But with regard to the Present Financial Crisis, it was impossible it should not have resulted from a system of drawing bills by the governor in this manner.
From the terms of the speech it was to be assumed that the Government retained (although it certainly had not hitherto been famous for retaining in one session what it had advanced in the previous one)—it was to be assumed that the Government still retained its opinion that the measures it had suggested with respect to the duties on timber, sugar, and corn were absolutely necessary to meet the difficulties of a Great Financial Crisis.
And in a Great Financial Crisis, when we found it 975 necessary to raise a large sum of money !
Because the commercial and financial difficulties, against the recurrence of which this Bill is meant to guard, have, in my opinion, not been generally owing either to mismanagement on the part of the banks, or to 737 the want of such prudence and discretion; and if the Great Financial Crisis of 1825, and that of 1837, may both of them be in some measure traced to the assistance incautiously given to improvident speculations, it is not probable that the experience of those periods will have been so lost, as not, of itself, to have prevented the repetition of similar conduct.
I will not now advert to the unhappy circumstances that made an application to the Bank of England necessary in April last for a large advance on deficiency bills—a course which, in the opinion of the hon. Member for Huntingdon (Mr. T. Baring)—than whom no one is better qualified to speak on this subject—led to the Financial Crisis which took place at that period.
He thought, therefore, that in 1842 the Government of Sir Robert Peel was justified by the Financial Crisis that then existed, in proposing the imposition of an income tax.
, and it was confidently anticipated that before the war had lasted many months, it would fall much lower, that a Serious Financial Crisis would overtake the Emperor, that ruin and poverty would fall upon the landed proprietors, and that national bankruptcy must ensue.
The Financial Crisis which occurred at the end of last year did not much affect the consumption of commodities; it did not interfere with the agricultural districts at all, and its effects in the manufacturing districts were considerably postponed.
There were the effects of the Irish famine; there was an expensive war raging at the Cape; there had been a Financial Crisis; and last, not least, there was a revolution in Europe, which, to a great extent, excited the minds of the people of this country, and for some time previous to the breaking out of that revolution, the attention of the country had been set, precisely as it has been lately set, upon the question of fortifications for national defence.
that it is constantly contracting new debts, and must therefore eventually bring on a Financial Crisis.
When I reflect upon the state of the affairs of Europe, and on the Financial Crisis, which has not yet subsided—and I am afraid is not likely soon to subside—I hold it to be of the utmost importance that the Government should not resign office at this moment.
They were not proceeded with last year owing to the Financial Crisis, which rendered it inexpedient to ask for contracts.
Well as the whole of this Abyssinian deficit amounts to £2,078,000, the appearance of the matter is this—that had we continued at the point of expenditure where we were two years ago—and I, for one, have never concealed my opinion that that was a very high point—instead of the right hon. Gentleman being now obliged to condole with himself, and my being obliged to condole with him on the nature of the appeal that he makes to us, he would have appeared before us, notwithstanding the Financial Crisis, notwithstanding the bad harvest and the comparatively unfavourable state of the Revenue, with a 1174 clear surplus of £800,000.
If those in office do not mend their nays a "Financial Crisis" will take place in this House, which will render it impossible for the Public Business to be carried on by them in the face of this large and increasing expenditure.
Vagrancy had increased very considerably all over the country within the last two years, owing, doubtless, to the Financial Crisis and the consequent absence of employment.
The Committee will remember that the finances of the country had been considerably disturbed and disorganized by the Financial Crisis which happened at the commencement of that period, and,: therefore, those Estimates, prepared in the usual manner on the basis of those of previous years, are found to be in practice not so trustworthy as usual.
Here I must remark the loose manner in which Her Majesty's Government discuss the Present Financial Crisis.
Our Colonies were the heritage of the poor people of this country; and while our population was increasing at the rate of 750,000 yearly, and when there was a scarcity of labour in this country, as when a Financial Crisis occurred, which meant starvation to tens of thousands of our population, the Government ought to aid emigration to them.
It had been asserted by an itinerant agitator in Yorkshire that these men had been badly used, as they had been induced to go from Scotland and other parts of the country to work in the dockyards at low wages, with the hope that they would ultimately get a pension; whereas the truth was what he had stated, and that it had been a great boon to them to get wages to enable them to tide over the winter at a time when the shipbuilding trade was nearly stagnant, in consequence of the Financial Crisis of 1866.
The Reports which they had received from those who best knew the poorer districts of Ireland were that the population was at present in a state of social 1066 and Financial Crisis.
That may be, but our telling him how we are to use it is very like the surrendering of the freedom we have just regained; and though it is fair that that freedom should be surrendered when we are in a condition to frame our own policy afresh, after the dislocation which I admit it has undergone, yet, viewing the nature of This Financial Crisis, and its effect upon the entire subject of Egyptian politics, in my opinion we should be guilty of gross folly were we at this time, and when Lord Northbrook is preparing for the purpose of his Mission, to anticipate its results.
The Committee were asked at the present moment of Financial Crisis not to vote £6,000 this year, or £10,000 next, but to commit themselves by the Vote proposed to be taken to an expenditure of at least £1,500,000.
Day by day they postponed a statement of the real state of affairs, and tried to stave off the Financial Crisis.
There was no way of meeting the Serious Financial Crisis which was rapidly approaching, except by putting the Metropolitan Police under the control of the County Council.
No prudent Minister can do otherwise than leave a large margin, for, with the possibility of a fall in exchange, which no prudence can foresee, it would be most disastrous if a very close estimate of receipts and expenditure were made, so that a fall in, the value of the rupee brought about a Financial Crisis.
Address for "Copies or Extracts of Correspondence which has passed between the Imperial Government and the Government of Newfoundland relating to the Present Financial Crisis in that Colony, and to the request for aid by the Government of Newfoundland".
We have carefully watched the Financial Crisis through which the Indian Government has been passing during the last few years, and we let them know that if they wished for assistance from the Imperial Government, the Government would not refuse favourable consideration to such an appeal, provided it was attended by certain conditions.
whether the supply of gold is insufficient for the monetary requirements of trade; and what steps Her Majesty's Government propose to take to avert a still more Serious Financial Crisis?
I say that my right hon. friend has sorely disappointed the great mass of those who looked to him to steer us through This Financial Crisis.
He does not think it wise even in a moment of Financial Crisis like this to suspend or alter the scale of abatement, and this immense impost is to go on being levied upon the same scale as at present without any differentiation as far as distribution goes.
But the Dock Companies found that compelling the men to join a friendly society placed them in an invidious position if Any Financial Crisis occurred to the friendly society, and thought it would be better to establish a friendly society of their own, the financial basis of which they knew to be sound.
In Victoria, until the Recent Financial Crisis, every effective cadet received ten shillings per head, and, in addition, from £3 to £10 per corps was given by the Government.
The country was face to face with a Serious Financial Crisis.
South Africa had been spoken of as a bankrupt country, or, at any rate, as a country on the verge of a Financial Crisis, but no word had been raised against its paying its members, which this rich 1126 country, we were told, had not money to do.
And I cannot but regret that the Government should have thought it necessary at this period of the session to bring forward such a Resolution as this when so many other pressing political matters need to be considered by the country: and there is a Financial Crisis going on to which I should have thought the whole attention of the Government might well be directed.
Of course I am speaking of a time before the Financial Crisis which has just happened.
The result was this, that we had to abandon the Mediterranean, with 31 battleships taken away, in order to save the situation in Home waters, and a most Disastrous Financial Crisis broke out in London—such a financial crisis as would undoubtedly spell absolute ruin to this country if it occurred to-day.
