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Clause 39

Part of Banking Bill – in a Public Bill Committee at 12:15 pm on 11th November 2008.

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Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury 12:15 pm, 11th November 2008

The actions that the Government have taken with regard to Bradford & Bingley are entirely right, and those who look at these matters from outside welcomed them. It is not helpful to try to retrofit the experience of Bradford & Bingley into the Bill’s deliberations, although I am being invited to do so. The key learning points have been that the speed of events and the uncertainty that often arises require the flexibility to take action and the ability to transfer back, with safeguards in place, so that if a deal is done with a private sector purchaser, we will not go back on it. Being absolutely decisive and certain in that is helpful. The measure is designed to allow successful resolutions in the future, and I hope the amendment is agreed to.