Banking Failure

Part of Oral Answers to Questions — Scotland – in the House of Commons at 11:30 am on 4th May 2011.

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Photo of David Mundell David Mundell The Parliamentary Under-Secretary of State for Scotland 11:30 am, 4th May 2011

I could not agree more with my hon. Friend. It is interesting that as we enter the Scottish Parliament election period, the Scottish National party appears to have forgotten its proclamation about the arc of prosperity and Scotland’s wish to join the economies of Ireland and Iceland. The First Minister, Alex Salmond, also appears to have forgotten saying in the 2007 campaign:

“We are pledging a light-touch regulation suitable to a Scottish financial sector with its outstanding reputation for probity, as opposed to one like that in the UK, which absorbs huge amounts of management time in ‘gold-plated’ regulation.”