Let it be so; but it is not treating it from an Imperial point of view to treat it as the hon. and learned Member for Waterford (Mr. John Redmond) did when he said last night that he wanted to prolong the Financial Crisis as a weapon against another branch of the Legislature, and that he would decline to vote for the 166 Budget, not because he did not like it, but because he thought voting against the Budget would be an assistance to the other House.
If Any Serious Financial Crisis will result from that it is only hon. and right hon. Gentlemen on the opposite benches who will be blamed for it.
He said—I am quoting, I think, almost the exact words:— "It will he the maddest course to do anything to mitigate the acuteness of the Present Financial Crisis.
Our concern is that the Government should not use a Financial Crisis for which they themselves are responsible, the discredit of which only belongs to them, for the purpose of raking up a case against the House of Lords when no real case has been made.
Mr. FELL: Is it the policy of the Government to prolong the Financial Crisis?
Mr. HOBHOUSE: If I was aware that there was Any Financial Crisis, of which I am not aware, I should unhesitatingly say it was the intention of the Government not to prolong it.
I venture to suggest it is a marvellous testimony to the stability of the financial position of the nation that we have been able to pass through This Financial Crisis with so small an effect on the price of securities.
and again: "Mr. Asquith had first to deal with the Immediate Financial Crisis created by the action of the Peers; he had secondly to answer the challenge so audaciously thrown down by them on the constitutional issue.
There was no emergency, nothing to precipitate a Financial Crisis; but it was merely a ruse to embarrass his opponents, and that was the largest game the Chancellor of the Exchequer was after at that time.
Quite lately when they were in the throes of a Financial Crisis they could only raise the money by special and very invidious taxation because of the separate rights and powers possessed by the different States of that Empire.
It does not matter what the views of hon. Members opposite may be on the matter of principle; on the 389 matter of fact, if they were face to face with a Great Financial Crisis, they would have to put their prejudices in their pocket and do what was best from a business point of view for the United Kingdom.
On the other hand, supposing you manage to inflict a really serious and disastrous loss on the other side, there will be a Financial Crisis.
It is by reason of the way the Government have failed to force upon China the performance of its obligations under the Treaty of 1911 that these immense stocks have accumulated, and that a Grave Financial Crisis is looming in the immediate future.
During the Financial Crisis which there has been in other countries, it was impossible for them in some cases to get any money from the banks, but we are now informed that that state has passed over, or is very rapidly passing over, and that there is no question whatever of our wanting an extra Vote or anything of that kind.
Sir F. FLANNERY: I do not think it is desirable that we should allow this discussion to close without a reference to the entirely successful manner in which the Chancellor of the Exchequer and the Treasury officials have dealt with a Financial Crisis altogether unprecedented in its character.
We had already raised £90,000,000 for the same purpose, and, practically, we were raising £440,000,000 of money in the same market for the same purpose and under the same conditions We had just got through the most Serious Financial Crisis that this country had ever seen.
No doubt the times would have been infinitely worse but for the splendid way in which our Navy has kept our trade routes open, and the action of the Chancellor of the Exchequer at the outbreak of War, which saved the country from what would have been a very Serious Financial Crisis.
The true fact of the matter is that the American Exchanges, as he himself was forced to admit, have come to their present position by the enormous increase of our imports from America and the necessity of paying for them, that prices have risen by the tremendous inflation of credit which has been necessary to tide over the Financial Crisis, by the very large payment of separation allowances to soldiers' and sailors' families, and the general increase of consumption due to the prosperity of a large proportion of the working classes.
Mr. DENNISS: The cotton trade was faced with something like a Financial Crisis at the outbreak of the War, and the measures then taken by the various cotton associations were such that the Government itself, if it had been asked to interfere, would have taken.
It does seem to me that there is a Financial Crisis with regard to those housing schemes which have been submitted by the various local authorities.
The Conference will have the task of studying the Financial Crisis, and of looking for the means of remedying it and of mitigating the dangerous consequences arising from it.
But if you have to borrow practically the whole of that, or a very large proportion of it, at the bank, the majority of careful people would say, "That is making my commitments too large, and if anything happens, a Financial Crisis, a war, or anything of that sort, I shall not be able to repay that loan".
As we go through these Estimates, we pass enormous sums voted to officials for War bonus and increased cost of living, and, during the present time of Financial Crisis through which the country is passing, when we are all hoping that wages in some industries may fall, it does seem absurd that we have to vote these large sums to these officials.
The attitude taken by the teachers in regard to the Grave Financial Crisis the country is in is very uncalled for.
Some time ago the Government, in face of a Great Financial Crisis, appointed a Committee to inquire into various forms of national expenditure in the hope that proposals might.
New York, as hon. Members may remember, had a Financial Crisis in 1907, and after it she re-organised her financial banks and created what were called Federal Reserve Banks.
I think it is going to be very difficult for any Government to continue in these times of Financial Crisis Estimates of £70,000,000 a year and over.
and if he has received a memorandum from the leading steel manufacturers to the effect that unless something is done quickly a Financial Crisis will arise?
the illegal prohibition of exportation to Tientsin involved the danger of a Serious Financial Crisis at that port with disastrous results to British interests.
This is emphasised in paragraph 18, where special attention is drawn to the absence of Financial Crisis when beam and cable rates are identical.
Readers of history can tell you that in 1845 there was a Serious Financial Crisis, caused largely by the building of vast railway schemes There was a great boom in railways at that time, and money was put into them to such an extent as to cause great dislocation of ordinary commercial credit and indeed finally to bring about a financial crisis.
It is quite obvious when we look at the condition of the London money market to-day, faced as it has been with losses in the Recent Financial Crisis, faced as it has been with the effects of the great slump in the United States, that for all countries at the present time there are special difficulties in raising loans upon the London money market.
It is true that there are 5,000,000 unemployed in the United States, and I should agree largely with the hon. Member who suggested that that was to a large extent due to the Financial Crisis which has overtaken America and the highly organised capitalistic system of society.
An hon. Member has said that the unemployment in the United States is due to the Financial Crisis which occurred there last year.
We must not in the ninth year wake up to find a Financial Crisis, the whole country saying that civil aviation must go on, and that a subsidy is wanted in order to keep it going.
I cannot see any signs of Financial Crisis.
If the Minister of Agriculture succeeds in getting this Measure on to the Statute Book—he will not—the finances are so colossal that any Conservative Chancellor of the Exchequer considering the Present Financial Crisis would have to say "Well, at least this expenditure has to go; it is non-productive to a large extent and it is waste".
Sir K. WOOD asked the Chancellor of the Exchequer whether he can now 880 generally indicate the nature of the proposals of the Government to deal with the Present Financial Crisis and to indicate the contribution the members of the Cabinet propose to make in the present national situation?
If this sort of thing goes on and there is no restoration of confidence by some sign that the Government realise what the result of such action is, I foresee, not only that the movement will go on, but that it will lead to a very Serious Financial Crisis.
It is not merely or primarily on the details of the Bill that I base my opposition to this Financial Resolution, but it is because at this time of Financial Crisis, about which we had very grave warning only last week from the Chancellor of the Exchequer, we are less than ever justified in facing this speculative and unwise expenditure.
The Labour movement that the Government represent will not allow any reduction of benefits in view of Any Financial Crisis which is supposed to be taking place in this country at the present time.
Mr. DIXEY: I bow to your Ruling, Sir Robert, and I conclude by saying that at a time of Great Financial Crisis, when even comparatively small sums might well be appropriated to dealing with some of the very important unemployment problems confronting us, the Treasury ought to exercise the utmost care over expenditure on legal costs.
This is to face a Great Financial Crisis.
