We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.Donate to our crowdfunder
The hon. Gentleman makes an important point. He reminds me to correct something that the shadow Chancellor seemed to say on Second Reading. The shadow Chancellor seemed to be working under the assumption—I do not know if the hon. Gentleman is working under the same misunderstanding—that conduct issues are within the Bank of England’s responsibility. The Financial Conduct Authority will be separate from the Bank of England; it will be independent and outside the Bank of England group. It will have its own board, its own chairman and its own chief executive. Conduct issues are clearly outside the Bank of England group. [ Interruption. ] The quizzical look on the hon. Gentleman’s face suggests that that is new information.