Let us look at what happens when the House goes into recess for 10 weeks: Russia goes to war, there is a Global Banking Crisis, stock markets are routed and inflation hits 5 per cent.

Of course there is a Global Banking Crisis but the way that it is hurting our economy is a direct result of economic management, or indeed mismanagement, of the last decade.

Why does the hon. Gentleman consider this to be a Global Banking Crisis, given that China, India and Japan - countries with colossal economies - have experienced nothing like the problems that the United Kingdom has experienced with the Royal Bank of Scotland?

It is a Global Banking Crisis that must be dealt with by global co-operation, and I am pleased that President Obama and others want to see that co-operation happen.

1 priority and concern of all of us, which is helping the British economy through the difficult and uncharted waters caused by a Global Banking Crisis.

In conclusion, we will continue with our dual approach to tackling the global downturn and its far-reaching impacts by working internationally to tackle its causes - the Global Banking Crisis and the lack of adequate funding in the global financial economy - and dealing fairly with its consequences here in the UK, providing the right support for people and businesses.

We will continue to deal with the impact of the Global Banking Crisis on the banking system, ensuring stability and rebuilding confidence, which is an important precondition to economic recovery.

This is a Global Banking Crisis, which we are dealing with through measures that in every case the Conservatives have opposed.

The banking practices mentioned by the Chancellor generated the highest yields, but they also generated a massive amount of risk, which ultimately led to a Global Banking Crisis and which we are no longer prepared to accept.

The hon. Gentleman has to realise that we and every other country in the world face the problem that something that started in the banking sector has led to a Real Global Banking Crisis, and that that has now spread into the wider economy.

In January, as the problems in the economy caused by the Global Banking Crisis became clear, we agreed with the Treasury that there should be an additional 17,000 apprenticeship places to cope with some of the increase in demand that was starting to emerge.

We had a Global Banking Crisis, and we had to deal with it.

Despite 10 years in power, even before the Global Banking Crisis started, more than 15% of our children-1.

Does he accept that the Global Banking Crisis stemmed from banks lending and creating bad and doubtful debts, which were then packaged up and called derivatives, or toxic debt?

I gather that after the Global Banking Crisis started, Her Majesty the Queen asked how nobody had seen that it would happen, given that it was so big.

Does the Chancellor agree that the real lesson that comes out of Ireland-he rightly identified similarities with our economy-is that the impact of the Global Banking Crisis added to a drastic programme of public sector cuts does not mean growth?

We all acknowledge the need for deficit reduction after the Global Banking Crisis.

In 2007-08 the deficit was 2 per cent of GDP; it was only the Global Banking Crisis that forced it up with its impact on tax receipts and increased public expenditure through the fiscal adjustment process.

The hon. Gentleman is wrong: the reason for the large deficit was the Global Banking Crisis, which cut corporation tax receipts by £40 billion in a year.

When the Global Banking Crisis hit, the Labour Government did not sit by hoping that something would turn up.

Jobs will be created in the recovery, but the challenge to replace all the jobs lost through public spending cuts, as well as those lost as a result of the unemployment remaining after the Global Banking Crisis and the impact of VAT, will be huge.

When there were huge economic challenges caused by the Great Global Banking Crisis, the Labour Government reduced VAT on fuel and on everything else-they did not put it up and worsen the situation, which is the policy of the parties on the Government Benches.

Of course, that was the year when the Global Banking Crisis was at its height.

Would not a separate Scotland simply not have been able to survive the Global Banking Crisis on its own, and if it had been separate would it not now be heading the way of Ireland and Greece?

The truth is that the country is facing difficult times because there has been a Global Banking Crisis that required strong and decisive action to avoid a global catastrophe.

Is it not the case that a separate Scotland would simply not have been able to survive the Global Banking Crisis on its own and that if it had been separate it would now be heading the way of Ireland and Greece?

” In the aftermath of the Global Banking Crisis and the MPs' expenses crisis, there is an urgent need to answer that question.

In the five years to 2007, the last year before the Global Banking Crisis, the credit crunch and the subsequent recession, there was year-on-year growth in house building, with more than 207,000 additional homes delivered in England in 2007 and the delivery of more than 250,000 additional affordable homes over the period of the Labour Government.