It is, however, a singularly unfortunate thing to ask it at the present time when not only is this country in great financial difficulties, but when there is a Financial Crisis throughout the world.
Mr. MARJORIBANKS: May we have an assurance that the British Government will be no party to the imposition of political conditions, thus exploiting the Financial Crisis?
We know that in Germany there has been a Financial Crisis.
Financial Crisis, no information re effect on trade with United Kingdom, 1228.
Financial Crisis, no information re effect on trade with, 1228.
Financial Crisis, effect on trade with United Kingdom, 1228.
Out of the Financial Crisis emerged the political crisis.
When the right hon. Gentleman makes inquiry, not alone from his official advisers but from every 255 source open to him, I am certain he will find that there was bad judgment on the part of those in control, and that their sense of judgment must have been warped entirely, because there were really two crowds, those who had come along here and the great mass of ordinary sightseers who were interested either in the Financial Crisis or in the floodlighting of this House.
I can understand a five-years' plan and the tightening of our belts; I can understand privation for great ends, greater national welfare, and greater prosperity and comfort; I can understand a one-year plan, but there is no pretence, not the slightest pretence, that these cuts which are now proposed are designed to change the social order in this country, and make a return of the Present Financial Crisis impossible.
Mr. WISE asked the Prime Minister on what date or dates the Economic Council or any committee or 820 members of it were consulted concerning the measures to be adopted for dealing with the Financial Crisis?
If the Financial Secretary should announce now—I do not know what he is going to say—that there is to be any stiffening of the charge that will fall upon the small Income Tax payer in regard to this matter, all that he will be doing will be to make a reduction in the general amount of wealth that is more and more needed, in view of the Financial Crisis, for the purposes of general industrial development.
If you give to the large Income Tax payer a special advantage in the matter of life assurance what he will do, especially in a time of Financial Crisis, will be to take advantage to an even greater extent of this process of investing wealth in order that he might reap advantages in the exemption of tax, and in the long run the wealth of that class of Income Tax payer available for general industrial investment will be decreased rather than increased.
Mr. GALBRAITH asked the Chancellor of the Exchequer whether he will consider the advisability of imposing a tax, during the continuance of the 1474 Financial Crisis, on all British subjects who go abroad for the purpose of holidays or amusement?
Moreover, the hon. Member for Caerphilly actually complained of the May Committee for having expressed an opinion as to what the level of teachers' salaries ought to be, apart from the Financial Crisis.
Here is a country faced with a Financial Crisis on the edge of a precipice; and, according to the statement submitted by the Chancellor of the Exchequer, he proposes to save £22,000,000 by these economies, while at the same time he says that we must provide for a payment of £32,500,000 into the Sinking Fund, or £10,000,000 more than we are saving by these economies.
Consultation re Financial Crisis, 517.
Consultation concerning measures for dealing with Financial Crisis, 517, 819–20.
If, for instance, there was likely to be an unreasonable increase in prices by reason of the action of any persons exploiting the Financial Crisis, we might very well argue that, if the right hon. Gentleman should unfortunately be a member of the Government which exploits the present situation and puts on food taxes, thereby bringing about an increase of price, we ought to be able to put him in the dock and have him fined in accordance with the later provisions of the Bill.
We are told that Germany is again face to face with a Financial Crisis.
The hon. Gentleman in seeking to justify this Bill said that India was passing through an Acute Financial Crisis and that this was a Measure which must be passed in order to restore the financial position of India.
That we may be faced with a Serious Financial Crisis due to world-wide causes which will affect, not only the pound but the whole financial stability of the world is, I will not say, probable but possible, during the next few weeks.
Suppose that the Socialist Government had remained in office without a Major Financial Crisis.
I want my right hon. Friend to see, before we go further, how many of the authorities which should prepare these schemes have an adequate staff to do so, how many they will have to employ, and how much that will cost, and then to ask himself whether the money could not be better spent in pursuing some of the educational or other development schemes which, owing to the Financial Crisis, we have had to drop.
Lord APSLEY asked the Secretary of State for the Colonies which Colonial Governors have accepted a reduction in their emoluments since the Recent Financial Crisis, together with the amounts?
Now that, by a piece of great good fortune and good luck, I temporarily find myself the civil head of the Navy, it is my misfortune to introduce the lowest Estimates that have been introduced since 1913, and which have obviously been framed, not on what we would like, but with a, view to contributing, and contributing very generously, towards the nation's common effort to meet the Great Financial Crisis.
We should have carried the process of rearmament a good deal further if it had not been for the Financial Crisis, which entailed so big a cut in the Vote for technical equipment to which I have already referred.
I do not imagine that any other country could come through the kind of Financial Crisis that we came through in the way that this country came through it.
Mr. CRAVEN-ELLIS: Will His Majesty's Government approach the Indian Government with a view to reestablishing the Indian sector of the air route which was suspended last year owing to the Financial Crisis?
It led us to the most Disastrous Financial Crisis that this country has been faced with for many years.
When the Financial Crisis was upon this country the Government initiated a policy and carried it out.
Mr. POTTER asked the Chancellor of the Exchequer whether, in view of the hardship caused to certain Surtax payers by the assessment to Income Tax of profits made in the year prior to the Financial Crisis on which liability for Surtax arises in the following year in which a loss may have occurred, he will be prepared to make provision in the forthcoming Finance Act empowering the Special Commissioners of Income Tax to grant relief in specific cases?
Our country particularly, and the world at large, has seen a very Grave Financial Crisis, and, in response to the implications of that crisis for our own country, there has been a change of Government—I think for the worse—and an em- 1270 barkation upon a policy of what is called economy.
I agree with the right hon. Gentleman the Member for Hillhead that the first and the paramount consideration is a sound monetary policy, but a second condition is international recovery from the Financial Crisis.
The change was one of the regrettable but unavoidable consequences of the Financial Crisis.
Mr. HANLEY: Is my right hon. Friend satisfied that these islands have done their utmost to assist the British Isles in the Financial Crisis?
Something has been said about the Financial Crisis which brought about this legislation being exaggerated, and a manipulation.
This is not an Amendment in the interests of the working classes, and it is directly contrary to the national interests in the Present Financial Crisis.
and whether it has been found necessary to retard operations in view of the Financial Crisis?
At this moment, when we are suffering from a Terrible Financial Crisis due to the sterilisation of gold, and when our object is to raise the price level, nothing could be more contrary to our professed policy than the fact that we are.
This country in the Financial Crisis last Autumn threw a bucket of cold water over itself and came back to reason.
I ask the Government that, in yielding to the sympathetic appeals made by hon. Members in all parts of the House to deal with the genuinely hard cases, which no one can listen to without sympathy, they should realise that there is a Financial Crisis at this moment, and that, if they yield to those, out of generosity, from public funds, they are simply aggravating the evils.
I realise that we are going through a Financial Crisis, and that it may be argued 497 that we have no money to invest in land.
On account of the Financial Crisis through which we are passing, and passing, I think, more successfully than hon. Members would have ventured to prophesy only a few months ago, expenditure—and, let it be quite clearly understood, useful, valuable and productive expenditure—has had to be cut in every Department.
Those who remember that period will recall that there was first a Financial Crisis, greatly owing to lack of confidence.
Unfortunately, the Financial Crisis which affected so many other things had a crushing and a stunning effect upon the fortunes of the Doncaster Drainage Board, and this relatively small area had to be informed that contributions towards its expenses from the Central Fund, to which it had been looking forward, could not, in fact, be made.
I think that all hon. Members on this side of the House will recognise clearly that the definite implication of the Financial Crisis last year and the decision arrived at by the nation was that they had eventually to cut down all the extra financial responsibilities which had been taken on by the Government and see how far we could do without them.
