Chris Mullin

Was not the real problem the fact that both the main parties bought in to the myth of light-touch regulation? Indeed, the hon. Member for Tatton (Mr. Osborne) was still making speeches about the need for more light-touch regulation long after it ceased to be fashionable.

— from debate entitled “Debate on the Address — [1st Day]”

The three speeches/headings immediately before

  1. 1 earlier: John McFall

    No, I do not think so. The regulator realised just how moribund it was in that situation. Lord Adair Turner acknowledged that in his report in March. The chief executive of the Financial Services Authority, Hector Sants, has also acknowledged it. I would like to see those powers being used by the FSA. However, the right hon. and learned Gentleman has made a point that was not covered in his speech, about closer co-operation between the Bank of England and the Financial Services Authority. If we want to ensure that we get through this economic crisis, we should not go for wholesale institutional change. Rather, we should bring the two institutions closer together. I well remember when the Governor of the Bank came before the Committee and I asked him who was in charge. He asked me to define what I meant. That is the issue.

  2. 2 earlier: Michael Howard

    The regulator on that occasion was the Financial Services Authority. The Gracious Speech proposes to give yet more powers to the FSA. Is not that a reward for failure?

  3. 3 earlier: John McFall

    I see that the right hon. Gentleman agrees with me.

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