Asthe right hon. Member for South Shields (David Miliband) said, that trend started in 2004, well before Any Global Banking Crisis.

It was a Global Banking Crisis that has led to the deepest slump that we have experienced since the 19th century; it is the gravest banking crisis since 1825, as some economic historian friend of mine was telling me.

While my hon. Friend is on that theme, does he agree that there is a sharp contrast between the way in which companies such as Nissan, Toyota, Honda and BMW responded to the assistance that they were given after the Global Banking Crisis?

A few years ago, the Global Banking Crisis sent economic shockwaves around the world.

I do acknowledge that there were rail fare rises of RPI plus 1 under the previous Labour Government, but when times got tough after the Global Banking Crisis and financial crash, the last Government acted to protect commuters.

First, they said that the entire Global Banking Crisis was caused by Labour recruiting far too many nurses, doctors, teachers and police officers, and that the trigger for the world financial collapse - sub-prime mortgage defaults in the USA - was all Labour's fault.

The International Monetary Fund concluded that “the UK experienced an increase in the deficit as result of a large loss in output/GDP caused by the Global Banking Crisis and not even as result of the bank bailouts, fiscal stimulus and bringing forward of capital spending.

If the use of food banks were just a passing phase born out of the Global Banking Crisis and the recent years of austerity, we would not be seeing their growth in places such as Aberdeen.

I say to the noble Lord, Lord Shipley, that I do not think that many people on our side of the House sincerely dispute that cuts had to be made in 2010, because of the impact of the Global Banking Crisis on a very exposed UK economy.

I know that Government Members like to expunge history from their memory banks, but there was a Global Banking Crisis - I know this is a shock to some of them - which, from 2008 onwards, caused significant fiscal impact, which reduced revenues into the Exchequer and meant that tax rates had to be reappraised.

The idea that our Government caused the Global Banking Crisis is complete nonsense, given that the Conservatives were calling for deregulation year after year after year.

We had a Global Banking Crisis, but, as I recall, growth was 1% in the first quarter of 2010.

It must be said, however, that that investment is from a low base, and has inevitably been constrained by the consequences of the Global Banking Crisis.

It is clear, as the Institute for Fiscal Studies has said today, that the Global Banking Crisis had a devastating effect not just on this country's public finances, but across the world.

The reason Conservative Members are getting so irritated is that they do not like being reminded that it was a Global Banking Crisis.

As the hon. Member for Cardiff North explained, after the Global Banking Crisis had swept across the world like a tsunami and the tide had eventually ebbed, one of the critical risks that were revealed was the issue of the ability of organisations - in this instance, mutual insurers and friendly societies - to withstand, and have the capacity to absorb, difficult circumstances that might make a call on their capital.

My right hon. Friendthe Member for Edinburgh South West (Mr Darling) reminded us of the necessary steps he took after the Global Banking Crisis, which, of course, the Conservative party wants to airbrush from our recent economic history.

The Global Banking Crisis hit in 2008, when we were already a long way through that Parliament.

Although productivity traditionally drops off during a recession, seven years after the Global Banking Crisis our productivity is still 1.

This might be a shock to the hon. Gentleman, and I am not sure where he was at the time, but there was a Global Banking Crisis - [Interruption.

Again, today, we saw the Office for Budget Responsibility revising down this year's growth forecasts and keeping next year's stable at a time when GDP per person is still lower than it was before the 2008 Global Banking Crisis and recession hit, with most people still feeling their household finances getting worse, not better.

What I am proud of is that when that deep economic recession hit, driven by the Global Banking Crisis, ours was a Government prepared to step in to try to help the country through that deep recession - to help people stay in jobs, to help businesses keep going, and to help people stay in their own homes.

The total number of homes built in that Government's best year was still lower than in the worst year of the Labour Government's 13 years, which was in the depths of the Global Banking Crisis and recession.

Sadly, our fears were fulfilled as the Chancellor's austerity first completely halted Labour's carefully nurtured growth following the Global Banking Crisis and the ensuing recession, and then caused the recovery we had generated to stall for three years.

During the five years following the recession of 2008, while the UK economy as a whole recovered to a size similar to that before the Global Banking Crisis, the contribution of farmers to the economy grew by around 45% to almost £10 billion.