Financial Services Regulation Debate

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Department: HM Treasury

Financial Services Regulation

Lord Mann Excerpts
Wednesday 16th June 2010

(14 years, 4 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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My hon. Friend is right. I was sitting in the Mansion House when the former Prime Minister, with great prophecy, announced that we were embarking in the summer of 2007 on a new golden age for the City of London. Unfortunately, as with everything else that was golden that the previous Prime Minister touched, that turned to lead.

Lord Mann Portrait John Mann (Bassetlaw) (Lab)
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What systemic risks specifically created the collapse of Lehman Brothers, and how does the Chancellor intend to regulate the top 10 large investment banks and protect the British economy against such collapses?

George Osborne Portrait Mr Osborne
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The risks around Lehman Brothers are well documented.