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Clause 7

Part of Banking Bill – in a Public Bill Committee at 9:45 am on 6th November 2008.

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Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury 9:45 am, 6th November 2008

We can probably say that the relationship between the Bank of England, the FSA and the Treasury has been forged in battle over recent months. Extensive and close consultations have been held. I do not think that circumstances could arise in which the FSA would pull the trigger without knowing what the Bank or the Treasury was going to do. There is close co-operation, and I do not doubt that it will continue.