Jesse Norman
Main Page: Jesse Norman (Conservative - Hereford and South Herefordshire)Department Debates - View all Jesse Norman's debates with the HM Treasury
(11 years, 9 months ago)
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Mr Osborne
Of course, I congratulate Swansea on its victory in the Capital One cup.
We have to take difficult decisions on things like welfare, but we are helping people to have incentives to be in work, helping people who are in work and supporting people by, for example, increasing the personal allowance and taking the lowest-paid out of tax altogether. I would hope that the hon. Gentleman supports that.
Jesse Norman (Hereford and South Herefordshire) (Con)
The Chancellor has rightly drawn attention to the effect of deleveraging. May I remind him that the average leverage ratio for the banks in the 40 years between 1960 and 2000 was 20 times, and that between 2000 and 2007 it rose to 50 times? Will he remind us which party was in government at that time and who was the Minister for the City?
Mr Osborne
We are now looking, through the Basel agreement, at a leverage ratio as a back-stop to regulation in this country, and of course we have the Financial Services (Banking Reform) Bill coming through Parliament better to protect and regulate our financial services. My hon. Friend is quite right to remind us of who was the City Minister when the City blew up.