Banking (S.I., 2008, No. 432)

I understand the hon. Gentleman's enthusiasm for spending money in his region, but that is not the point. I am trying to make a point not about whether a company should distribute money that it does not have, but about the fact that the Government have made a determination that Northern Rock, which is being nationalised and is owned by the Government, will make that payment—but from where? It must come from the taxpayer in the first year, because the company is not generating the profit that it would have distributed under the previous arrangements. In conclusion, I urge the Chief Secretary to think again, before we vote on this issue, about whether or not the Government are really in a position to allow taxpayers' money to be put at risk in the way that they have. I urge her to think again about the prospect of introducing a banking reform proposal that would have allowed an orderly administration to take place under Bank of England supervision, which is what will happen if another bank gets into difficulty next time.