation to deal with Northern Rock. I cannot remember any commitment to match the Government’s action in those terms. I understand that the Opposition did not object. There is a difference between not objecting to what the Government are doing and being at the forefront of action that should be taken. When the Government moved in on Northern Rock, there was plenty of critical comment about that.