Financial Markets

My Lords, as my noble friend knows and the whole House appreciates, nothing brings greater joy to No. 10 than praise from him on its economic strategy. I emphasise the important point that he has made: it is not just this Government but European Governments and the Government of the United States of America who stared into the abyss of financial institutional collapse and recognised that the only solution lay in public resources being made available for the necessary investment. I emphasise that the British model is investment in the banking system which guarantees that, in due course, the taxpayer gets a return on the strategy being pursued. I always accept the right of the Opposition to be critical, but they will be very hard pressed to construct a model that comes remotely near to challenging this one in its effectiveness and fairness for the British people.