I have often heard it argued by Indians, by Nationalists and by persons in this country, that if the Financial Crisis makes it impossible to give adequate financial resources to the provinces provincial 1763 autonomy is impossible; but that is the conclusion to be drawn from the existence of an impossible financial state.
The Secretary of State himself explained on the occasion when that legislation was passed that nothing short of a great national emergency, nothing short of an Acute Financial Crisis, would justify the Bill, which was an emergency Measure to deal for a short time with the crisis, and that it was the firm intention of His Majesty's Government to safeguard in every possible way the rights and guarantees of the Services.
When the Financial Crisis, became acute in the 752 summer of 1931, there was, obviously, a change in circumstances.
Mr. LANSBURY (by Private Notice) asked the Prime Minister whether he is now in a position to assure the House that before the vital discussion with the United States Government on the question of War Debts takes place he will, in circumstances which will permit Debate, make a statement outlining the broad principles of the policy the Government propose to pursue, and whether he can make any statement of any action proposed by the Government in relation to the Financial Crisis which has arisen in the United States?
When the Financial Crisis fell upon this country towards the end of 1931 and we were confronted with the need for bringing in a second Budget, when we were faced with a deficit of £70,000,000 in the current year and £170,000,000 in the subsequent year, it was never even then suggested.
I would point out to the Parliamentary Secretary that since 1928, when the original Bill was introduced, we have had a, Financial Crisis, and that we are still in a financial crisis.
The hon. Member for South Croydon says that the Financial Crisis is so much more severe that we ought to cut down more.
In 1931 the expenditure, estimated for and carried out before the so-called Financial Crisis arose, upon the three Services amounted to £107,329,000.
Financial Crisis, British Government action, 805.
Financial Crisis, British Government attitude, and no action called for, 805.
I hope to touch on the Financial Crisis which has come upon municipalities, more particularly in the North of England, and then ask the Government to tell the House and the country what is their reply to the challenge recently made by a group of economists to the financial policy of the Government.
There is also the host of schemes, local and national, which have been held up by the very proper reduction of capital expenditure during and immediately following the Financial Crisis of 1931.
I must say that I view with considerable alarm what may take place all over the country in this connection, and I trust that the Government will reconsider this 1610 matter with great care, recollecting that, although they are basing their recommendations upon the report of the Departmental Committee, that report was more than two years old before the very Serious Financial Crisis through which this country is passing commenced.
When the Prime Minister was on his voyage to America and when the Financial Crisis arose in regard to America recently, can anybody contend that the Equalisation Fund had not a strain put upon it?
In 1931 it had to be suspended on account of the Financial Crisis and the impossibility of borrowing money, and the need above all of restoring financial credit and not incurring fresh loans, but now that the situation is so different the policy should be changed and a different course should be adopted.
Is it justifiable to give a considerable relief to one class of taxpayers without giving any consideration at all to the cuts in expenditure which were made at the time of the Financial Crisis?
Our strongest objection is this: Eighteen months ago we were told that the nation was in a Great Financial Crisis and everyone was called upon to share in a common sacrifice.
The construction of a 4½ mile length between Greenford and Hillingdon was postponed at the time of the Financial Crisis in 1931, but my hon. Friend has recently offered a grant towards the cost of this section, which is estimated at £260,000, and I understand that the first portion will shortly be put in hand.
After all, I do not suppose that, when the Cabinet imposed upon themselves a cut at the time of the Financial Crisis, it was at all popular among them.
That is a very revealing statement when you realise that Germany, 14 years ago, was practically bankrupt, defeated, and exhausted after the greatest struggle in history, and that ever since then, practically speaking, Germany has been going from one Financial Crisis to another.
In 1931, at the time of the Financial Crisis, the 'Government had a 2640 definite policy, that all borrowing must stop.
There was an urgency in 1931, because there was a Financial Crisis, but there is no financial crisis to—day.
Dr. BURGIN: Because none of us desire to be precipitated into Another Financial Crisis.
I am arguing that that is not the case at all, and that this kind of legislation is responsible for the continuation of the Financial Crisis.
Public opinion killed the strike against this country in 1926, and it saved the country once again in the Financial Crisis of 1931.
We were appointed before the Financial Crisis in 1931.
It was understood that when the Financial Crisis ended the cuts would be restored and the sacrifices no longer continued.
treatment of war pensioners, not ungerous, and comparison with other countriesr, and no cuts made as result of Financial Crisis, 1886–7.
treatment of war pensioners, not ungenerous and comparison with other countries, and no cuts made as result of Financial Crisis, 1886–7.
It was only when this Government came into power, after the Financial Crisis had arisen, that a check was put on the accumulation of the debt which, as the Chancellor of the Exchequer admitted on another occasion, has been due to maladministration and to the fact that successive Governments—especially the last Socialist Government, because the largest amount of debt was accumulated at that time—have shown a regrettable unwillingness to adopt those strict actuarial principles which are now being applied, and will be applied in future.
In 1931, we were told from the Government Front Bench that the economies were necessary purely because there was a Financial Crisis, and that all sections of the community had to make the sacrifice in order to pull the country out of the financial hole into which it had got.
While I am told by you, Sir, that I cannot discuss the means test in general, I think we are entitled to discuss some phases of it in so far as we are arguing that the means test was brought about in 1931 presumably because there 448 was a Financial Crisis.
-Colonel Headlam): This is one of a number of schemes, suspended as a result of the Financial Crisis, which are being kept under constant review in the hope that arrangements may be made, at no distant date, for the resumption of work, as and when funds permit.
What we had was a Financial Crisis, so-called.
I cannot help regarding this particular proposal, when taking into account all the other matters which arose out of the Financial Crisis, and viewing it as a whole, as an instance in which the Budget is unbalanced in the vital sense of not considering first those whose interests are greatest.
It was put on to meet the special circumstances of the Financial Crisis.
The Lord President of the Council made it quite clear in June at the time when, we suppose, the Government were coming to a Great Financial Crisis, when he said: "I may say one thing about it that, if we get back to power, that tax will never see daylight".
It is no use the right hon. Gentleman leaving his child on our doorstep and saying that we have malnourished it; his brat has been one of our greatest troubles; and, after that, he participated in causing a Financial Crisis which brought all slum clearance to an end.
Economy was very necessary during the Financial Crisis, and everyone will agree that the local education authorities co-operated heartily with the board in keeping down expenditure wherever possible, but now that the crisis is over, the progressive policy adopted by other Government Departments must be adopted by the Education Department.
In 1931 there was a Financial Crisis, the spending power of the people was in jeopardy.
Those Members who were here in 1931 will recall that a survey was started in the spring of that year, but was stopped 2530 at the time of the Financial Crisis.
I say that there are many in the hon. Member's constituency associated with the best life in his constituency, and with the most wholesome movements in his constituency, who would regard it as intolerable if a majority, secured as the result of the Financial Crisis, were to be used to undo in part what has been established for 100 years.
It was distinctly understood that the powers were asked for only because of the national emergency and of the exceptional situation created by the Financial Crisis.
Road improvement, scheme held up by Financial Crisis of 1931 and present position re, 1576.
If my hon. and learned Friend opposite were in office, and if he brought about, as he said, a Financial Crisis, something like that might happen.
Sir S. CRIPPS: May I point out that I never suggested bringing about a Financial Crisis?
Unfortunately, in 1931 the Government suspended negotiations with the City Corporation owing to the Financial Crisis, and since then the corporation have been told that the First Commissioner is unable to vary the terms which had previously been offered, and which are said to be prohibitive.
It was regarded as a sacrifice, and no other cut was asked of the civil service to meet the Financial Crisis.
