The reason is that, because of the Global Financial Crisis, there is an effect in Asia and 25 per cent.

We had an extensive discussion of various issues including bilateral relations, the Global Financial Crisis, Mercosur and the future of Europe.

Sadly, the number of poor people rose again in the aftermath of the Global Financial Crisis.

Our national interest remains a strong Britain in a strong European Union, and we will continue to focus on an outward-looking European agenda that tackles effectively the issues that affect us all: the Global Financial Crisis; the rising cost of food and fuel; combating climate change; and supporting people in the poorest countries in the world.

My Lords, the penultimate paragraph of the Statement states that the European agenda, "tackles effectively the issues that affect us all: the Global Financial Crisis; the rising cost of food and fuel; combating climate change; and supporting people in the poorest countries in the world".

House prices are falling in the UK because of the Global Financial Crisis, but predictions from the national affordable housing planning unit are that affordability still matters and that the ratio of house price to income in Plymouth will climb to 12 times the average income by 2026 - unless, of course, we do something substantial about the problem.

The right reverend Prelate the Bishop of Ripon and Leeds highlighted the impact of the Global Financial Crisis.

This economic downturn has been caused by a number of factors: the world credit crunch; the Global Financial Crisis, which we have debated today, and high fuel prices and energy costs.

We desperately need - and the Current Global Financial Crisis is a very good time to do it - to regenerate the post-Second World War practical idealism forged from the experience of devastating and bitter global conflict - the idealism of internationally agreed norms and standards for which we are all striving together.

The order before us concerns the Global Financial Crisis, which we all noticed rapidly unfolding during the summer Recess.

The statements of the archbishops added a moral dimension to the Current Global Financial Crisis.

As the noble Lord, Lord Fowler, said, we face a Global Financial Crisis that is imposing lots of challenges.

The answer to the question about oil is that by the time we come out of the Current Global Financial Crisis, two things will be queuing up.

The right hon. Lady asked for a public inquiry into the Global Financial Crisis, but may I take this opportunity to commend the work of the Select Committee on the Treasury?

The right hon. Lady asked for a public inquiry into the Global Financial Crisis, but may I take this opportunity to commend the work of the Select Committee on the Treasury - I should have thought that she would take that opportunity too.

It is inevitable that the Global Financial Crisis should have some effect on the number of people who have difficulty repaying their mortgages, but the number of repossessions for the whole of 2007 is about a third of the levels of the early 1990s, and data from the Council of Mortgage Lenders show that the number of properties taken into possession in the first half of 2008 equates to 0.

That collapse became the catalyst for a Global Financial Crisis.

However, the risks that we faced as a result of a collapse in confidence as a consequence of the Global Financial Crisis were such that we clearly had to act in order to forestall further problems.

] - in the Mississippi mortgage markets and in the White House are responsible for the Global Financial Crisis, which, of course, afflicts not just this country -[ Interruption.

If the hon. Gentleman is genuinely suggesting that the socialists in the White House, in the form of Henry Paulson and President Bush, the socialists in the Federal Reserve, including Ben Bernanke and others, the socialists who were responsible for Lehman Brothers and the socialists in the New York stock exchange and the American mortgage markets are responsible for the Global Financial Crisis, I fear that he might not carry his Beck-Bench and Front-Bench colleagues along with him in that analysis, never mind the Government.

The right hon. Member for Coatbridge, Chryston and Bellshill touched on the Global Financial Crisis, and this debate takes place at a defining moment for development, with the developing world facing fundamental challenges in this fragile financial situation.

Amid all that, the Global Financial Crisis has thrown the whole developing world and the international aid industry into turmoil.

In the Current Global Financial Crisis, in which banks have taken centre stage, it is vital that we do not lose sight of the victims of BCCI.

As President Lula of Brazil put it: "There is no logic to making any political and economic decisions without the G20 members - developing countries must be part of the solution to the Global Financial Crisis".

The United Nations Secretary-General Ban Ki-Moon has observed that the Global Financial Crisis, "threatens to undermine all our achievements and all our progress.

I raise, first, the adequacy of the European Union's response to the Current Global Financial Crisis.

My Lords, within This Present Grave Global Financial Crisis, which will, I suspect become ever graver, are harsh and deep lessons which must be learnt and, sadly, relearnt.

I hope that he will forgive me for focusing not on Europe, as he did, but on the acute problems that face the developing world in This Global Financial Crisis.

Changes in levels of different currencies are only one of the aspects of the Global Financial Crisis that are affecting developing countries.

The recent economic downturn has meant that, "the Global Financial Crisis began to bite in one of the world's fastest growing economies".

Indeed, he did exactly that today during Prime Minister's questions when he spoke about the Global Financial Crisis.

I never cease to be amazed that the hon. Gentleman and the official Opposition seem to take the view that this is not a Global Financial Crisis.

This is a Global Financial Crisis; it is happening in America, in Europe - in every part of the world.

They would leave people defenceless in the face of a Global Financial Crisis.

I shall be meeting President Sarkozy this evening and visiting Chancellor Merkel on Thursday, and looking at what we can do to work for a ceasefire in Gaza as well as what the G20 will be able to do to deal with the Global Financial Crisis.

As we go into what will be a difficult year, dealing with This Global Financial Crisis will need continuous effort.

We are all conscious of the Global Financial Crisis, but a number of factors are converging to create a global crisis for food security that is quite as serious as the global financial crisis and is made even more serious by that global financial situation.

We know there has been an intensification of the Global Financial Crisis - the latest data, in particular from the US, demonstrate that - which impacts on economies around the world, including in the UK, but as a Government we have a choice; to do nothing, sit back, wring our hands and wait for the market to address it, or to be active.

As I said earlier, what has happened in the past two months has been an intensification of the Global Financial Crisis.

