We have had a long, well-informed debate, and I pay tribute to Members on both sides of the House, particularly the members of the Parliamentary Commission on Banking Standards, for their contributions. I am disappointed, however, that the Government are still saying simply that they will think about these things and look into them. The Bill will leave this House in the same thin state in which it arrived. In protecting taxpayers’ best interests, it should not be viewed as asking for the moon on a stick to request a proper report and an options appraisal of what to do with state-owned assets. It is very important that, at the very least, we have a thorough appraisal.
4.15 pm
The Minister made all sorts of warm noises towards regional and local banking, but as the saying goes, warm words butter no parsnips. The Government have, in fact, ruled out any options appraisal for regional banking in the particular instance of RBS, so I think the proof of the pudding, to mix my metaphors, will be in the eating.
The Government are not doing what is necessary to get the proper competition we need to help the challenger banks and to break open the number of players in the market. The Minister said, “Well, the OFT is doing various amounts of work, and we should wait to see how it can cope with all the other changes in the banking sector”. It is always a case of this Minister kicking the can further down the road yet again. It is never “now”; always “let us wait and see”. It is just not good enough. We need a more competitive banking system, so I shall press new clause 8 to the vote.
Question put, That the clause be read a Second time.