Via Parliament’s Order of Business for Monday 29 November 2010, we see the terrain of the the banking debate today.
Michael Meacher’s motion comes first, followed by Government and Opposition amendments. No doubt we shall be whipped to vote through the motion as amended by the Government.
1 BACKBENCH BUSINESS (10th allotted day) [Until 10.00 pm]
Mr Michael Meacher
That this House, concerned that no action has so far been taken which would prevent a recurrence of the financial crash, calls upon the Government to establish a clearing house for approval of all financial derivatives and to set in place alternative mechanisms to remove the implicit taxpayer guarantee, other than to purely deposit-taking banks, in the event of any future banking collapse.
As Amendments to Mr Michael Meacher’s proposed Motion (Banking Reform):
Mr Chancellor of the Exchequer
Mr Patrick McLoughlin
Justine Greening (b)
Line 1, leave out from ‘House’ to end and add ‘alarmed by the failure of the tripartite system during the financial crisis, welcomes the Government’s policy of reforming the regulatory architecture and applauds the swift action it has taken, alongside the Financial Services Authority and international partners, to strengthen both domestic and international prudential regulation.’.
Mr David Hanson
Line 2, leave out from ‘to’ to ‘and’ in line 3 and insert ‘show stronger leadership in efforts to reform the supervision of derivatives in order to deliver improved transparency and risk disclosure’.
I shall try to speak, but since a debate of no more than three hours has been recommended by the Backbench Business Committee and since both Government and Opposition are all over it, who knows whether I shall get in?
In the meantime, I have prepared some remarks which are thoroughly Cobdenite.