It is going through a sharp adjustment, triggered largely by the Global Credit Crisis.

As the hon. Gentleman knows, on22 October it was announced that a summit of G20 leaders would be held in Washington later this week to address the Global Credit Crisis.

We see it as a temporary measure to address the Current Global Credit Crisis.

The noble Lord, Lord Newby, expressed sympathy with much of what the Government are doing in helping businesses, people and homeowners as a result of the consequences of the Global Credit Crisis.

When people look back at recent events, many factors will undoubtedly be adduced as having created the Global Credit Crisis that we now face.

My right hon. Friend is right to draw attention to the fact that, behind the Global Credit Crisis, lies the problem of a lack of transparency, which meant that financial things were bought and sold without those who were buying and selling them knowing what it was all based on.

On financial regulation, the hon. Gentleman will know that the House has devoted a considerable amount of time-and rightly so-to the question of the regulation of financial services since the Global Credit Crisis was precipitated in the United States.

However, the impact of the Global Credit Crisis and economic recession has, sadly, had a disproportionately greater effect in those same areas, including my own.