Charles Walker calls on the Government to take some responsibility for the banking crisis and the failings of the regulatory bodies that are meant to oversea the banking sector.

Mr. Charles Walker (Broxbourne) (Con): One of my concerns is the fact that the Government are positioning what has happened as purely a failure of the banking sector. They have had financial stewardship of this country for the past 11 years. Surely they must take some responsibility for getting us into this position and for the failings of the regulatory bodies that are meant to oversee the activities of the banking sector.

Mr. Tyrie: I strongly agree. It is important that we alert people to the myth that is being propagated, which is that, somehow, this crisis blew over on a transatlantic breeze. Of course, it was partly made here as a result of excessive borrowing by the Government, the corporate sector and individuals.

...

Charles Walker calls for more than the 90 minutes allocated to debate this important issue.

AND ON A POINT OF ORDER AT THE CLOSE OF THE DEBATE

Mr. Walker: On a point of order, Madam Deputy Speaker. Yesterday, the Government announced they were taking £500 billion-worth of taxpayers' money to bail out the banking sector, which failed under their watch, yet today we have had a miserable 90 minutes to debate the consequences. This bail-out alone could cost my constituents in Broxbourne £750 million, the same as constituents in Burnley, Bolton, Barnsley and Bury. How can you help us, Madam Deputy Speaker, to persuade this Government to give Back Benchers from all parts of the House more time to debate and discuss these important matters?

Madam Deputy Speaker: Order. I understand the frustration of Members who have been present in the Chamber today and who wanted to make a contribution. The length of this topical debate is limited to 90 minutes, but I think it is safe to say that this will not be the last time that matters of financial stability are discussed in this Chamber in the next few weeks.

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