Part of the debate – in the House of Commons at 4:22 pm on 20 January 2009.
One of our problems is that we became fully involved in a way that I would roundly criticise, without exercising proper caution. There are questions to be asked about the regulatory framework, but we are not here to debate that. I have said the same in statements that I have made both publicly and in the House. The problem began with an attitude towards the banking system that originated with the Conservatives and, sadly, continued under our Government.
I am willing to speak at any time about the Financial Services Authority and the failings in regard to policies on regulatory reform, but that is not the context in which this debate is taking place. We are experiencing a crisis, and we have seen the collapse of the banking system. It has been an international rather than a national development, affecting economies at different levels, but the socialist-leaning economies of the Scandinavian countries seem to be more immune than others.