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Professional Standards in the Banking Industry

My hon. Friend is right. It is worth listening to what Richard Lambert—who used to employ the shadow Chancellor and whom the shadow Chancellor advised the then Chancellor to put on the Monetary Policy Committee—said:

“The last thing that is needed in this period of systemic fragility is the long period of regulatory uncertainty that a Leveson-style inquiry would make inevitable”.

That is something we have to bear in mind about an industry that employs millions of people across this country. As I say, if we have a public—