Banking (Special Provisions) Bill

As the House knows, my colleagues and I support the Bill because it was our idea in the first place. We argued some months ago that the House should have discussed such a measure. There is a debate about whether it could have been more narrowly focused; we understand that the argument is as much about parliamentary procedure as anything else. It would be better if the measure dealt only with Northern Rock, but I understand why it is probably procedurally necessary to have such a Public Bill, which does not suffer from the hybridity problems that could delay it here longer. However, if we are to have this Bill, it must be properly debated, as I made clear yesterday. It is just not reasonable to ask the House to deal with everything today: Second Reading to debate the principle, the Committee stage to consider amendments—people may have thought of them already or decide that they are appropriate when they have heard the main debate—then Report and Third Reading. It would be entirely possible, as well as compatible with what the Chief Secretary rightly said and we agree with—the Bill should be passed into law by the end of this working week, so that there is an end to the uncertainty and paralysis of Northern Rock—for us to give the Bill proper scrutiny. This House is regularly bounced into timetables on legislation that are not justified by the facts. It is quite possible to have an agreed programme for the Bill that would clear its stages in the House tomorrow, allow it to go to the Lords tomorrow and Thursday, and allow us to deal with it later, without the programme motion before us, as I made clear to the Leader of the House yesterday. I have two final points. First, the Lords will certainly have amendments; it is not conceivable that on a Bill of such breadth there will not be amendments later in the week. That means that there will rightly be further work for the House of Commons to do. Therefore, it is further nonsense that we are giving ourselves just one hour to deal with any arguments that may emerge in the House of Lords, any of the points made and not answered, and any of the commentary made by the informed press, the City, the financial world, the shareholders, and people in the north-east and elsewhere. To think that we can do that work, with any amendments from the Lords dealt with, in one hour on Thursday is treating the House just disgracefully. I ask the Chief Secretary, the Chancellor and the Leader of the House to respond to the mood not only on the Liberal Democrat Benches, but in all parts of the House. If we are going to take the business under the national umbrella, as we now have to, and ensure that the shareholders, investors, future investors and above all the taxpayer have a properly secured measure, the Bill may be allowed to go through, but not on this timetable. I hope that colleagues in all parts of the House will say no to the timetable and give this place a proper chance to debate the Bill.