Banking Reform

Part of Business of the House – in the House of Commons at 12:54 pm on 14th June 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 12:54 pm, 14th June 2012

The hon. Lady makes an important point about getting the balance right, but let us not forget that the banking crisis cost this economy £140 billion between 2007 and 2009. An unstable banking sector costs the economy dear: it costs jobs, it costs tax revenues and it costs families. The important thing is to ensure that we get the banking system right, so that it is stable and promotes growth, rather than allowing banks to let loose, grow their balance sheets unconstrained and take on risks that they do not understand, which is what happened in the lead-up to the financial crisis, when the shadow Chancellor’s system of regulation was in full swing.