The three speeches/headings immediately before - 1 earlier: Gordon Brown
For 12 years the Conservative party asked us to deregulate. It asked us to have less regulation. It opposed the Financial Services Authority. It wanted us to deregulate, but I believe that the answer we must take from the crisis of the last few years is that we need to have global supervision of our financial institutions, and that is what I want to talk about today. Last year, we were prepared to take unprecedented action to support our banking system. We nationalised Northern Rock, and we took action to buy shares in RBS and Lloyds TSB. We also took action to underpin the whole banking system with emergency legislation that was repeated throughout the world. Let us be clear: the banking sector is vital to the future of our country, helping supply the money that is needed for homes, businesses, investments and protecting savings, but the banks and financial institutions must understand that a return to their old ways is impossible. Our financial services Bill, which we will publish in the next few days, will ensure that the salaries and bonuses paid to bankers are now consistent with the effective management of risk and the rules set out by the Financial Stability Board internationally, and are fair to the general public of the United Kingdom. Our Bill will automatically make any remuneration contract that contravenes the rules void and nullified. - 2 earlier: Rob Marris
I am grateful to the Prime Minister. Would he say with the benefit of hindsight, given the world recession, that there was too much intervention and too much regulation, particularly in the financial services sector, and that government was too big, or would he say that there was too little regulation and too little intervention in that sector? - 3 earlier: Gordon Brown
I will.
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