Responding to the Global Financial Crisis, the Bank of England has reduced interest rates by 350 basis points since September, to an all-time low of 1.

The Prime Minister blames the Global Financial Crisis originating in the Us and the Minister today repeated that view.

This recession is a result of a Global Financial Crisis.

There was an emergency item at the Geneva meeting on the Global Financial Crisis.

There is shared concern across the world about the Global Financial Crisis.

I have much admired the way in which he has settled into this House and plunged in, in medias res, with a hefty workload on the Global Financial Crisis and major legislation, as if he had been an experienced Member of this place for quite a long time.

I was astounded when the President of the European Commission, José Manuel Barroso, claimed in December 2008 that the United Kingdom was "closer than ever before" to entering the single currency, as a consequence of the fallout of the Global Financial Crisis.

The first is that the Global Financial Crisis has fundamentally changed the world in which we must work to meet the affordable housing needs of our nation.

As far as opportunism is concerned, I have to tell him that there is nothing more opportunistic than his saying in the autumn that he wanted to give all-party support to this Government's efforts to take us out of a Global Financial Crisis and then, the next moment, withdrawing all that support.

With your Lordships' permission, I should like to put the EU debate on the future of EU regional policy post 2013 into its wider context to set out the Government's thinking on where we want regional policy in Europe to be, and to inform the House of how the current cohesion policy is reacting to the Global Financial Crisis that we are facing.

I turn to the impact of the Current Global Financial Crisis on EU regional policy.

The decisions that he has made on the Global Financial Crisis have been wrong, wrong and wrong every single time.

We are extremely concerned about anybody who faces the prospect of losing their job, which is why we have taken all the action we possibly can to stabilise the economy in the face of a Global Financial Crisis and to give as much help to businesses as we can.

My Lords, the UK economy faces exceptional challenges as a result of the Global Financial Crisis.

But as well as making sure that we have the right regulation system in this country, we have to recognise that whatever the system of regulation in one single country, we have to work together to make sure that the global financial system is properly regulated, because this has been a Global Financial Crisis.

As my hon. Friend noted, no retail depositor in British banks has lost out in the wake of the Global Financial Crisis.

Since the credit crunch began to take effect as a result of the Global Financial Crisis, this House has had the benefit of constant accountability on the economy through oral statements, Bills, questions raised with the Chancellor of the Exchequer and the Prime Minister, and topical debates.

Since the credit crunch began to take effect as a result of the Global Financial Crisis, this House has had constant accountability on the economy through oral statements, Bills, questions raised with the Chancellor of the Exchequer and the Prime Minister, and topical debates.

This is no less important than a Global Financial Crisis, in which doing nothing is not an option.

The battle to end This Global Financial Crisis and return the world to sustainable growth demands new ways of thinking and new ways of acting, both domestically and internationally.

As the leaders of the G20 are meeting in London, perhaps as well as considering and taking forward a concerted plan of action to tackle the Global Financial Crisis, they should agree a concerted plan of action to make progress towards the achievement of millennium development goal No.

As the leaders of the G20 are meeting in London, perhaps as well as considering and taking forward a concerted plan of action to tackle the Global Financial Crisis, they should agree a concerted plan of action to make progress towards the achievement of millennium development goal no.

On VAT and other changes, I have to tell the right hon. Gentleman that one has to use all the weapons at one's disposal to deal with a Global Financial Crisis.

We can talk about the Global Financial Crisis and its far-reaching effects on world economies, but the United Kingdom is in a far worse position than most.

Conservatives seem to forget that the purpose of extra public borrowing is to make up for the collapse in private spending brought about by the Global Financial Crisis.

] Indeed, and it is much more serious because of the Global Financial Crisis that the Conservatives refuse to acknowledge.

7 million people with HIV is under threat because of funding pressures triggered by the Global Financial Crisis.

My Lords, I know that the noble Lord has an opportunity to make his own speech and of course, he is perfectly right - this is against the background of the Global Financial Crisis.

The Global Financial Crisis will probably add to that.

In part that is due to record harvests last year - nearly 2 billion tonnes of cereals - but it is more due to the general collapse of commodity prices in the wake of the Global Financial Crisis.

If we are to help the unemployed who, through no fault of their own, have lost their jobs as a result of the Global Financial Crisis, it is important that we put extra investment into jobcentres.

The Prime Minister and other Ministers have led the way in recognising that the response to the Global Financial Crisis needs to be global.

He continues: "In October 2008, DFOB failed to pay the interest on our Membership Investment, stating that the Global Financial Crisis meant that it was not prudent to pay the interest.

I have explained on many occasions that what we are dealing with is a Global Financial Crisis, where international regulation should have been introduced.

I know that the hon. Lady is a big enthusiast of the Lisbon treaty, but will she tell me about one action that the European Union or any of its member states have been prevented from taking in response to the Global Financial Crisis because we have not yet ratified it?

Finally, I endorse many of the comments that were made in this House yesterday on the responsibility that the accounting profession, in its accounting principles, must accept and respond to in respect of its part in This Global Financial Crisis.

The comments made by the hon. Member for Cities of London and Westminster about the Global Financial Crisis and the changing role of China are important.

The plain truth is, as my hon. Friend pointed out in an intervention, that the asset management business has not been directly implicated in the Global Financial Crisis, so one must ask why the EU is suddenly giving such priority to its regulation.

The plain truth is, as my hon. Friend the Member for West Suffolk pointed out in an intervention, that the asset management business has not been directly implicated in the Global Financial Crisis, so one must ask why the EU is suddenly giving such priority to its regulation.

The lack of reality in the Government's thinking is underlined in Gordon Brown's introduction to the White Paper UK Policy in Afghanistan and Pakistan:TheWay Forwardwhich starts: "The four great challenges of our time - the Global Financial Crisis, climate change, global poverty and global security - are alike in requiring an appreciation of their scale".

