Financial Stability

The hon. Gentleman knows very well that there is a lot of uncertainty in the market at present, but I hope that the measures will help. It will be helpful if our action is complemented by action taken in other parts of the world. One of the reasons why I attach so much importance to the meeting of the European Finance Ministers yesterday and the G7 meetings this weekend is that countries can do a lot themselves. Our interbank rate is lower than the United States' rate at the moment, and obviously we would all like to see it lower still, but it is important that countries—especially the larger developed economies—act together in relation to both the banking system and their wider economies. It is all about restoring and building confidence.