Northern Rock and Banking Reform

I, too, congratulate both the Chair and the members of the Treasury Committee. We know that my right hon. Friend the Member for West Dunbartonshire (John McFall) works us hard and works himself far too hard. He has steered us through, and achieved a consensus on, a very controversial matter, which is no mean achievement. I also congratulate the Committee's staff, about whom I would like to speak to the Deputy Speaker and the House authorities through this debate, if I may. The hon. Member for Twickenham (Dr. Cable) was a bit grudging about the Treasury Committee reports, but they would be even better if we had more staff. I am amazed at the quality of the reports and the amount of work that the Committee does with such a small number of dedicated staff, and I fear that we exploit their dedication. I think that view is shared by others. The Treasury Committee—this probably applies to Select Committees as a whole—is a very useful institution and a very valuable instrument, certainly in this place, where it is the Cabinet or nothing and where no debate and no policy examination is encouraged. I am not making a point about our Government, because this applies to every Government, but I almost think that the Select Committees are deliberately understaffed and under-resourced—and that applies to the Treasury Committee in particular. The hon. Member for Twickenham was grudging, but probably right, about the report. The questions he asked were accurate, but I would advise his two colleagues sitting opposite me to have a quiet word with him. It would be wonderful if someone ever volunteered information to the Committee. I remember once asking bank representatives how much they made out of credit cards and their response was, ““We don't tell the shareholders, so we're not telling you.”” Even in respect of this exercise, I can remember an infamous occasion when I was more than bad tempered with a Governor of the Bank of England.