During our debates and discussions over the past year or so since the commencement of what we now know as the Global Financial Crisis, regulation has been the backdrop to much of the legislation that has been passed - indeed, it has also been mentioned in relation to what different regulatory bodies have been discussing between themselves.

Of course, manufacturing across the world has suffered as a result of the Global Financial Crisis.

It would be reckless and foolish in the extreme to respond to the Global Financial Crisis by dismembering the very body with the unique qualification to provide effective regulation in the future, yet that is precisely what the Conservatives propose to do.

The Government took rapid and decisive action to combat the worst effects of the Global Financial Crisis.

The Global Financial Crisis has led countries across the world fundamentally to review financial systems and their interaction with the broader economy.

This Government have taken action to protect the economy in the face of a Global Financial Crisis.

Young people have been particularly heavily affected by the impact of the Global Financial Crisis and the recession.

Much of the debate about the Global Financial Crisis has focused on people in work, but it also affects pensioners, some of whom, of course, are also in work.

Listening to the Chancellor and the Prime Minister yesterday, and to the Chief Secretary, one would think that the Global Financial Crisis caused the meltdown in Britain's public finances, but that is not what has happened.

Listening to the Chancellor and the Prime Minister yesterday, and to the Chief Secretary, one would think that the Global Financial Crisis had caused the meltdown in Britain's public finances, but that is not what has happened.

Given the profound impact of the Global Financial Crisis on the deficits and the national debt in all major economies, it is right to focus on reducing the deficit and stabilising debt.

The fall in output following the Global Financial Crisis has been the biggest factor in the increase in the deficit, so the return of strong and sustainable growth will be crucial in cutting the deficit over the medium term and restoring fiscal balance.

He rightly drew attention to the impact of the Global Financial Crisis on the world's poorest people.

However, our commitment to reduce the deficit resulting from the Global Financial Crisis means that future resources across government will be constrained.

However, our commitment to reducing the deficit resulting from the Global Financial Crisis means that future resources across government will be constrained.

We know that when the Global Financial Crisis began, politicians of other parties left their party conferences and rushed back to London to support the Government in dealing with a crisis that this country had not known since before the war.

Does football matter when we could be debating the Global Financial Crisis or the success of the national health service and all the things that you, Sir Nicholas, believe in as passionately as I do?

Clearly, one lesson of the Global Financial Crisis is that models of business that look sustainable and solid at one moment can turn out to be precarious the next.

I also accept that the cuts are part of the Government's response to the effects of the Global Financial Crisis.

The recession was caused-or at least made worse-in part by the Global Financial Crisis.

As the world begins to emerge from the worst of the Global Financial Crisis, people's minds are, rightly, turning from its immediate and urgent challenges to ways to prevent another, similar crisis in future, or at least mitigate the impacts of such a crisis.

The Government's narrative has always been that all of the problems derived from the Global Financial Crisis.

Of course the UK suffered from the Global Financial Crisis, which has tipped economies the world over into recession, but the policies pursued by the Prime Minister made the UK particularly vulnerable.

One of the big problems that we are now suffering from is that during the period before the Global Financial Crisis, the Government were running a deficit of £34 billion, when we should have had a surplus.

I have to tell him that the actions that we took during the Global Financial Crisis mean that we have not had the high levels of unemployment that there certainly were under the Conservative Government.

Quite clearly the Conservative Party has been wrong on almost every matter of important judgment when it came to the Global Financial Crisis and the global economic recession.

The UK remains the sixth largest manufacturing nation in the world, and we need to build on our expertise and take full advantage of the low-carbon revolution to secure a strong and sustainable economy in the wake of the Global Financial Crisis.

We took tough decisions to get our national debt lower than that of France, Germany, America or Japan before This Global Financial Crisis began.

Easington has prospered and seen significant improvements over the past decade, but more recently it has been at the forefront of job losses and economic decline, due to the Global Financial Crisis and recession, which is why the successes of Caterpillar in Peterlee and the automotive industry-directly related to the success of Nissan in Sunderland-are so important.

Secondly, the Global Financial Crisis has made it extremely important that we grow other sectors.

While no one can dispute that a failure to regulate effectively was at the heart of the Global Financial Crisis, the key failure by regulators in monitoring agencies and central banks across the globe was in understanding the growing systemic risks in financial services.

The Recent Global Financial Crisis has shown how intertwined our economies and markets really are.

Those earlier summits were characterised by a remarkable degree of unity on facing up to the Global Financial Crisis.

This debate takes place a few months after the general election, when the Global Financial Crisis and, closer to home, the EU's sovereign debt crisis was almost not discussed at all, yet it affects all public policy in the domestic context.

In 2006, before the bubble burst, triggering the Global Financial Crisis, the British public donated more than £33 million just to UNICEF and its global campaigns through direct appeals and fundraising activities in communities all over the UK, including the two shops in my constituency.

In conclusion, I want to underline the generosity and moral focus of the British public towards tackling global poverty, which has strengthened, if anything, in the Recent Global Financial Crisis.

The impact that the VAT increases in the Bill will have on the most vulnerable in our society-those who are least responsible for the Global Financial Crisis-has been ignored and avoided by the Government, and I wholeheartedly agree that there should be a full analysis of and subsequent report on the extent to which the increase will affect low-income households in particular.

As international organisations and major Governments seek to understand the cause of the Global Financial Crisis, small international financial centres have repeatedly endured political attacks and misguided criticisms-from pejorative sniping about their being tax havens and offshore centres for avaricious bankers, to allegations that they provide secrecy jurisdictions for shady figures in the international business community.

Our borrowing has risen because the Global Financial Crisis caused tax receipts to fall and spending to rise.

