Financial Services Bill

I agreed with the Chancellor when he said that the difficulty was not the structure but whether someone takes their eye off the ball—but I hope that he can explain something. We have had Bank of England stability reports for 20-odd years. The stability report immediately before the crash in 2007 said:""The UK financial system remains resilient…well capitalised and highly profitable."" It referred to""strong flows into riskier assets"" and "structural developments", but it said that there had been an increase in""the risk-bearing capacity of the system."" The entire document was filled with such comments and contradictions. So irrespective of the structure, how can the Chancellor ensure that we do not get a document from the new Council for Financial Stability that takes its eye off the ball like that, or glosses over very real risks once they are identified?