Banking (Responsibility and Reform)

Debate between Chuka Umunna and John Robertson

Tuesday 7th February 2012 Commons Chamber

[Mr Umunna]

I do not believe that that is what the report on RBS said. I did concede earlier that the Opposition accept that, in office, we should have better regulated the sector. I also think that Government Members who urged us towards a light-touch regulatory regime should accept that they, too, were mistaken.

[John Robertson (Glasgow North West) (Lab)]

Does my hon. Friend agree with me and some of my constituents who have been in touch that the one thing that is lacking in the current crisis is leadership? That was not the case a few years ago when my right hon. Friend the Member for Kirkcaldy and Cowdenbeath (Mr Brown) led the way.

[Mr Umunna]

I agree with my hon. Friend and thank him for correcting my pronunciation of the constituency of my right hon. Friend the Member for Kirkcaldy and Cowdenbeath.

It is worth taking our minds back to the months leading up to April 2009, when the former Prime Minister went around the world galvanising support and encouraging people to attend the summit. It is worth noting that President Obama of the United States was not planning to attend the G20 conference in London, but in the end many people came here and the conference achieved great things and helped to secure the system. That was, indeed, leadership.