Let me also remind him that the deficit arose because of a Global Financial Crisis, and that it was our Government-led by the last Labour Prime Minister-who steered our economy at that stage, who, indeed, provided leadership for the world, and who drew our economy back from the brink of disaster.

As a result of the Global Financial Crisis, Governments across the EU have had to reassess their spending plans, and the EU budget should not be immune to the same pressures.

We went into the Global Financial Crisis with the second lowest debt as a percentage of GDP in the G7 countries.

5 per cent in 2007-08 when the Global Financial Crisis hit.

The Global Financial Crisis caused tax receipts to fall and public spending to rise.

We have heard eloquence and, for the first time in this lengthy debate, we have heard the Global Financial Crisis put into context.

What measures will he argue for, and what can we expect to come out of that G20 summit that will make the financial services sector cease the reckless behaviour that led to the Global Financial Crisis and, above all, contribute to paying down the deficit, on which the Chancellor is so fixated?

He was asked whether, if the new regulatory model championed by the Minister had been adopted, the Global Financial Crisis would have been averted-and he said no.

Why is it acceptable that people in Blackpool who are in work but low-paid, and who bear no responsibility for the Global Financial Crisis, are now being asked to bear the burden?

In the face of the Global Financial Crisis, the worst of its kind for 70 years, Labour did not walk by on the other side.

If they were, and it was not a Global Financial Crisis, then a number of other countries such as Greece, Spain and Ireland would not have to address even more serious financial issues than those that we and a number of other countries have to address.

In Seoul, Britain had four priorities: first, to continue to win recognition for the importance of fiscal consolidation, with those countries with the greatest deficits taking the fastest action; secondly, to get a clear commitment from all countries to fight protectionism and take the steps necessary to boost global trade; thirdly, to help move development issues up the G20 agenda; and, fourthly, to address the global imbalances which were at the root of the Global Financial Crisis and which still hold back growth in the world economy.

The third priority was to help move development issues up the G20 agenda, and the fourth was to address the global imbalances that were at the root of the Global Financial Crisis and which still hold back growth in the world economy.

This was the fifth G20 summit since the Global Financial Crisis hit in 2008.

Over the past two years, the UK has faced the biggest economic challenge for generations as the Global Financial Crisis hit our banks here and our export markets around the world.

During the Global Financial Crisis, when the financial sector was in trouble, banks turned to the public to provide the vital funds needed to help stabilise the financial sector.

Events in Ireland remind us, though, of the inconvenient truths for the coalition in particular: first, that this was a Global Financial Crisis; and secondly, that the banks, not Governments, were the root cause of the problem here.

Thirdly, mutuals have a lesser appetite for indulging in risky financial activities and so, on the whole, they weathered the storm well during the Global Financial Crisis.

I cannot emphasise to the House how important I think those issues are, because if we are serious about ensuring that our constituents do not have to pay the price for the Global Financial Crisis that in turn contributed to and caused the recession, we as a collective absolutely need to get a grip on such matters.

Borrowing has risen in the UK and throughout the world as we tackle the Global Financial Crisis.

As we know, Turkey was hit very badly by the Global Financial Crisis, with private investment and export earnings falling by a very dramatic one-third in 2009.

The Global Financial Crisis and ensuing economic woes have shown us all the huge costs of inappropriate regulation, excessive risk-taking and overconfidence in the banking system.

This is a timely debate, because we are still experiencing the effects of the Worst Global Financial Crisis in over 70 years, which plunged the global economy into its deepest recession.

3 trillion of support to the sector since the Global Financial Crisis came to a head.

Financial mutuals, building societies, friendly societies and credit unions were not responsible for the Global Financial Crisis.

New capital rules being introduced in the wake of the Global Financial Crisis may give rise to insufficient care being given to protecting and increasing the remaining strength of the building society movement.

Indeed, between 1997 and the start of the Global Financial Crisis the claimant count among young people fell by some 40%, and that was at a time when the number of young people in our country was rising; between 2000 and 2009 it rose by over 1 million.

Between 1997 and the start of the Global Financial Crisis the number of young people on the claimant count fell by 40%.

The right hon. Gentleman and his party seem to blame the Global Financial Crisis for every ill, but figures I received from the House of Commons Library this morning make it clear that, as my hon. Friendthe Member for Gillingham and Rainham (Rehman Chishti) said, youth unemployment has been rising since 2001, yet the global financial crisis did not start until 2008.

I am sure the right hon. Gentleman recognises the value of international comparisons as well as time series comparisons, so does he acknowledge that in years before the onset of the Global Financial Crisis, such as 2005, the number of young people not in employment, education or training in this country was higher than the OECD average, higher than the EU average, higher than in France, higher than in Germany and higher than in the United States?

Will he accept that between 1997 and the beginning of the Global Financial Crisis, the claimant count for youth unemployment fell by 14%?

From 1997 to the start of the Global Financial Crisis, youth unemployment fell by 40%, and more than half of young people were off jobseeker's allowance within three months.

The deficit in 2007, before the Global Financial Crisis, was less than 3 per cent and borrowing as a percentage of GDP was in the bottom quartile for the G8 countries.

The reason deficits became big was that we had the Biggest Global Financial Crisis in 100 years.

I said that there was a Global Financial Crisis, which meant that our deficit and our debt rose, as it did in America, France, Germany and Japan.

The reason why deficits became big was that we had the Biggest Global Financial Crisis in 100 years.

We then had a Global Financial Crisis, which hit the American and British economies hard.

It was a Global Financial Crisis.

There seems to be agreement across the House that one of the main lessons of the Global Financial Crisis is that we need to rebalance the economy.

Why on earth did the Conservative party back our spending plans right up to the start of the Global Financial Crisis?

He outlined what he described as the essentials of a "new settlement" with our major banks following the Global Financial Crisis of 2008.

