Oral Answers to Questions

Richard Bacon Excerpts

Wednesday 19th December 2012 Commons Chamber

[The Prime Minister]

The Labour party will have to swap “Wallace and Gromit” and have “The Muppet Christmas Carol” instead. I have one suggestion—full of Christmas cheer. Everybody knows that the shadow Chancellor does a brilliant job playing Santa at the Christmas party every year—[Hon. Members: “Hear, hear!”] He does an excellent job. Why not give everyone an early Christmas present, make the arrangement permanent and give him the sack?

[Mr Richard Bacon (South Norfolk) (Con)]

rose—[Interruption].

[Mr Speaker]

Order. The House should hear the voice of Bacon.

[Mr Bacon]

Thank you, Mr Speaker.

Does the Prime Minister agree with the increasing number of informed commentators who believe that the ring-fencing of the investment banking subsidiaries of commercial banks will not work properly, and that complete separation is required?

[The Prime Minister]

The Government have looked at this carefully. We commissioned the Vickers report, which came up with the idea of ring-fencing, which was right. The key is that we want to ensure that, if a bank fails, it can fail safely, without taxpayers having to stump up the money to sort it out. That would be a major advance, and something the whole country would support.