The hon. Gentleman is competing with me for the lengthiest intervention in Committee, but I think I am still winning from last week. He often makes good points, but sometimes he proceeds by assertion. That was mostly assertion, although it might be that we are not talking about the same thing. The Kay report, which looked at this in detail and was from a widely acknowledged expert, was crystal clear that significant detriment to savers and investors came from intermediation in UK financial services.
Richard Graham rose—