We have been through a Global Financial Crisis, not a recession that was made in Britain.

I urge the Government also to encourage other EU and G20 Governments to uphold their commitments to the world's poorest, who inevitably have been most acutely affected by the Global Financial Crisis.

The amendment would meet the challenge of asking whether bankers pay their fair share of the cost of dealing with the Global Financial Crisis, just as we as taxpayers have paid more than our fair share, some might say, in trying to support them.

Anyone could see that the Global Financial Crisis would affect Government thinking and that the Opposition of the day were being foolhardy in making the promises they made.

Just for the record, the UK had the second-lowest debt in the G7 in 2007-08, before the Global Financial Crisis.

If we had not had the increase in the deficit during the Global Financial Crisis, we would have seen recession turn into slump.

It is important to say straight away that the Global Financial Crisis happened in every country - it was not a recession made in Britain, but was caused by the banks, and Labour accepts that we should have been tougher on them.

I say that not only out of custom, but because we are looking to small and medium-sized businesses to create the jobs and growth that will enable us to reduce the deficit and return the country to prosperity after the Global Financial Crisis and the recession.

The run on Northern Rock started well over a year before the Global Financial Crisis, and it was the first run on a bank in this country for more than 100 years.

Yes, Northern Rock took place before the Global Financial Crisis - and they were the champions of light-touch financial regulation and introduced the tripartite system of regulatory reform that was shown to fail during the crisis.

The Chancellor ignored the evidence that budget deficits had risen rapidly in every country after a Global Financial Crisis caused by the irresponsible behaviour of banks around the world, claiming instead that the root cause of Britain's deficit was too much spending on the NHS, schools and the police.

Labour's bail-out of the banks was universally seen as essential to combat the effect of the Global Financial Crisis on Britain.

We already knew that construction had been hit extremely hard in the Global Financial Crisis, but the 3.

Young people are starting their careers in a much more complex and more challenging world, which has been made even more difficult by the Global Financial Crisis.

In 2007 the world was hit by a Global Financial Crisis.

We all recognise that there has been a Global Financial Crisis which has led every country that does not have the strongest of economies into very real difficulties.

In recent times, we have experienced a Global Financial Crisis and the MPs' expenses scandal and now public confidence in our newspapers and police has been seriously eroded.

They were shocked and angered by the irresponsible actions of banks in New York, in London, in Frankfurt and in Amsterdam which caused the Global Financial Crisis.

Youth unemployment fell by 40% from 1997 to the start of the Global Financial Crisis, and more than half the young people on jobseeker's allowance were off it within three months.

The Office for National Statistics has reported that, thanks to the Global Financial Crisis, pension savings fell by £2 billion in 2009-2010.

One constituent told me: “This is not just a case of an investment that has underperformed due to the Global Financial Crisis but one where there are serious misgivings in relation to the management and governance of the funds”.

The Global Financial Crisis that was suffered in 2007 is hardly news to anybody in the House.

If he is going to pray in aid external forces now for why his Government's economic policies are not working, he cannot talk any more about the legacy that they inherited and the economic mess because that was down to the external forces of the Global Financial Crisis.

The Global Financial Crisis has hit every country.

Honesty refers to the fact that this is part of the Global Financial Crisis, which started in August 2007 with BNP Paribas stating that it had suspended three funds related to subprime.

We had a record of economic success before the Global Financial Crisis that was second to none.

Today's proposal, CRD IV - another acronym that is familiar to many of our constituents - attempts to update those arrangements so that they fit the circumstances of today's banking system and learn the lessons of the Global Financial Crisis.

The Minister will be aware that the Global Financial Crisis is causing a number of nations to take defence work back in-house, partly in order to protect their own work forces.

Looked at dispassionately, it is not clear that the rating agencies deserve the degree of punishment that has been meted out to them in the wake of the Global Financial Crisis.

Before the election, we said that, like every country after the Global Financial Crisis, we had to get our deficit down, which meant tough decisions on tax and spending cuts.

” Before the election, we said that, like every country, after the Global Financial Crisis we had to get the deficit down and we needed a tough plan.

The report confirms that there was institutionalised dysfunction at the heart of the Royal Bank of Scotland and confirms what we all know - that there was a collective failure of regulation not just in Britain but around the world, and that there were failures not just of one individual, institution, political party or Government but failures that allowed irresponsible bankers to take excessive risks and cause a Global Financial Crisis.

The Global Financial Crisis has demonstrated that the existing structures for supervising financial institutions and monitoring systemic risks are inadequate.

The Government are either ignorant of the negative impact that an austerity obsession here and in Europe is having on the prospects for growth, or they are wilfully pulling the rug from underneath the economy in the twisted expectation that that will somehow restore confidence and deal with the sovereign debts created in the wake of the Global Financial Crisis.

The hon. Gentleman might be aware of the Global Financial Crisis that took place.

At its heart, the regulatory failure of the Global Financial Crisis was not a failure of one approach to the institutions of regulation, but a failure of understanding and risk assessment which covered central bankers, regulators and Treasuries throughout the world.

In his revisionist attempt to re-write history, not even once did he mention the problems in other countries, or the fact that there was a Global Financial Crisis.

Families throughout the country are paying the price for the Global Financial Crisis of four years ago, and whoever was in power would have had to make tough decisions on spending, but that is why it is so important that every penny the Government spend delivers on their overall objectives, and that in turn is why Transport Ministers are failing: they simply do not have a strategy to address needs of the country.

The UK's GDP last year was still nearly 4% lower than it was before the Global Financial Crisis hit in 2007-08.

We all agree that, after the Global Financial Crisis, tough choices need to be made on tax spending and pay to get the deficit down, and we all agree that it needs to be done fairly.

Does the hon. Gentleman accept that that is rather a caricature of what happened during the Global Financial Crisis?

