Reforming Financial Markets

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 12:33 pm on 8th July 2009.

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Photo of John McFall John McFall Chair, Treasury Committee 12:33 pm, 8th July 2009

The Treasury Committee has made a detailed examination of the banking crisis. It found nothing wrong with the architecture of the tripartite authority, but a lot wrong with the warnings given by the Bank of England and the FSA, which were too weak. I therefore welcome and the establishment of the proposed council for financial stability. We need it to have strength and grit, and I am looking for reassurance from the Chancellor in that regard.

At the core of the matter is the restoration of trust and confidence. Will my right hon. Friend support the establishment of a banking commission, with a membership of lay people and not those representing narrow City interests? That would ensure that the future of the financial sector served the wider needs of society and individuals, and not just the City's narrow needs.