LIBOR (FSA Investigation)

David Rutley Excerpts

Monday 2nd July 2012 Commons Chamber

[Mr Osborne]

There will be no constraints because of cost.

[David Rutley (Macclesfield) (Con)]

Does my right hon. Friend agree with the view expressed a few years ago that

“nothing should be done to put at risk a light-touch, risk-based regulatory regime”?

Is this not further evidence of the wishful thinking that is all too prevalent on the Opposition Benches?

[Mr Osborne]

My hon. Friend is right. I remember sitting at the Mansion House listening to the former Chancellor, the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown), telling us in 2007 about the golden age of the City, just before the City imploded.