Financial Stability

My hon. Friend raises a valid point. Memories can be short. In another 15 years, when there is another generation, there is that risk. That is why we have to make sure that our regulatory system is constantly kept up to the mark, to take account of the fact that markets change, practices change and people change. People forget what happened in the past, so it is important that we maintain a collective memory both in the private sector and also, I suspect, in the public sector. It is very important, and we need to make sure that the regulatory system helps us to do that. Companies themselves have a responsibility. The first line of defence against irresponsible risk taking ought to lie in the boardrooms of British companies, and directors of companies should never ever forget that.