Financial Stability

I congratulate my right hon. Friend on his comprehensive and substantial set of proposals to restore confidence in the banking system, in which every citizen of this country has such a large vested interest. In particular, I congratulate him on his coup in obtaining a co-ordinated reduction in interest rates on a wide international scale, in which we know he played a leading role. As far as small businesses are concerned, I congratulate my right hon. Friend on the great measure that he has taken to provide liquidity and working capital requirements, which, as we all know from experience in our constituencies, is now very necessary. Only one point in his statement was not clear: are the shares that he proposes the Treasury have the right to subscribe to intended to be convertible? If not, I urge him to consider making them convertible, as that would ensure a further return to the taxpayer on another front.