They are faced with the position that the Opposition have indicated that, when they get their chance of reorganising industry, the first stage will be a Financial Crisis.
of restoration, we shall not be faced with something of the character prophesied by an hon. and learned Member opposite, namely, a Financial Crisis, and a situation in which one day at the polls might undo in the main the good work of the previous four and a half years.
Despite the Financial Crisis, the political situation, in recent months, was not unfavourable.
I am well aware that the figures I have given reflect the reduced capital expenditure of 1932 and 1933, and no doubt we should have done much better in this direction had it not been for the Financial Crisis of 1931.
My hon. Friend has had to face difficulty for years, and when he produced his speech to-day no doubt he did so with great satisfaction, because he is a man who wishes education to go forward and he has been severely hampered by the Financial Crisis.
In my own constituency we had plans before the Board of Education when the Financial Crisis occurred in 1931 and the axe fell.
It is perhaps of little value to point out"— 2155 I want the right hon. Gentleman to pay particular attention to this— "that, when the last two increases in the petrol tax were made in 1931 the Chancellor of the day gave a pledge that they would be removed when the Financial Crisis was past".
Nevertheless, it was extraordinary to see the tenacity with which the Treasury and the Bank clung to the Gold Standard at that rate of exchange; because now the most orthodox economists, and even Professor Robbins himself, admit that that was one of the main causes of the Financial Crisis of 1931.
If we were in the presence still of a Financial Crisis, we could say, "Such things have been before; it will pass; we have seen worse weather".
Other people who are more clever than ourselves may know, but we do not know how it is that the German nation, which we have been told over and over again has been smitten by Financial Crisis after financial crisis, is able to build up a great air force, to embark on a great naval enterprise and to establish a huge army in the way that it is now doing, and yet be in the poverty-stricken condition that we are told it is in.
We have heard about the Financial Crisis of 1931, but the miners have a financial crisis every Friday night and every Saturday.
What would have been our attitude if we had had not only a Financial Crisis but also a threat to the constitution of the country and to the normal system of Government by armed Leagues?
I think that, if hon. Members consider this as a financial document, then what is meant is a Financial Crisis.
He spoke of a Financial Crisis, but there was no specification whatever, nor did he venture to inform the Committee as to whether that financial crisis was attributable to the conduct of the National Government or some other Government.
Parties may act separately in normal times but they must act co-operatively when the nation was faced was a Financial Crisis or of any other kind.
One was the Financial Crisis of 1931 which arose almost at the same time.
The Prime Minister has led us through two great crises, the General Strike of 1926, and, with the assistance of the Lord President of the Council, the Financial Crisis of 1931.
In the days immediately after the Financial Crisis in 1931 we had to scrape together every penny we could and we got money from every nook and cranny.
If we go on without this Bill will as many spindles be destroyed as are going to be destroyed if the Bill is passed, will there be fewer men and women in employment, will there be a shortage, perhaps of cotton yarn, will the banks, perhaps, be put into such difficulties that there will be a Financial Crisis?
I feel that unless something of that sort is done we shall reach again the time when a Financial Crisis is upon us and revenue is insufficient to meet expenditure.
He went on to make amends to the taxpayers and wage earners upon whom the sacrifices had been imposed in the Financial Crisis of 1931.
, a level to which it has never risen except in time of war or immediately after the War or during the Financial Crisis.
We have already been through one Financial Crisis, and have just pulled through; we might not pull through a second.
It is necessary that the House should pay increasing attention to this matter of economy, because it seems that we are in danger of proceeding from Financial Crisis to financial crisis.
During the so-called Financial Crisis of 1931 - I do not intend to enter now into the question of whether it was real or sham - legislation was passed in a period of 12 months which involved a large section of our people in considerable suffering and sacrifice.
I do not deny that a Financial Crisis like the one we had in 1931 did in fact visit very serious consequences upon individual people.
In the case of a Financial Crisis which the country has been going through it is only fair that the British Broadcasting Corporation should pay their share towards the national recovery at the expense of having to curtail their own activities.
The depression in these distressed areas started many years before the Financial Crisis, the slump or the economic blizzard, or anything else.
hon. Member for Derby (Mr. J. H. Thomas) during or just after the Financial Crisis of 1931, for the purpose of their making improper revelations of Cabinet secrets.
Knowing that Parliament has said to the County Council, "You shall be responsible for these bridges," it does seem to me an extraordinary thing that Parliament should say in 1932, because there had been a Financial Crisis, "We will not permit you to have this money"; later should change its mind and say, "We will not let you undertake this unless you combine it with a Charing Cross scheme"; and then change its mind again and say, "We will not let you have the money at all" - should first say the County Council can have a grant of 75 per cent.
He found himself with instructions from the Colonial Office that as there was a Financial Crisis at home all Colonial Budgets must be balanced.
I cannot believe that even in a Financial Crisis that was wise national policy.
We were turned out in 1931 on the plea that we had let the country into a Financial Crisis.
Exactly as the right hon. Gentleman the Member for Epping, for five years, cleared up the ladder before Labour came into office, so the people who are sitting on those benches to-day, with their ruinous, suicidal financial and armaments policy, are driving the country into Another Financial Crisis such as that for which they were responsible in 1929.
It seems to me that we are being asked to spend unlimited sums on armaments, to unbalance our Budget, to build up Financial Crisis and trouble and unemployment in the future; and to such a course we are unable to give our support.
It is tremendously to their credit that in 1931, when they believed that there was a Grave Financial Crisis, they went in their thousands to the polling booths and voted away a few coppers of their dole.
Was it not one of the recommendations of the Royal Commission before the Financial Crisis?
The hon. Member for Bridgeton (Mr. Maxton) asked us whether we say that the sum spent on unemployment insurance had brought about the Financial Crisis of 1934.
In 1931–32,although it is not admitted by the Opposition, there was a period of Financial Crisis.
Some five years ago we had a Financial Crisis which caused great political controversy in the country.
Mr. Turton asked the Minister of Agriculture whether in order to increase the productivity of agricultural land, he will re-introduce the grants for land drainage and moor gripping discontinued in the Financial Crisis of 1931?
asked the Minister of Agriculture whether in order to increase the productivity of agricultural land, he will re-introduce the grants for land drainage and moor gripping discontinued in the Financial Crisis of 1931?
It is very unfortunate indeed that the work begun by Dr. Addison, when he passed the Drainage Act of 1930 through this House, and prepared plans at the Ministry of Agriculture for large-scale drainage, the whole thing should have to be cut in the Financial Crisis of 1931.
Mr. Ormsby-Gore: Owing to the Financial Crisis in 1932 the Acting Governor ordered a 10 per cent.
There was, however, something besides lack of equilibrium in the national balance sheet which was responsible for the Financial Crisis of 1931.
and whether, in view of the growing need for agricultural education, he will take the necessary steps to restore the scale of grants that was in operation up to the Financial Crisis of 1931?
Therefore, I hope that in future, when the party on this side of the House have taken the places of right hon. Gentlemen on the other side and if we get into Another Financial Crisis - [Laughter] - similar to the one that we are facing at the present moment; it is not the Labour Opposition which has come to the House and asked for another £200,000,000, it is the National Government who are asking for it.
They are faced with a Serious Financial Crisis for the very same reason that we were faced with a serious financial crisis in 1932, namely, that we had not enough gold.
The sobriety of the nation and the fact that members of the licensed trade conduct their businesses in an exemplary manner, notwithstanding the Serious Financial Crisis through which so many of them are passing, is surely sufficient justification for their claim to consideration at the hands of the Government.
It will be a Financial Crisis, in my view, more severe than that of 1931, because it will not be a currency crisis as the last one very largely was.
