Banking Bill

I am sure that we can debate that issue in Committee. However, I would not like my hon. Friend to think that the Government did not give the issue extensive consideration when we came up with our proposals. In summary, the Banking Bill will be a permanent piece of legislation that will provide a set of measures to enhance the UK's framework for financial stability, now and for the future. The Bill is a key element of enhancements to the UK framework for financial stability and depositor protection, but it is only a part of the story; the Government have also taken action in other areas. As the House will be aware, the Chancellor yesterday announced a £37 billion bank recapitalisation package. In addition, we have extended the special liquidity scheme to £200 billion, and are providing up to £250 billion in bank debt guarantees. We are not out of the woods yet, but we have a map, and we have friends who have joined us on the path. We still face a difficult journey, but I believe that we are moving in the right direction. It is important that we get the legislation right, so that it complements the strong, decisive action that has been taken by the Chancellor and the Prime Minister. I am determined that Parliament should have adequate time extensively to scrutinise and debate the provisions. We will work with the House, and in the other place, to gain Royal Assent for this crucial legislation in a timely manner. Question put and agreed to. Bill accordingly read a Second time.