"I very much agree with that argument. Again, I assure the hon. Gentleman that I will return to that matter later in my speech. He is absolutely right that the reason is the greater returns that the banks can get from the housing and rental sector. Our rental sector, which …..." Michael Meacher - View Speech
The banks have been encouraged by that provision into much more risky, even reckless, investment, especially in the case of exotic financial derivatives—..." Michael Meacher - View Speech
"Members are beginning to queue up to intervene, but let me finish my point first.
The banks have been encouraged even to the point at which after the financial crash of 2008-09 the state was obliged to undertake the direct bail-out costs of nearly £70 billion as well as to …..." Michael Meacher - View Speech
"As always, I am grateful for the intervention from the hon. Gentleman—let me call him my hon. Friend, as I think that on this issue he probably is...." Michael Meacher - View Speech
"One at a time, please. I was going to say a little bit more than that I had sympathy with what the hon. Member for Clacton (Douglas Carswell) said.
I will argue that the capacity to regulate an increasingly and exceedingly complex financial sector is not the proper way, and …..." Michael Meacher - View Speech
"I am neither for nor against. I am making the point that the arrangement encourages the banks to increase their risk taking. If they are caught out, for each depositor £85,000 is guaranteed by the state. I agree with the hon. Member for Wycombe that we need much wider structural …..." Michael Meacher - View Speech
"Public ownership of the banks is a significant issue, but I am not going to propose it in my speech. It would be a mistake to return RBS and Lloyds to the private sector, and the arguments about Barclays and HSBC need to be made, but not in this debate. …..." Michael Meacher - View Speech