For all the talk of clearing up or picking up the pieces from the Global Financial Crisis and the reforms that are required, we must remember that if our economy does not survive this period, we will not have the foundations for growth in the future.

I say to her that my constituents feel that the past few years have been very tough, not just the Conservative years, but the last two years of the Labour Government, because of the Global Financial Crisis.

A Global Financial Crisis is occurring, with recession having an impact on countries around the world.

As my colleague, the Business Secretary, pointed out in another place, the Global Financial Crisis destroyed roughly 10 per cent of our economy.

However, it was a Global Financial Crisis.

This is not due to the Worst Global Financial Crisis since the 1930s; it is due to the mismanagement of the economy by the current Downing street incumbents.

There is the sense that it was dreamt up on the back of a cigarette packet by the Chancellor in opposition, when he wondered how the previous administration, the FSA, could be blamed for all the ills of the Global Financial Crisis.

If remuneration practices continue to reward excessive risk taking, linked to the exuberant activities that resulted in some of the more dangerous aspects of investments that took place ahead of the Global Financial Crisis, it could ultimately lead to a significant liability for the taxpayer.

He worked successfully with the Government to limit the damage of the Global Financial Crisis and established the Monetary Policy Committee, which is envied in many parts of the world.

The Government's determination to depress demand before the economy has had a chance to recover from the Global Financial Crisis is wrong.

They should reintroduce the future jobs fund, which helped many hundreds of young people in Hartlepool and throughout the north-east during the worst times of the Global Financial Crisis.

In 1999, the unemployment rate in the north-east had risen to more than 10%, but successful initiatives reduced it to 6% in January 2008, before the Global Financial Crisis hit.

I do not share the noble Baroness's analysis of the Global Financial Crisis.

On many occasions, however, we also delayed or cancelled planned fuel duty rises in the light of the circumstances at the time - including at the height of the Global Financial Crisis- because it was the right thing to do to give assistance to the people who needed it most and to ensure that we balanced and grew the economy.

It is wrong to say that if the manipulation of the LIBOR-setting process had not occurred we would not have had the Global Financial Crisis.

These reviews exclude any examination of Northern Rock, and I think one could argue that if it had been handled in a different way, it might have had some impact on how the UK was impacted by the Global Financial Crisis.

Looking around the world at what happened with the Global Financial Crisis, we saw many different structures of regulatory architecture come under strain.

The Global Financial Crisis in 2008 exposed an unstable and unbalanced economic growth model, based on increasing levels of public and private sector debt: an unbalanced model, overreliant on the financial sector and on the economy of the south-east of England.

You will recall, Mr Deputy Speaker, how during the Global Financial Crisis crucial decisions affecting billions of pounds of taxpayers' money and whether people could access the cash machines were made in the space of hours over weekends.

It was as though having gone through three or four years of attempted reform following the Global Financial Crisis, after which it was clear that the risks that many in the banking sector had been taking were not properly understood or accounted for, the sector was again knocked sideways.

We said it was not the right time to cut demand, given that the economy was only just recovering from the Global Financial Crisis, and that the cuts went too far and were being implemented too fast.

Like other countries around the world, our GDP contracted during the Global Financial Crisis.

Following the manufacturing downturn that resulted from the Global Financial Crisis, civil service and Treasury officials here were hugely resistant - there was a considerable battle within the Government about this - to paying companies to keep their manufacturing workers on the books.

The trauma caused by the Global Financial Crisis and the ensuing recession required urgent action.

It is ironic that Our Current Global Financial Crisis was caused by the lowest prolonged level of interest rates we had known.

For example, the Polish economy is the only economy that I can name, certainly in Europe, that did not go into recession after the Global Financial Crisis hit, and so its trajectory is healthy.

The economic situation in which we find ourselves requires urgent action from Government, such as that proposed in Labour's five-point plan for jobs and growth, which would bring forward long-term infrastructure projects, as we did in the aftermath of the Global Financial Crisis.

Clause 6 was, we understand, supposed to address the substantial change in market circumstances fuelled by the Global Financial Crisis of 2008.

An important lesson from the Global Financial Crisis is that we need better systemic oversight, not just firm-by-firm regulation.

As the Financial Secretary said, the Global Financial Crisis has cast a long shadow.

After the Global Financial Crisis, we decided to introduce a 50p top rate of income tax so that those earning £150,000 and above would make a fairer contribution to society as a whole.

There was certainly a Global Financial Crisis.

The Conservatives stopped supporting the spending plans only just before the Global Financial Crisis.

Large bonuses were certainly one of the triggers behind the Global Financial Crisis.

The level of output remains stubbornly below the level of output obtained in 2008, while other countries have at least recovered from the worst ravages of the Global Financial Crisis.

"Co-operation between EU countries is the best way to tackle the big issues of our time, like climate change, the Global Financial Crisis and international terrorism".

The economic contribution of the arts and cultural sector has grown since 2008, despite the UK economy as a whole remaining below its output level before the Global Financial Crisis.

Their root is in the Global Financial Crisis that has engulfed us and others, but they have been compounded by the failure of the Government's economic policy to deliver what we were promised it would.

It should not need to be restated - although it clearly does for Government Members - that the Global Financial Crisis and the collapse of many organisations in the financial services sector required an enormous bail-out from the public purse.

If ever there was a time to seek international consensus on a financial transaction tax it is now, as countries continue to deal with the aftermath of the Global Financial Crisis and the large deficits it created.

We know that excessive risk taking and many of the problems that arose from the attachment to the derivatives trade and others got us into the problems of the Global Financial Crisis.

When the Global Financial Crisis hit in 2008, many banks were weakened precisely by their exposure to derivatives.

During the Labour Government's years in office, the creative industries grew at more than twice the rate of our economy as a whole and they continued to grow through the Global Financial Crisis.