I listened very carefully to the speech of the hon. Member for Gateshead and I welcomed both sections of it, because no one from that side of the House up to to-night had so completely whitewashed the Labour Government and absolved them from any responsibility for the Financial Crisis of 1931.
They built houses under it and it was only the Financial Crisis of 1931 which checked the operation of that Measure.
Such a reduction in pay would be justified only if there were a Financial Crisis, and as we are not faced with a financial crisis, I think it is a great pity that the Government were not a little bit more liberal and that they did not give the allowances without making any deductions from the pay of the officers.
There are signs of a definite industrial recession in this country at the moment as well as a purely Financial Crisis.
Over the lapse of years the number of pensioners is decreasing, but when hon. Members say that there is no corresponding downward curve in other countries they should realise that we are the only country in the world among the combatants that did not reduce our pensions scales during the Financial Crisis.
In the Financial Crisis of 1931, the Chancellor of the Exchequer, looking round for something to tax, again fastened on this unfortunate road industry and in two successive Budgets of that year imposed additions of 2d.
We have seen the situation in France in recent years - a rich country, but a country in which, owing to various considerations, there has not been confidence of late, with the result that they have been going from one Financial Crisis to another.
The Financial Crisis on which I desire to speak to-day-it is certainly a financial crisis that the nation is called upon to face-is in' large degree subject to two main causes.
I am making the statement as undeniable, that behind the facade of complacent, pharisaical humbug on the part of the Government, the real financial figures in relation to the British Exchequer to-day reveal a state of Financial Crisis beyond all doubt much more serious and much more devastating in the burdens that the country is being asked to meet, than was the case in 1931.
I suggest to the House that, with this nation in face of a growing Financial Crisis in the National Exchequer, the position is still as the party to which I belong has so often said, namely, that wealth is allowed to increase in limited sections of the community while poverty increases among other sections, and that when one comes to the national burden, it is inequitably distributed among those sections.
Therefore, we are up against the absolute necessity of keeping up the national revenue, if we are to avoid a very Serious Financial Crisis at some time or other.
If we are given, as I hope we shall be, the support of the Committee and a steady grant, without interruption - and our grants have been interrupted twice so far because of Financial Crisis, involving very great economic difficulties and ultimate loss - we think our planting area could usefully be expanded during the next few years from the present 23,000 acres up to about 40,000 acres.
but if, on the other hand, the volume of world trade continues to dry up, if the commodity price level continues to drop and conditions of deflation continue, there is no doubt that we shall be faced sooner or later with a Financial Crisis which will far surpass in magnitude and severity the crisis of 1931.
The immediate reason for the cessation of the test inspections at the end of 1931 was that the services of the inspectors temporarily engaged for the purpose were dispensed with as part of the economies affected in consquence of the Financial Crisis at that time.
Unless these two can be sustained and increased, a Financial Crisis sooner or later in this country is inevitable.
It will only be two or three years before we shall have reached a total of £9,000,000,000 of debt, £1,500,000,000 more than when the wicked Labour Government left office on a so-called Financial Crisis.
Yes, and the Financial Crisis which developed, as the hon. Member will suggest, as a consequence of that experience led them to the position in which their hopes were to be centred in the return of our hon. Friend.
In Macedonia alone 500,000 people were settled, and while it is true that the refugees themselves did not pay the full interest on the loan, the Greek Government, until the Financial Crisis paid the rest in full, and it was recouped from the refugees as taxpayers and from the general increase in prosperity resulting from their production.
In 1931 there was a Financial Crisis.
We are told that the £100,000,000 paid over a long period of years for the unemployment created a Financial Crisis in 1931.
I am as certain of one fact as I am that I am standing here: References have been made in this Debate to the so-called Financial Crisis of 1931, but I am certain that the policy that has been followed by the Government since that date has rendered necessary this colossal Budget.
Does not the hon. Member think that there is the greatest likelihood of the industrial section of the West of Scotland taking the same practical view of this matter as they took of the Financial Crisis of 1931?
Any attempt to do so would only have one result, and that would be a repetition of the Financial Crisis with which we were confronted in 1931.
Practically all visitors had gone in a few days with the result that the proprietors of hotels, shops and boarding houses were faced with a Financial Crisis.
The arrangements made in regard to Brazilian loans since the Financial Crisis of 1931 are fully 586 set out in the annual reports of the Council of Foreign Bondholders.
I think it must have been in the heat of working through the Financial Crisis of 1931.
The Chancellor, before he begins to talk about his Purchase Tax, is estimating to get this year £466,000,000in Customs and Excise Duties, as compared with a humble £245,000,000 which the Labour Government could get when it was charged with causing a Financial Crisis.
I must say, on behalf of my hon. Friends who were associated with me in the so called Financial Crisis of 1931, that as my mind goes back to the night of 8th September of that year and the Debate in this House, with its tremendous excitement and great interest in the late Lord Snowden by the packed benches opposite, as to whether or not this country was going to disaster over £100,000,000 or so, I am extremely surprised at the small volume of interest which has been shown in the extraordinary Budget we have now to debate.
Even during the Financial Crisis of 1931, the increase was not wholly arrested, and with the prospect of a declining population and of great economic difficulties after the war, and with a vastly increased National Debt, it surely would only be a measure of reasonable prudence if the Government brought some pressure to bear upon local authorities now, by anincrease in their rates, to pay off, at an increased rate and increased speed, the very heavy debt which they have contracted during the last 20 or 30 years.
I do not forget the time when in a Financial Crisis we were all asked to tightenour belts.
I have not the slightest hesitation in saying that if Parliament at this moment were to adopt this scheme, there would be a Financial Crisis even worse than that.
What was the Financial Crisis that let Newfoundland down?
I well remember in 1931, at the time of the Financial Crisis, I cut my election expenditure down by two-thirds and retained my seat, in fact, increasing my majority.
They read in the newspapers that the Tarran Company had a Financial Crisis, so they met together to see how they could get the money to build these houses.
If the Opposition had been able to pursue their policy of increasing by many millions a year expenditure on the social services - whether the cost fell upon the Exchequer or on compulsory contributions does not much matter from this point of view - whilst at the same time flatly refusing, as they did flatly refuse, to consider public direction in the reorganisation of industry for public needs, I believe that policy would lead to a Financial Crisis, to another 1931.
Take the Financial Crisis of 1931 which was resolved, according to the Report of the Donoughmore Committee, by passing six Acts dealing with financial matters, and giving to the Executive a large measure of control of taxation which should have been in the control of this House.
With the approach of the reconstruction period it is hoped to restart county cricket next May, and the Financial Crisis with which the game is faced justifies the formulation here, again, of very strong representations for relief from Entertainments Duty.
Is the hon. Gentleman suggesting that Imperial preference was not a means of greater prosperity throughout the Empire and did not pull us through the results of the Financial Crisis?
On the other hand, if we get more consumption, more taxes, more burdens upon the public purse, more wages, without the production taking care of them, then we shall get not over-production but inflation and a financial smash, a Financial Crisis from which the working classes will suffer as much as anybody else.
What hon. Members opposite are afraid of is a Financial Crisis abroad; we may as well face it.
But where is the self-interest, if at the end of six years the money is reduced by half, and where is the patriotism if at the end the nation finds itself landed in a Financial Crisis?
I feel that there is now a danger of a Financial Crisis such as will make 1931 look quite simple.
It will be within the recollection of many hon. Members that in the Financial Crisis of 1931 this House reduced Members emoluments to £ 360.
He is arguing that for him to seem not to make a change of what was existent between the wars is clearly to show that it was not the financiers but, in point of fact, the Labour Government of 1931 which caused the Great Financial Crisis.
