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Banking (Special Provisions) Bill

Part of the debate – in the House of Lords at 12:30 pm on 21st February 2008.

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Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords) 12:30 pm, 21st February 2008

If the noble Lord is bringing to my attention that the Chancellor of the Exchequer expresses himself more accurately than I am likely to do, of course I subscribe to that. What I sought to do last night was to reiterate exactly the point that the Chancellor of the Exchequer had made in the debate on Monday. I am grateful to noble Lords for giving me the chance to give that assurance.

I emphasise again that the powers that we are taking are triggered only in the most extreme circumstances. They are merely the actions of a prudent Government in difficult times creating legislation that will carry us over a temporary period. That is why the 12-month limit is there, because we intend to have in place the full banking proposals under a banking Bill, which we hope will become an Act, which will render the provisions in this Bill quite otiose. That is why they are limited powers.

I hope that the noble Lord will think that at last I have got round to his two amendments and will feel that he has created a most interesting debate, but can safely withdraw his amendments.