David Mowat
Main Page: David Mowat (Conservative - Warrington South)Department Debates - View all David Mowat's debates with the HM Treasury
(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
Of course, it is important that the regulator, including the Bank of England, is accountable to Parliament for its actions, and has to answer for its actions, while at the same time—and I think that there is cross-party support for this—we maintain the independence of the Monetary Policy Committee and the Governor in his role. The Financial Services Bill includes many new tools to increase accountability to Parliament and to the public. In the White Paper that accompanied publication of the Bill, we set out further changes that we are making in the House of Lords to increase that accountability.
David Mowat (Warrington South) (Con)
Had price fixing on that scale taken place in other industries, under competition law, a fine of multiples of turnover could have been levied. Will the Chancellor tell us whether there is any possibility of a further fine, because £60 million is not a great deal to Barclays?