City of London

I agree with the hon. Gentleman entirely. I have always been a great believer in competition. From the left, social democrat or so-called progressive side of British politics, we have been too easy on oligopolies or monopolies across a range of sectors. The energy sector is one and possibly the media sector is another. There is a danger in the finance sector now that these great institutions have been created and merged and some are run directly by the state. What follows on from them when they go back to the private sector? We have to think about competition concerns.