Part of the debate – in Westminster Hall at 4:00 pm on 12 July 2012.
My hon. Friend is making an absolutely magnificent speech. He has reminded me that, in his Bagehot lecture, the Governor of the Bank of England said:
“Of all the many ways of organising banking, the worst is the one we have today.”
I am sure that my hon. Friend can be assured of Sir Mervyn King’s support.