Banking (Special Provisions) Bill

I know that the hon. Gentleman is an expert on giving mortgages to people who cannot get them through normal channels. However, let me deal with his first point. I agree with the Chancellor of the Exchequer and, I think, with the deputy leader of the Liberal Democrats, that we have to accept, I am afraid—it is not a happy story for many small shareholders, particularly those in the north-east of England who received shares when the bank demutualised—that the value of the shareholders' shares is very low, and they would be worthless without the Government support back in September. Let me be clear about our proposal for a Bank of England-led reconstruction, which the hon. Gentleman mentioned in derogatory terms. That is exactly the procedure that we are all going to be asked to vote on for future bank rescues. I make a heady prediction that he will be trooping through the Lobby to support Bank of England-led reconstruction, which, by the way, would not double the liabilities of the taxpayer, as nationalisation will, would mean that the taxpayer comes first in the queue rather than last, and would not mean that the rest of the world looks to Britain and says, ““This is the country where they have nationalised a high street bank.””