Financial Services Bill

Part of Oral Answers to Questions — Home Department – in the House of Commons at 5:48 pm on 6th February 2012.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 5:48 pm, 6th February 2012

I hear the right hon. Gentleman’s criticism of our proposals, but what is his response to what my predecessor says? He has written:

“The whole system depended on the chairman of the FSA, the Governor of the Bank and the Chancellor seeing things in exactly the same way. The problem was that, in September 2007, we simply did not see things in the same way.”

My predecessor, who went through the banking crisis, says that he was dealing with a system in which differences of opinion were not accommodated. The system could not adapt to them, and there was no power of override. What is the shadow Chancellor’s response to my predecessor’s criticism?