(12 years, 11 months ago)
Commons ChamberThe 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.
13. What recent assessment he has made of the effects on the economy of the public sector borrowing requirement.
(13 years, 6 months ago)
Commons ChamberMy 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.
T1. If he will make a statement on his departmental responsibilities.