Financial Stability

I am sure that my right hon. Friend shares the joy of the whole House that the shadow Chancellor has managed to wipe that perpetual smirk from his face. May I put it to my right hon. Friend that memories in the City are short? There is a danger—is there not?—that once this crisis has blown over, although it may take some time to do so, old habits will be reverted to. He may recall that in the 1970s the building societies got themselves into similar trouble, although not quite on this scale, and had to be bailed out by the then Labour Government, but before long they were back at it again. What assurance can he give that the measures he takes to deal with the excesses of the past will make sure that they never recur?