Topical Questions

Part of Oral Answers to Questions — Treasury – in the House of Commons at 11:30 am on 10th September 2013.

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Photo of Peter Tapsell Peter Tapsell Father of the House of Commons 11:30 am, 10th September 2013

Yes—you! [Laughter.]

Given that Sir John Vickers has just warned us that British banks are still seriously under-capitalised, does my right hon. Friend now accept that ring fencing, whether electrified or not, cannot be relied on to provide adequate protection for depositors and businesses in the event of another banking crisis? Will he therefore give further thought to the proposal, supported by Mr Paul Volcker and Lord Lawson, for the total separation of the commercial and investment banking sectors?