John Redwood
Main Page: John Redwood (Conservative - Wokingham)Department Debates - View all John Redwood's debates with the Wales Office
(14 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Deputy Prime Minister
As the hon. Gentleman knows, there is a lively debate about the relationship between retail banking and investment banking. The former Chancellor has made his own views very clear from his party’s Front Bench: he does not think that there is a case for separation. The Liberal Democrats believed in opposition that there should be a separation, and a debate is now taking place within Government.
We have asked Sir John Vickers to chair an independent commission, which will consider how we can ensure that there is safety and stability in our banking system for good. That action was not taken by the last Government. We will look at the commission’s recommendations, and then decide.
Mr John Redwood (Wokingham) (Con)
Given that in the last year of the Labour Government they spent £10,000 for every man, woman and child in the country on current public spending, and given that that will go up to £11,500 a head over the five years of this Government under Budget plans, is it not clear that the coalition Government can get through without any damaging cuts to important public services?
The Deputy Prime Minister
As my right hon. Friend well knows, the challenge of balancing the Budget and filling the huge black hole left to us by Labour is, indeed, very difficult. That has, of course, been recognised by Tony Blair in his recent book, where he has said:
“if governments don’t tackle deficits”—[Interruption.]