This Bill follows in the wake of a New Banking Crisis and must set out the framework for dealing with failing banks generally - bank insolvency, bank administration, the Financial Services Compensation Scheme, inter-bank payments and other matters such as the Scottish and Northern Irish note issue, on which I shall touch briefly at the end.

Unemployment is rising-a particular concern is youth unemployment-and we now face the threat of a New Banking Crisis.

This is the context for the European Council that the Prime Minister went to this weekend: growth stalled in Britain since the autumn; growth now stalling in Europe; unemployment rising; and the threat of a New Banking Crisis.