Economic Recovery

Part of the debate – in the House of Commons at 12:16 pm on 22nd October 2009.

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Photo of Ian Pearson Ian Pearson Economic Secretary, HM Treasury 12:16 pm, 22nd October 2009

The Government have already taken steps internationally and domestically, through regulation by the Financial Services Authority, to deal with the banking crisis. The Governor of the Bank of England, the Treasury and the FSA-the tripartite authorities-are absolutely committed to ensuring that we do not return to the past. We have said very publicly that it cannot be business as usual for the banks. In his speech on Monday, the Governor posed some interesting questions as part of a general debate. We have some differences of opinion on separation, but in essence there is not a lot of difference between what he is saying and what the Government believe in terms of the actions that are already taking place-and there is more action in the pipeline, as the hon. Gentleman will be aware.

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