Oral Answers to Questions

Peter Tapsell Excerpts

Wednesday 14th September 2011 Commons Chamber

[Sir Peter Tapsell (Louth and Horncastle) (Con)]

Was my right hon. Friend taught, at whatever school he happened to attend, that one of the key functions of Parliament over the centuries has been to diminish what the historians have called the overmighty subject. In the 18th century—[Interruption.]

[Mr Speaker]

Order. I want to hear the hon. Gentleman’s views about the 18th century.

[Sir Peter Tapsell]

In the 18th century, it was the Indian nabobs, denounced by Edmund Burke. In the 19th century, it was the ruthless industrialists, humanised by Shaftesbury. In the 20th century, it was the trade union leaders, tamed by Lady Thatcher. Today, the overmighty subject is the bankers. In the United States, the federal authorities are prosecuting a wide swathe of the top banks. When will that happen here?

[The Prime Minister]

My right hon. Friend obviously had a much better education than I did; that is apparent. Also, it was very good to hear him say something very positive about Margaret Thatcher. The serious point that my right hon. Friend makes is right: we do need to see responsibility from our bankers. I support what Vickers has said in terms of the reforms that we need, and to answer my right hon. Friend’s question directly, if people break the law, no matter where they come from or who they are, they should face the consequences and be punished.