Clause 156

Part of Banking Bill – in a Public Bill Committee at 2:45 pm on 23 October 2008.

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Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury 2:45, 23 October 2008

I certainly accept that we are taking the powers to enable us to do that in the future—and it is absolutely right to do so. I return to the principle: we fundamentally believe that banks should be paying up front, in case there is potential bank failure in the future. That is what our citizens would expect, and I think it is the right thing to do.