Financial Markets

I welcome the Chancellor's statement. The Treasury Committee has just returned from speaking to the Japanese authorities about what to do, and what not to do, in a crisis, in the light of their problems in the 1990s. Two clear messages emerged: first, clear and decisive action about investments is necessary, on which the Government are therefore to be congratulated today; and, secondly, early communication is essential if the public are to accept this investment in the banks, for their sake and that of the country. Will the Chancellor and his colleagues who represent the tripartite authorities accept my invitation to appear before the Committee and give more detail about the initiative, so that we can communicate it to the public, and it can therefore be accepted? Lastly, on recapitalisation, it is undoubtedly essential that the relationship between banks and the public as customers changes, and that banks face up to their new responsibilities. Does the Chancellor agree with that?