Workers in Britain have experienced unprecedented cuts in real terms pay of, on average, 6% since the Global Financial Crisis began.

The Labour Government had to step in to tackle a Global Financial Crisis which had largely begun in the United States as a result of the sub-prime mortgage market.

First, the relative rise in prosperity in South Yorkshire anticipated at the start of the period has not happened as we were hit harder than many other areas by the Global Financial Crisis and the austerity-driven downturn after 2010.

As Housing Minister in the last year of the Labour Government, my priorities were driven largely by the extraordinary economic circumstances we faced: helping people keep their homes, preventing the collapse of private house building and launching a new wave of social house building, especially council housing, to kick-start the economy in the wake of the Global Financial Crisis.

The previous Labour Government have been blamed, but that ignores the fact that this was a Global Financial Crisis.

In the aftermath of the Global Financial Crisis, regulators introduced the risk weighting of assets process as an antidote to the high-risk, high-reward culture pervasive in banks.

After the Global Financial Crisis, when we saw reckless banking require such a vast taxpayer bail-out, the public finances were adversely affected and the economy suffered.

Now we face new challenges following the Global Financial Crisis and the new architecture of the world economy.

After the Global Financial Crisis and the banking scandals that followed, we need cultural change and radical reform to protect taxpayers, rebuild public confidence in the banks and ensure that, in future, they work to support the wider economy.

As the hon. Gentleman knows, there was a Global Financial Crisis that hit every country in the world, and all countries are now dealing with the aftermath.

If we fail to learn what happens when considerable deregulation causes a Global Financial Crisis - supported and egged on by Conservative Members - we will be condemned to repeat it.

In conclusion, I should say that of course the Government have to look at ways of saving money, but not by cruelly mistreating vulnerable people who were in no way the cause of the Global Financial Crisis and should not be penalised as a result.

In fact, when the Global Financial Crisis hit in 2008, unemployment was a little over 5% at 1.

For instance, since the Global Financial Crisis, the impact on the retail industry has been severe.

Local charities, churches and the faith groups are responding to the Government's approach to tackling This Global Financial Crisis.

There they go again, denying that the banks had any responsibility whatever for the Global Financial Crisis.

Perhaps the Minister likes to turn a blind eye, in the knowledge that it really was the banks that were responsible for the Global Financial Crisis, or perhaps he has now genuinely convinced himself that it was primarily the fault of Governments and that the banks were only a little bit to blame.

The banks' behaviour changed overnight when the Global Financial Crisis hit, as a number of businesses in my constituency have made clear to me.

I hope we all recognise that markets need to be regulated in order to protect growth and jobs, or are the Government suggesting that the underlying cause of the Global Financial Crisis was too much regulation?

I thank the Minister for his intervention, which, I regret to say, illustrates that this Government still do not understand the driving forces behind the Global Financial Crisis.

This is, therefore, a deal like no other, but it is being conducted at a time like no other, because since the 2008 Global Financial Crisis and world downturn, faith in politicians, established civil servants and big business is at an all-time low and mistrust at an all-time high.

3% smaller than it was before the peak prior to the 2008 Global Financial Crisis and recession.

Women's contribution to the economy is topical as the world digs its way out of the Global Financial Crisis.

Then the Global Financial Crisis hit, and this country faced enormous economic problems, but I am proud to say the Labour Government played a part in co-ordinating the international response that dealt with that.

I agree withthe hon. Member for Cardiff North (Jonathan Evans) over Tata, but the one thing that cannot be said about the economy under this Chancellor is that it has recovered quickly from the shock of the Global Financial Crisis.

The Secretary of State will know that almost alone among advanced economies, the UK economy is still smaller, and our industry is still producing less, than before the Global Financial Crisis.

Six years after the peak of the Global Financial Crisis there should surely no longer be disagreement among any of us that businesses are bound by the same ethical and social responsibilities that bind us all.

Government Members often try to lay the whole cause of the Global Financial Crisis at the door of the previous Labour Government, but it was a global financial crisis that affected countries all over the world; the Labour Government were not responsible for the fall of Lehman Brothers in the United States.

The Maternity Alliance says in its recent report that in 2005 - three years before the Global Financial Crisis of 2008 and subsequent recession - a landmark study by the Equal Opportunities Commission found that half of all pregnant women suffered a related disadvantage at work, and that each year 30,000 were forced out of their jobs.

All the plans for the economy - those of the Conservatives, as much as those of Labour - were knocked badly off course by the Global Financial Crisis.

That helped to create the Global Financial Crisis that has beset this country and caused the problems that we have.

The report goes on: “The current high levels of youth unemployment in the EU are not solely a consequence of the 2008 Global Financial Crisis and the ensuing recession … For some Member States, it is due more to underlying structural issues in the youth labour market that have been accentuated by the financial crisis”.

We had been through a Global Financial Crisis and we knew that many businesses would be very uneasy about making the sort of long-term financial investments, on which they would not see a return immediately, that are necessary to create jobs.

It was not just the out-of-control debt and deficit which were threatening the whole economy and country, but the shock of the Global Financial Crisis meant that banks were making life extremely difficult for many perfectly good businesses that desperately needed finance, both for working capital, or short-term finance, and longer-term equity injection.

If he does not believe me, he can listen to his own shadow Chancellor, who said this: “I think that the fact that you had the massive, Global Financial Crisis which happened on our watch meant that people saw their living standards hit…I don't think we would be being straight with people if we only said it was the financial crisis.

We had a Global Financial Crisis that hit tax receipts significantly, and in 2009, looking at the state of the public finances, we felt that the fairest thing to do was to raise the rate to 50p, which is obviously shocking to Government Members.

Following the Global Financial Crisis in 2008 and the political and economic troubles in Europe, and with the looming problems of energy and the environment, the UK is in a period of great uncertainty, at least as great as other countries in the EU.

