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Banking: Bonuses

My Lords, it would help if we had some honesty in dealing with some of these issues. The Statement says that the previous Government’s failure to address them brought this country’s economy to its knees. Presumably the previous Labour Government were responsible for the banking failure in the USA, Portugal, Greece, Ireland, Spain and other parts of the world. This is a worldwide problem that is not solely related to the previous Government. To come back to the Statement, the Chancellor said, and the Minister concluded with it, that, ““if the Opposition that created this banking mess has a better idea, let us hear it””. My noble friend Lord Myners asked four questions and we await answers to them.