They are wondering, now that the Government are removing these efficiency provisions, or what were called by the Minister in 1921 "the control of cropping", whether the Government will not be driven by the same kind of public opinion to follow the same course as that adopted by their predecessors in 1921 whenever the Next Financial Crisis comes.

That is that the Government are preparing the way for the repeal of the 1957 Act and Part I of the 1947 Act when the Next Financial Crisis hits them.

The only good reason for finishing this Committee stage tomorrow evening at seven o'clock is that if we do not get through it quickly we shall be overtaken by the Next Financial Crisis.

I know that the Financial Secretary will say that there is some improvement, but this may well prove to be only a temporary uplift and obtain only until then Next Financial Crisis.

We cannot afford not to have a viable alternative when the Next Financial Crisis faces the European Community.

When the Next Major Financial Crisis occurs, people will turn not to Brussels for protection and guidance, but to this place.

It is important, therefore, to make preparations now for the introduction of a pre-funding scheme in readiness for the Next Financial Crisis, although we hope that it will not happen.

One of the tasks of the Council for Financial Stability will be to work out the theoretical part, to conduct research and development as to how it will know when the Next Financial Crisis is likely to occur and not be surprised by it.

It is not only I or my right hon. Friend the Member for Oldham West and Royton who have this problem but the head of the stock exchange, who said to the Treasury Committee, in relation to the lack of clearing houses and the risks involved, that we are potentially sowing the seeds of the Next Financial Crisis.

It is said that the Next Financial Crisis occurs when the last person to witness the previous crash retires.

As my noble friend Lord Peston pointed out, the Next Major Financial Crisis is unlikely to occur in the LIBOR market; the next scandal will occur somewhere else.

There will also be a housing bubble, which will lead to the Next Financial Crisis.

Of course, we have discovered egregious examples of corporate and personal behaviour that took place in the period leading up to 2008, but it is by no means clear, to me at least, that ring-fencing or not ring-fencing will have any relevance to solving the Next Financial Crisis - and, if history tells us anything, one will be along in due time.

The reason this debate is so obviously important is that with economists the world over warning that the Next Financial Crisis could be just round the corner, the stakes literally could not be higher.

We probably cannot stop the Next Financial Crisis.

The reverse burden of proof has been reversed, but the implementation of ring fencing by 2019 will come at a fantastic cost to the banks of several billion pounds, in order to make sure that when the Next Financial Crisis hits - there will definitely be another one - the collapsing banks do not take down other banks with them.