I should very much rather, if I were one of these pensioners, have this thing in the Bill now, than have to wait, especially with the dangers there axe of a Financial Crisis.
According to the Government's own White Papers, we are on the verge of a Financial Crisis, and we cannot possibly tell what £30 million will buy in three or six months' time, or in three or 10 years' time.
The Chancellor of the Exchequer said the other night at Newcastle that he had sufficient power to ward off Any Financial Crisis.
Of course, it was right for the Chancellor yesterday to emphasise the seriousness of our position in regard to the foreign exchange situation and particularly in regard to the dollar exchange situation, but when people talk about Financial Crisis and the desperate condition of this country and when the Chancellor says that we must "export or expire," what is really in the back of his mind and what should be in the minds of those other Members?
But when we talk about a Financial Crisis, we should not overpaint the picture.
For example, China clay is a raw material which will be absolutely essential to us, in view of the Impending Financial Crisis.
For example, China clay is a raw material which will be absolutely essential to us, in view of the impending Financial Crisis.
As regards the Supplementary Budget which the Chancellor is to introduce, the Chancellor was warned months ago that there would be a Financial Crisis.
Then came the Financial Crisis.
That was gradually increased, and in 1931, when we had a Financial Crisis similar to that which we have today, the only way the Tory Party could find to deal with the situation was to inflict a 10 per cent.
Mr. Osborne asked the Financial Secretary to the Treasury in view of the fact that during This Financial Crisis the nation is spending more on tobacco than it can afford, if he will give a lead to the country and set an example to private industry by issuing instructions that smoking will be prohibited in all Government offices during working hours.
asked the Financial Secretary to the Treasury in view of the fact that during This Financial Crisis the nation is spending more on tobacco than it can afford, if he will give a lead to the country and set an example to private industry by issuing instructions that smoking will be prohibited in all Government offices during working hours.
Does my right hon. Friend not agree that it would be a good thing if, during the Financial Crisis, Members of this House set a good example by discontinuing the smoking of expensive cigars?
I myself, when Financial Secretary, hadto introduce the Public Works Loans Bill following the Financial Crisis of 1931.
asked the Lord President of the Council whether, having regard to the Financial Crisis with which this country is at present faced, and with a view to curtailing expenses, he will consider reducing the size of and decreasing the expenditure on the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.
Owing to the Present Financial Crisis and difficulties it will be many years before this will come into effect, and I hope in general that a proper sense of proportion will be kept in relation to this Clause.
We have a Financial Crisis, and the Government are taking the steps which any Liberal or Tory Government would have taken under the same conditions.
We should think what we can afford at the present time of Financial Crisis, and then give and do a little more.
In our present state, when capital expenditure is being limited for economic reasons, I should doubt whether this would happen; but it may be that we shall get out of Our Financial Crisis before we get out of our food crisis - I do not know what may happen - and, if we did, it might be that the Secretary of State would start directing people to incur very large capital expenditure without their having any recourse at all, so far as I can see, in a certain event.
Six years later, at the time of the Financial Crisis and the election of the National Government, cuts of about 10 per cent.
Mr. De la Bère asked the Lord President of the Council whether having regard to the Financial Crisis with which 1439 this country is at present faced, and with a view to curtailing expenses, he will consider reducing the size of and decreasing the expenditure on, the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.
Even more important now, in the Financial Crisis through which we are passing, is the arrival of oversea visitors whom we must attract to this glorious island of ours, if we are not to suffer grievously in the future.
People may tell us that these are difficult times and that there is a Financial Crisis.
The position of our country has been characterised as facing a Financial Crisis.
Coming down with some difficulty from these more lofty planes, may I say that what has surprised me most in this Debate and the events of the last few weeks is that it appears that This Financial Crisis, or pending financial crisis, has come as something of a surprise to the Government and not only to this Government but to other Governments.
If you take these three factors together, the Financial Crisis, the party conflict and the atom bomb, it will, I think, be generally agreed that the hour is grave.
There is now Another Financial Crisis, and poor folk up and down the country, with memories of those dark days, are afraid of what may happen to them.
He put it in a manner which was a little more gentlemanly perhaps, but at the same time there was the accusation that the Present Financial Crisis was due to thepolicy of this Government.
The miners have responded magnificently in This Financial Crisis, and up and down the country the men, by resolution in their lodges, are declaring their intention to start working on two or three Saturdays per month in order to attain this year's target.
It is certainly true that, every time we have a Financial Crisis, up pops the Parliament Bill, but no hon. Member opposite can surely suggest that the circumstances which we face today, nationally and internationally, are the same as those which faced us on the last occasion.
It is a discouragement to those of us who really are honestly doing our best to help the Government, at this time of Financial Crisis, to extend our business to overseas dollar countries.
Taking the view that we may one day emerge from the Present Financial Crisis, I should have thought it might have been wise to draw this Bill in a temporary form, to enact that the Bill should last two, three or maybe five years, and to put in the Bill as we frequently do, provisions for renewal by Order in Council, or by including it in the Schedule to the Expiring Laws Continuance Bill.
The next thing in which I thought the right hon. Gentleman was really too ingenious for anything was in dissociating the whole of this Amendment almost entirely from any notion that there has been a Financial Crisis or a devaluation or a cut.
It is largely a Financial Crisis.
Mr. De la Bère asked the Lord President of the Council whether, having regard to the Financial Crisis with which this country is at present faced, and with a view to curtailing expenses, he will consider decreasing the expenditure of the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.
asked the Lord President of the Council whether, having regard to the Financial Crisis with which this country is at present faced, and with a view to curtailing expenses, he will consider decreasing the expenditure of the Central Office of Information forthwith, by retaining only such part of the organisation as relates to reference libraries and other records of public value.
I remind hon. Members opposite that some of us remember that the answer of the party on the other side to a Financial Crisis not as bad as the present one, was to make, in 1931, a cut of 15 per cent.
Following on that experience, we had the introduction of the Safeguarding of Industries Act, 1925, hedged about as it was with a great many gaps, and it was not until the Financial Crisis of 1931, which I will pass over rapidly, knowing what painful memories it has for hon. Members opposite, that we reached unity on this matter, not only on these benches, but among Liberal thought at that time, whatever prefix or suffix they carried in that period of their history, in favour of the Abnormal Importations Act, 1931, which was introduced to deal with the currency of that period.
They have left the country insecure, and, after six years which could have been spent on getting us back on our feet, we are facing the Worst Financial Crisis since the end of the war.
I only want to point out - and this is no criticism whatever of my predecessor, who was caught up in a Financial Crisis - that a system of colonial development which leaves the Colonies to finance the Mother Country to the extent of £1,000 million cannot continue unchecked.
We have to face that fact, not on the basis of an Immediate Financial Crisis, but on the basis of our long-term needs.
The net result of all this, if we take the Present Financial Crisis which is affecting this country and the sterling area, is that two-thirds of our adverse position today is due to this change in the terms of trade.
I remember very well years ago Sir Stafford Cripps saying that he could not imagine the Labour Party coming into power without a first-rate Financial Crisis.
Further, we are in the middle of a very Serious Financial Crisis; and it is at this very moment that Mr. Symington decides to put us in the soup.
I find that even in 1947, the year of the Financial Crisis, there was an extra 6d.
The right hon. Gentleman knows perfectly well that when there was a Financial Crisis a short time ago one of the first things that was done was to cut housing.
That is why we have had Financial Crisis after financial crisis in the last six-and-a-half years.
His hon. Friend said of his attitude at that time:I thought the right hon. Gentleman was really too ingenious for anything … in dissociating the whole of this Amendment almost entirely from any notion that there has been a Financial Crisis or a devaluation or a cut.
