Financial Markets

My Lords, I welcome the Government’s Statement and, in so doing, draw attention to two aspects of the scheme last week which understandably will not necessarily hog the headlines today. I declare an interest: I hesitate to say this to the noble Lord, Lord Newby, but I earn my living in the capital markets, so he may simply flay me when we go outside. The two important measures—the credit guarantee scheme and the extension of the special liquidity scheme—have been exceptionally important. The leadership that my right honourable friend the Prime Minister has shown other countries has been really important. I take issue with the noble Baroness, Lady Noakes, when she said that the action taken last week plainly had not worked. Although one swallow does not make a summer, I draw her attention to a 7 basis points reduction in the LIBOR rate today, which is the largest—