Financial Crisis

Part of the debate – in the House of Commons at 3:56 pm on 20 January 2009.

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Photo of Philip Hammond Philip Hammond Shadow Chief Secretary to the Treasury 3:56, 20 January 2009

I do not know which of my comments the hon. Gentleman has interpreted in that way. We had little choice in this situation but to inject public funding into the banks most at risk. The Government cannot allow the UK banking system to fail, which is why the official Opposition supported the action that the Government took in October. It is not something that we were happy about, but it was necessary in the circumstances.