Oral Answers to Questions

Gregg McClymont Excerpts

Wednesday 8th September 2010 Commons Chamber

[The Deputy Prime Minister]

Like, I suspect, many Members in all parts of the House, I was deeply shocked by the pictures of the offence that was perpetrated by the police officer. I also share people’s dismay that action was not taken more speedily. However stressful the conditions in which police officers work, it is absolutely essential that they uphold the very high standards of their own conduct in all circumstances, and that was clearly not the case in this instance. I am glad that action is finally being taken, although, like my hon. Friend, I wish that it could have been taken earlier.

[Gregg McClymont (Cumbernauld, Kilsyth and Kirkintilloch East) (Lab)]

Q2. This morning the Business Secretary reaffirmed his commitment to the separation of high street banking from casino banking. Does the Deputy Prime Minister agree that that separation is essential to ensuring that the British taxpayer need never again bail out banks that are too big to fail?

[The Deputy Prime Minister]

As the hon. Gentleman knows, there is a lively debate about the relationship between retail banking and investment banking. The former Chancellor has made his own views very clear from his party’s Front Bench: he does not think that there is a case for separation. The Liberal Democrats believed in opposition that there should be a separation, and a debate is now taking place within Government.

We have asked Sir John Vickers to chair an independent commission, which will consider how we can ensure that there is safety and stability in our banking system for good. That action was not taken by the last Government. We will look at the commission’s recommendations, and then decide.