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Regional Economy (Tackling the Recession)

As my right hon. Friend would know, and as you know, Mr. Cook, the industry used to be in common ownership rather than public ownership. Before my right hon. Friend leaves the subject and moves on to Northern Rock, is he aware of the statement made by the Governor of the Bank of England yesterday that if the Government had not intervened in the banking crisis, two of our major banks would have gone broke within 24 hours? What impact would it have had on our region if a bank such as Northern Rock had been allowed to go into liquidation? What would it have meant for those who had accounts and savings with the bank, and those who paid wages through the bank? Was that not a catastrophe that this Government avoided but others would have let happen?