Banking Commission Report

Part of Oral Answers to Questions — Defence – in the House of Commons at 4:58 pm on 19 December 2011.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 4:58, 19 December 2011

It is precisely to avoid a procyclical impact that the backstop for capital requirements is 2019, so there is quite a long timetable, which is consistent with the Basel agreement, but the hon. Gentleman is of course right to point out—indeed, the shadow Chancellor made this point—that the current situation in the eurozone is causing a stress on bank funding around the world. It was good to hear the shadow Chancellor acknowledge at the end of his remarks that the biggest single threat to British businesses, as I think he put it, is the current eurozone crisis, which is an analysis we share.