The Financial Services Crisis of two years ago that resulted in the Government having to bail out the banks is now part of this country's economic history, but the structural deficit with which we have to deal, which will be the Government's legacy, has little direct relationship to that crisis.

We have only to remember the Crisis in the Financial Services in Scotland in 2009, when both our major banks, RBs and the Bank of Scotland, were bailed out to the tune of 211% of the GDP of Scotland.

I note that the noble Lord also, in his typically selective choice of argument, talks about the last Government of Iceland, not the present one, whose Prime Minister himself made the point to our Prime Minister that they were perfectly happy outside the EU because they had all the fish and, I say to the noble Lord, Lord Davies of Stamford, the opportunity to deal with Their Financial Services Crisis as they saw fit, which did not involve bailing out the bondholders and the bankers, and very successful they have been.