My hon. Friendthe Member for Coventry South (Mr Cunningham) reminded us of the nature of the Global Financial Crisis, and described the impact that it would have had if the last Government had not taken action to protect banks and savers.

I find it interesting that Government Members are happy to plead global circumstances to explain their failures in Government yet conveniently forget that we had a Global Financial Crisis in 2008.

Construction was hit hard by the Global Financial Crisis and the Government's austerity measures, and thousands of workers lost their jobs or were replaced by cheaper migrant workers.

As the hon. Gentleman knows, we did have a Global Financial Crisis.

As the Global Financial Crisis showed, the dislocation of the banking sector undermines the whole economy.

] He will remember, however, that after 10 years of the last Labour Government, before the Global Financial Crisis and recession hit, borrowing and debt were lower than when we entered office.

When the hon. Gentleman intervened during my speech, I made it clear that the deficit was caused after the Global Financial Crisis by the Government stepping in to help the country through.

There was a Global Financial Crisis during the period of the last Labour Government, and as a result, unemployment rose, but it has risen even further under this Government, from 1.

The first is the suggestion that, somehow, the Global Financial Crisis was caused by the Labour party.

What happened was that the Global Financial Crisis, which started in the United States, as described most excellently by my noble friend Lord Rooker, reduced the receipts of government to a calamitous extent.

The hon. Gentleman will know that we raised the top rate of tax to 50p in response to the Global Financial Crisis, and that was the right thing to do - [Interruption.

This is a question about living standards: what is happening to the poorest in our society and where the burden should ultimately rest for sorting out the nation's finances after the Global Financial Crisis.

The answer is that the top rate was increased as a specific response to get down the deficit after the Global Financial Crisis.

As I said, it comes down to a simple question: is the burden of deficit reduction and dealing with the fall-out from the Global Financial Crisis being shared fairly across all parts of our society?

A recent publication by the Henry Jackson Society, entitled The State of Democracy After 25 Years: Lessons from Central and Eastern Europe, details how the euphoria following the 1989 revolutions has been dissipated by the Global Financial Crisis of 2008 and the effects are still with us.

To counter the chief of the austerity myths, I say again that the cause of the deficit was not and is not spending on schools, hospitals, public services and social security, but the result of a Global Financial Crisis.

I am pleased that the Statement recognises that the taxpayers who bailed out RBs during the Global Financial Crisis want value for their money and are somewhat suspicious of any rush to sell.

Taxpayers who bailed out RBs during the Global Financial Crisis want their money back and will rightly be suspicious of any rush to sell.

Between 1997 and the period just before the Global Financial Crisis, productivity grew by an average of 2.

Seven years on from the Global Financial Crisis - some Tories appear to have forgotten that there was a global financial crisis before Labour left power - productivity is still 1.

It shows that the economic gap between London and former industrial communities continues to widen, not only during difficult economic periods, such as the one that we experienced after the Global Financial Crisis in 2008, but throughout the recession, and even today, as the UK returns to modest growth.

Does the Chancellor accept that glib comparisons between Greece and other countries do not take account of the fact that even before the Global Financial Crisis Greece's debt-to-GDP ratio was 100%?

As the noble Baroness noted, the Global Financial Crisis and the extraordinary pressure on the public finances of Portugal made it difficult to persist as fully as they would have wished with the education and treatment dimensions of the strategy.

Of course, it was the support available via tax credits that meant that in the recession some people could remain in work even when their employers had to cut back on their hours as a result of the Global Financial Crisis.

2% under the Labour Government from 1997 until the Global Financial Crisis hit.

In 2008, the Global Financial Crisis, caused by Lehman Brothers, had a devastating impact on my constituency.

At the same time, we still need to reduce public sector borrowing and the national debt in the wake of the Global Financial Crisis of 2008-09.

It was said in a lot of the responses to the Global Financial Crisis that, had the City of London had more women involved in executive decision-making, some of the more rash decisions that were made - some of the more instant rather than intelligent decisions, for which the nation has paid dearly in the past 10 years - would not have taken place.

Many commentators, includingthe hon. Member for Brigg and Goole (Andrew Percy), have compared the lack of support for steel to the decision to bail out the banks in the wake of the Global Financial Crisis.

In 2009, when I was Labour's Housing Minister, we were struggling with the deepest recession, following the Global Financial Crisis.

We anticipated that after the Global Financial Crisis in 2008, and it has been seen in other countries around the world, as the hon. Member for York Central said.

They claimed that the Global Financial Crisis obliged them to make drastic cuts to the legal aid budget.

Booming oil prices sustained Kazakhstan's strong growth from 2000 to 2007, when the Global Financial Crisis hit.

We are into the eighth or ninth year of the worst kind of Global Financial Crisis, impacting all economies and, in particular, low-paid women workers.

On15 December 2014, when the price of Brent was at $60 a barrel, the Financial Times predicted that if the price of oil were to continue to fall, “there is a stark parallel with the Us property market collapse that heralded the start of the 2008 Global Financial Crisis - and upended banks along the way.

Numerous publications have warned that, with the stagnating price of oil at the moment, that structure poses serious risk, with the Financial Times reporting in December 2014 that “there is a stark parallel with the Us property market collapse that heralded the start of the 2008 Global Financial Crisis and upended banks along the way.

By the way, to correct another myth, before the Global Financial Crisis crashed all the economies of the world, the previous Labour Government ran a prudent, extremely successful economy, with record growth and employment, low interest rates, low inflation, low national debt and low borrowing - lower, indeed, than we had inherited from the Tories in 1997.

The Global Financial Crisis devastated both financial and social capital.

The truth of the matter is that local banks closing is not a new thing - it is not a process that began following the 2008 Global Financial Crisis.