Banking Reform Debate

Notwithstanding the talking out of the Financial Services (Regulation of Deposits and Lending) Bill on Friday as predicted here, it appears that a new 3 hour debate on banking reform has been scheduled for Monday, 29th November 2010.

Michael Meacher MP (Labour, Oldham West & Royton) has prompted the debate with this motion:

"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."

We understand that the two Tory sponsors of the above Bill, Douglas Carswell (Conservative, Harwich & Clacton) and Steve Baker (Conservative, Wycombe), will be contributing to the debate.

How deliciously apolitical of them all!

Posted by C for Apolitical Dave.