Businesses and the Regions

I beg to move,"That this House has considered the matter of businesses and the regions." It is right that we discuss how the current economic situation is affecting business in the great regions and cities of our country. In recent months, we have experienced what the International Monetary Fund has described as"““the largest global financial shock since the Great Depression””." Last week, the Governor of the Bank of England said:"““Not since the beginning of the First World War has our banking system been so close to collapse.””" The crisis facing us is global, interconnected and unprecedented in recent times. The depth and global nature of the crisis means that it affects not only the City of London and the financial markets but the wider economy. A properly functioning banking system is the vital foundation stone for a thriving wider economy. When we do not have that, as we have not in recent months, businesses find it hard to gain access to finance, investment decisions become more difficult, and confidence declines.