Banking Reform

Jason McCartney Excerpts

Monday 4th February 2013 Commons Chamber

[Greg Clark]

The hon. Gentleman is right: we need to protect the ring fence from the ingenuity of the lawyers who are sometimes in the vicinity. The history of financial regulation shows that banks have been able to discover ways of circumventing the rules, which is why we have given the regulator robust powers to insist on the full separation into retail and investment of any bank that makes any attempt to breach those rules.

[Jason McCartney (Colne Valley) (Con)]

Can the Minister confirm that, under this Government, the taxpayer will never again be required to bail out the banks while a minority of bankers are picking up huge bonuses?

[Greg Clark]

I agree with both parts of my hon. Friend’s question.