The Minister has just told the House what we all learnt from the press on Friday: that the Secretary of State has had to climb down in a most humiliating manner by allowing the underwriters of the issue, not him, to decide whether to pull the issue in the event of a Gulf crisis. It is not normally the function of the Government to give up their role to underwriters from the City. Does the Secretary of State now agree that he has a moral duty to cease the "Frank N. Stein" advertising campaign, which is designed to lure in the financially unsophisticated? Does he accept that what is good for the City must be good for the Sids as well?
The Secretary of State will be retiring at the end of this Parliament: the man who sold tickets for the last trip of the SS Titanic did not get a good press, and nor will the Secretary of State unless he agrees to cancel this disgraceful advertising campaign.