I beg to move, That the Bill be now read a Second time. As the House well knows, the whole world economy has been hit by a severe financial crisis, resulting in the worst global downturn for well over 60 years. Fundamentally, the crisis was caused by the failure of...

I beg to move, That the Bill be now read a Second time. As the House well knows, the whole world economy has been hit by a severe financial crisis, resulting in the worst global downturn for well over 60 years. Fundamentally, the crisis was caused by the failure of...

I am glad that the meeting with Jacques de Larosière was so convivial. As he was discussing the Conservative party's proposals, I was not there and I am in no position to comment on what he said. All that I would say is that having seen his report, I think...

I am glad that the meeting with Jacques de Larosière was so convivial. As he was discussing the Conservative party's proposals, I was not there and I am in no position to comment on what he said. All that I would say is that having seen his report, I think...

Financial Services Bill. Second reading debate. Agreed to on question. Programme motion on proceedings in Committee, on Report, Third Reading and any other proceedings. Agreed to on division (276 votes to 152). Queen's recommendation signified. Money resolution. Agreed to on question. Ways and means resolution. Agreed to on question. [Relevant Documents: The Fourteenth Report from the Treasury Committee, Session 2008-09, Banking Crisis: regulation and supervision, HC 767, and the Government and Financial Services Authority responses, HC 47, Session 2009-10.]

Financial Services Bill. Second reading debate. Agreed to on question. Programme motion on proceedings in Committee, on Report, Third Reading and any other proceedings. Agreed to on division (276 votes to 152). Queen's recommendation signified. Money resolution. Agreed to on question. Ways and means resolution. Agreed to on question. [Relevant...

That could be the case, but the Bank's principal responsibility for 10 years related very much to monetary policy, and quantitative easing is part of that. I worry what we would bring to the issue if we simply backed the FSA into the Bank of England, other than that one...

That could be the case, but the Bank's principal responsibility for 10 years related very much to monetary policy, and quantitative easing is part of that. I worry what we would bring to the issue if we simply backed the FSA into the Bank of England, other than that one...

First, the hon. Gentleman rather makes my point that, never mind the architecture, what matters is that the people who are charged with doing the job actually do it. They will not always get it right, but although some people say that they saw all this coming—some of whom, I...

First, the hon. Gentleman rather makes my point that, never mind the architecture, what matters is that the people who are charged with doing the job actually do it. They will not always get it right, but although some people say that they saw all this coming—some of whom, I...

May I make some progress before coming back to the hon. Gentleman, or does he want to ask me a generalised question?

May I make some progress before coming back to the hon. Gentleman, or does he want to ask me a generalised question?

I will give way to the hon. Gentleman, and then I shall make some progress.

I will give way to the hon. Gentleman, and then I shall make some progress.

I agree with the hon. Gentleman that this is not a case where there is a definite right answer, although there are plenty of definite wrong answers. This is not a case where I am saying "Absolutely" from the start, so I think he is mistaken—I am not saying that...

I agree with the hon. Gentleman that this is not a case where there is a definite right answer, although there are plenty of definite wrong answers. This is not a case where I am saying "Absolutely" from the start, so I think he is mistaken—I am not saying that...

I do not really think that that is a problem of my making. However we organise things, we need to ensure that the regulator has sufficient powers, and I would like now to say why it needs those new powers, because I think that they are necessary no matter what...

I do not really think that that is a problem of my making. However we organise things, we need to ensure that the regulator has sufficient powers, and I would like now to say why it needs those new powers, because I think that they are necessary no matter what...

I will come to that shortly, but I should like to do so in what I think is a logical order. Following on from the exchanges over the past five or ten minutes or so, I have to say that it is important to formalise the relationship between, especially, the...

I will come to that shortly, but I should like to do so in what I think is a logical order. Following on from the exchanges over the past five or ten minutes or so, I have to say that it is important to formalise the relationship between, especially, the...

I agree with much of what the hon. Gentleman says. There is always a risk that we end up with national regulators and international regulators, with one set of regulations on top of another, and no clarity about who is responsible for what. There is sometimes a belief that if...

I agree with much of what the hon. Gentleman says. There is always a risk that we end up with national regulators and international regulators, with one set of regulations on top of another, and no clarity about who is responsible for what. There is sometimes a belief that if...

I am clear that we should accept those areas where it is in our interest to co-operate, but there may be other areas where that is not the case. There is a general point to be made in relation to Europe. Ten or 15 years ago, people talked about the...

I am clear that we should accept those areas where it is in our interest to co-operate, but there may be other areas where that is not the case. There is a general point to be made in relation to Europe. Ten or 15 years ago, people talked about the...

My answer is that in a world where many financial institutions operate in this country and in other European states, as well as in other parts of the world, there has to be greater co-operation. Look, for example, at what has been happening over the past couple of years or...

My answer is that in a world where many financial institutions operate in this country and in other European states, as well as in other parts of the world, there has to be greater co-operation. Look, for example, at what has been happening over the past couple of years or...

I did not think for one minute that I would get through a passage on Europe without the hon. Gentleman getting to his feet.

I did not think for one minute that I would get through a passage on Europe without the hon. Gentleman getting to his feet.

I shall give way to the hon. Gentleman, then I shall move on to a different topic.

I shall give way to the hon. Gentleman, then I shall move on to a different topic.

I understand that the commission would certainly be able to look at that issue, and I am sure that no one in this House wants to see discrimination. People should be judged and rewarded on their merit, and that is precisely the point, because rather too many people were not...

I understand that the commission would certainly be able to look at that issue, and I am sure that no one in this House wants to see discrimination. People should be judged and rewarded on their merit, and that is precisely the point, because rather too many people were not...

I think that the hon. Gentleman meant to say the FSA; the SFA is the Scottish Football Association. At the end of the day, the FSA would have responsibility in those circumstances, but it would obviously consider what the Bank and the Treasury had to say. Unless the FSA had...

I think that the hon. Gentleman meant to say the FSA; the SFA is the Scottish Football Association. At the end of the day, the FSA would have responsibility in those circumstances, but it would obviously consider what the Bank and the Treasury had to say. Unless the FSA had...

I would put it this way: there is much to be said for co-operation. Many of the financial institutions in this country would say that it would be very useful to have a common rule book. Then they would not have to have a different regime for Britain, France, Germany...

I would put it this way: there is much to be said for co-operation. Many of the financial institutions in this country would say that it would be very useful to have a common rule book. Then they would not have to have a different regime for Britain, France, Germany...

The Bill does not say that, and that is not my view. When the ban on short selling was introduced last year, I made the point that we were not saying that short selling was bad per se. However, in the particular circumstances and at that time, when financial stability...

The Bill does not say that, and that is not my view. When the ban on short selling was introduced last year, I made the point that we were not saying that short selling was bad per se. However, in the particular circumstances and at that time, when financial stability...

We will give the courts the discretion to allow both. I know that there is a lobby outside the House on that point, but people have the right to say, "I don't want to come into this, because it might compromise my rights elsewhere," so it is best to let...

We will give the courts the discretion to allow both. I know that there is a lobby outside the House on that point, but people have the right to say, "I don't want to come into this, because it might compromise my rights elsewhere," so it is best to let...