Indeed; my right hon. Friend makes an important point. The scale of the financial intervention that could be authorised by the Bill is much greater than many people anticipated, even six months ago. It is important to make sure that there is proper scrutiny of it. I will not trespass...

Indeed; my right hon. Friend makes an important point. The scale of the financial intervention that could be authorised by the Bill is much greater than many people anticipated, even six months ago. It is important to make sure that there is proper scrutiny of it. I will not trespass...

Will the Minister tell the House how much money we are talking about for this year and next, under this money resolution and the subsequent resolutions?

Will the Minister tell the House how much money we are talking about for this year and next, under this money resolution and the subsequent resolutions?

We have explained this, in our previous statements to the House on bank recapitalisation, and in our announcements on the asset purchase scheme. We also explained in detail the fact that we were providing £10 billion in contingent liabilities for supporting the working capital scheme, which will allow £20 billion...

We have explained this, in our previous statements to the House on bank recapitalisation, and in our announcements on the asset purchase scheme. We also explained in detail the fact that we were providing £10 billion in contingent liabilities for supporting the working capital scheme, which will allow £20 billion...

Unfortunately, I do not agree with hon. Gentleman. Exceptional events have been taking place in money markets worldwide, and the Government have had to act quickly to ensure financial stability. We did that through recapitalisation, and the authorisation for that was in the money resolution that we passed in October....

Unfortunately, I do not agree with hon. Gentleman. Exceptional events have been taking place in money markets worldwide, and the Government have had to act quickly to ensure financial stability. We did that through recapitalisation, and the authorisation for that was in the money resolution that we passed in October....

I shall discuss those points, but basically the answer is that we have the balance right in what we are proposing today. The right hon. Gentleman will remember that there were concerns about this precise issue when the news about Northern Rock first broke. There were concerns that the provision...

I shall discuss those points, but basically the answer is that we have the balance right in what we are proposing today. The right hon. Gentleman will remember that there were concerns about this precise issue when the news about Northern Rock first broke. There were concerns that the provision...

Before addressing the amendments made in the other place in detail and the amendment the Government are now proposing, it might help if I were to summarise the purpose and history of clauses 228 and 229 in the latest print of the Bill. Their purpose is to put the use...

Before addressing the amendments made in the other place in detail and the amendment the Government are now proposing, it might help if I were to summarise the purpose and history of clauses 228 and 229 in the latest print of the Bill. Their purpose is to put the use...

If we approve the Bill as it stands, is there a danger that because there will no longer be a weekly report from the Bank of England, some of this assistance could be provided on the Bank of England's balance sheet to avoid all scrutiny and accountability?

If we approve the Bill as it stands, is there a danger that because there will no longer be a weekly report from the Bank of England, some of this assistance could be provided on the Bank of England's balance sheet to avoid all scrutiny and accountability?

I beg to move, That this House disagrees with Lords amendment 83.

I beg to move, That this House disagrees with Lords amendment 83.

My hon. Friend makes an important point. There is great outrage about bonuses being paid by banks, and it is felt that we should do more about that, given the amount of money being put into the banking system. The key is transparency. While I understand the thrust of the...

My hon. Friend makes an important point. There is great outrage about bonuses being paid by banks, and it is felt that we should do more about that, given the amount of money being put into the banking system. The key is transparency. While I understand the thrust of the...

I agree strongly: it is right that we should be as transparent as we reasonably can, while recognising that certain public policy objectives require some degree of confidentiality. The last thing that we would want to do is create a run on a financial institution by being too transparent and...

I agree strongly: it is right that we should be as transparent as we reasonably can, while recognising that certain public policy objectives require some degree of confidentiality. The last thing that we would want to do is create a run on a financial institution by being too transparent and...

I remember the debates in Committee over this point. One of the dangers of not having transparency is that someone might invest in an organisation, only to lose a lot of money later because it went down, and they would not have known that the Government had been bailing it...

I remember the debates in Committee over this point. One of the dangers of not having transparency is that someone might invest in an organisation, only to lose a lot of money later because it went down, and they would not have known that the Government had been bailing it...

I cannot speak for the business managers of the House, obviously. However, as part of the normal reporting procedures there will be an opportunity to debate these matters. The hon. Gentleman has raised his point and he will have ample opportunities to raise the Government's programmes in debates on the...

I cannot speak for the business managers of the House, obviously. However, as part of the normal reporting procedures there will be an opportunity to debate these matters. The hon. Gentleman has raised his point and he will have ample opportunities to raise the Government's programmes in debates on the...

May I put three examples to my hon. Friend? Let us say that the Bank of England were to start buying Government debt; that the Treasury were to start issuing debt directly to businesses, institutions or arms of local government; or that the Government were to decide that they had...

May I put three examples to my hon. Friend? Let us say that the Bank of England were to start buying Government debt; that the Treasury were to start issuing debt directly to businesses, institutions or arms of local government; or that the Government were to decide that they had...

Yes, that would be helpful. However, I am conscious of the need to protect individuals or organisations that may receive assistance. There is a balance to be struck. I am worried that the Government's alternative to the Lords amendment does not do what the Lords amendment provides for: allowing Parliament...

Yes, that would be helpful. However, I am conscious of the need to protect individuals or organisations that may receive assistance. There is a balance to be struck. I am worried that the Government's alternative to the Lords amendment does not do what the Lords amendment provides for: allowing Parliament...

As a Government, we always want to be open and transparent. As an experienced Member of this House, my hon. Friend will know that when we make major decisions as a Government it is normal practice that we report them to Parliament either through an oral statement or a written...

As a Government, we always want to be open and transparent. As an experienced Member of this House, my hon. Friend will know that when we make major decisions as a Government it is normal practice that we report them to Parliament either through an oral statement or a written...