Banking (Special Provisions) Bill

Members in all parts of the House should recognise the importance of protecting the taxpayers' interests. That is why we have made detailed assessments of the different options throughout this process. We must continue to safeguard financial stability, but we must also secure the interests of the taxpayer. Let me tell Opposition Members that presenting different options which do not stack up and which unravel in the end, resulting either in administration and a sell-off that is against the interests of the taxpayer or in nationalisation by another name, is simply disingenuous. We have had a serious debate about Northern Rock's difficulties, but we have also debated the need to secure the financial stability of the wider banking system. I wish Opposition Members would acknowledge that that is the overall purpose of the Bill. The financial stability of the banking system is not something that we should ever take for granted: it is something about which we should always be vigilant. The consequences of losing it would be devastating for people throughout the country. That is why it is important to protect it, and important for us to present the Bill now. I hope that Members will stop playing politics with the banking system and its stability, and will recognise the advantage to us all of achieving a secure deal and a secure future for Northern Rock.