Oral Answers to Questions
Debate between Mark Hoban and Andrew Selous(13 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hoban
The previous Prime Minister thought that what we now know to have been the longest and deepest recession since the war would be over in six months. That demonstrates the degree of delusion that existed under the previous regime. We are taking the tough and necessary decisions to tackle the legacy that we have been left by our predecessors.
Andrew Selous (South West Bedfordshire) (Con)
13. What recent assessment he has made of the effects on the economy of the public sector borrowing requirement.
Oral Answers to Questions
Debate between Mark Hoban and Andrew Selous(13 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hoban
My hon. Friend makes an important point. Of course, part of the problem was that the light-touch regime introduced by the previous Government for the regulation of the financial services sector meant that, when losses rose, banks did not have sufficient capital to absorb them. The Basel III reforms will tackle that challenge, and I hope that we will see a stronger and more sustainable financial sector.
Andrew Selous (South West Bedfordshire) (Con)
T1. If he will make a statement on his departmental responsibilities.