Banking (Special Provisions) Bill

If the hon. Gentleman had read the newspapers yesterday, he would have seen that although the top headlines were critical of nationalisation, almost every writer on the inside pages said that nationalisation is the best alternative to protect taxpayers' interests. It is folly for the hon. Gentleman to consider otherwise, and to think that we should accept a bid from Virgin or others on the basis that the share price will double and they will then start paying money back in 10 or 20 years. Is that a good deal? Of course it is not. We only need two clear eyes to see that. In due course, the Government must spell out the criteria they will use in judging when to privatise Northern Rock. I expect that the Treasury Committee will continue to monitor that when Ron Sandler and others appear before us, and we will try to make sure that the Committee carries out its objective, as laid down by the House, of ensuring true accountability.