The Economy

My right hon. Friend is completely right. One of the most ridiculous positions that the Government have got themselves into, which all Labour Members will be defending come the general election, is that the system of financial regulation that allowed the collapse of the UK banking system does not need to be changed. That is what they will go into the general election defending, whereas we argue that the Bank of England should have back the powers to monitor overall levels of debt in the economy so that we do not repeat the mess that the Prime Minister has visited on us.