But a good many of them now show in their speeches that This Financial Crisis is not something new, that it is, as the Leader of the Opposition said today, something which has been happening over 50 years.
Too much money has been spent to avoid Another Financial Crisis.
I am not complaining about that, but do say that there must be a lot of fat/upon which they could survive, for a time at any rate, while we get through the very Serious Financial Crisis with which the nation is faced.
We are facing a Financial Crisis.
We hear talk about a Financial Crisis, but in 1949 the expenditure on drink was £719 million and, in 1950, £727 million.
It is inevitable that our railway system, like others, should be bogged down in a Financial Crisis, but what I object to is that, since the return of the present Government, there has been some reaching out towards the same old cure of economy, which must come out of the standard of living of the men and out of the condition of the railway service itself.
The Grave Financial Crisis under which we are labouring supplies more than sufficient explanation for this decision.
He claims that he is a prophet and that he foresaw both the setback in the arms programme and the Financial Crisis.
The position is that if we cannot increase production in this country, if we run into a Financial Crisis, then the people who will suffer most as a result of it will be those in the lowest level of incomes.
The Financial Crisis in 1949 resulted in considerable economies in the Air Force, notably in Transport Command.
It is a grave responsibility for us this year, under This Financial Crisis.
I do not believe that they or anybody else in this Committee is entitled to say "We are certain that in two years' time we shall be out of Our Financial Crisis".
I believe that it was because of the Labour Party's absolute refusal to face up to this that so much of their planning was bedevilled and led them from one Financial Crisis to another.
What a reputation the Conservative Party are giving Great Britain abroad when they say that the solution of Our Financial Crisis can be achieved only by putting burdens on the cripples first, and that England can only be held together by making charges on abdominal belts.
This Guillotine is introduced because the Government require the National Health Service Bill in order to make a contribution towards solving the country's economic and Financial Crisis.
If that is not possible, and I fully appreciate all the difficulties which the Government have on hand at the moment - they have only been in office six months and the country is in a Financial Crisis, althoughvery few people seem to realise it - I should like my hon. Friend to give an assurance that if the industry should deteriorate in the next 12 months my right hon. Friend the Chancellor will consider the matter very seriously at the time of the next Budget.
They know all about the Financial Crisis.
Nevertheless, because of other factors of Socialist extravagance - their Government expenditure and overspending of the national purse - we ran into the Financial Crisis of 1951, and the present Chancellor of the Exchequer was consequently faced with a picture of serious inflation.
There have been restrictions on remittances of one sort and another ever since the Financial Crisis of 1930-31, but it has not become so acute until fairly recently, from 1946 onwards, when the situation has become increasingly critical owing to the simultaneous factors of inflation abroad and larger currency earnings, together with increasingly severe restrictions on remittances of profits, whether due to foreign exchange, shortage, or to Government legislation.
These points I have raised about our internal economy and Government action are important at this time because of the Financial Crisis within our country.
On the one hand, there is the argument of the hon. Member for Aston, and on the other hand there is the Government's argument, the strength of which nobody can deny, which is this: unfortunately, like it or not, there is today a Financial Crisis, and Government economies have to be carried through.
I am amused and even amazed at the attitude displayed by right hon. and hon. Members opposite in this debate on what we call the Financial Crisis.
I agree that when the country is in a Financial Crisis, for perhaps a year or 18 months we have to live on our fat for the time being.
There is no sense in increasing production if some man-made Financial Crisis is going to stop people who need goods from buying them from others who are ready to make the goods they need.
Surely, in those conditions, it almost becomes nonsense to appeal to the industries of this country to develop and increase our export trade and save us in the time of Acute Financial Crisis through which we are now passing.
They were not taken, and the result was a Financial Crisis.
I am sure that my hon. Friends on this side of the House are very grateful to him for this admission, for it is the first time that any hon. Member of the party opposite has ever admitted that there was Any Financial Crisis at all when the present Government came into office.
Does the Financial Secretary realise that the London taxicab trade faces a very Serious Financial Crisis at present, that all the London taxicabs are running at a loss, and that it is most urgent that the Government should make up their mind what to do about this Report?
This Financial Crisis is the true crisis of local government today, though much less discussed than the related defects of organisation and boundaries.
There are about 20 cinemas and every one of them serves a small town or community and in each of them there is a Financial Crisis.
We are told that the country has only just been saved from a Financial Crisis.
I realise the difficulties of 1949 and the Financial Crisis then.
I say at once that in 1949, when the Leader of the Opposition, who was then Prime Minister, announced that because of the Financial Crisis there had to be some slowing up of the advance, he also announced that a committee would be set up to go into the question of costs and design.
The last Government made a change at the time of the Financial Crisis but later some more was given.
Two years ago under a Labour Government this country was heading for the Worst Financial Crisis that we have ever seen.
The Gateshead and Sunderland jobs to which my hon. and learned Friend referred were licensed in 1947 and 1948 before the stricter rules were introduced as a result of the Financial Crisis which was threatening in 1951.
It did not survive the Financial Crisis of 1947.
The Financial Crisis did not prevent the Government from embarking on a bigger house building programme, which was used as the argument for cutting the school building programme.
It was left to this Government, in the teeth of a really Serious Financial Crisis, to raise the basic pension by 10s.
All these very remarkable figures - the increase in the number of teachers, the vast increase in the number of school places provided, the expenditure met out of public funds, larger than ever before - all this is being attained despite the Financial Crisis of 1951, which we fortunately survived, and despite the pressure of an unprecedented defence programme on men, materials and money.
It was brought out at a time when, because of the activities and the mistakes of the late Government, we were in a Financial Crisis and everything had to be looked at from the financial point of view.
When it was departed from, it was said by the Government of the day that the departure was purely temporary to deal with what was then regarded as a passing Financial Crisis.
In view of the fact that when my right hon. Friend raised the Bank Rate, the "Daily Herald," in large black letters, said that there was a Financial Crisis and "The Times" on the same day said there was no hint of one, will my right hon. Friend say which was right?
One does not have to face the possibility of a Financial Crisis.
His hon. and learned Friend the Member for Gloucester (Mr. Turner-Samuels) likened the present situation to 1931, and accused Her Majesty's Government of trying to 2146 create a Financial Crisis similar to that of 1931.
We shall get a Financial Crisis and then wages will be pulled down at once and there will be a reduction in the standard of life.
The Financial Crisis with which they had to deal - serious as it was - was not produced by any policy emanating from this country.
He has warned the country that our balance of payments is in a very delicate state, and has said that we should be heading for Another Serious Financial Crisis unless energetic steps were taken to correct the adverse trend.
We made them for exactly the same reason as the previous Government made the cuts before they went out of office - because we were involved in Their Financial Crisis at the time.
Entirely due to the Financial Crisis caused by the party opposite.
I think it was wise to take the portrait down, but it was not so wise to follow the budgetary example, because I would remind the Chancellor that a few months after Mr. Gladstone made that reduction in Income Tax there was a Major Financial Crisis.
That work and the British contribution to it has suffered very greatly from the cold war, the Financial Crisis following the Korean war and the defence burdens which we have all had to undertake.
When the Government came into power, we were supposed to be in a Financial Crisis.
We find ourselves in the most Serious Financial Crisis we have experienced for many years, and it confronts our country alone.
Is not the Minister aware that we are facing a very Grave Financial Crisis, that the Plimsoll line is now beneath the water, and that every measure the Government have taken up to now has been calculated to increase prices?
When, in a year of Financial Crisis, notwithstanding the Premium Bonds, we are compelled to allow people to have special concessions in respect of tax up to amounts on either side of £ 1,000, we wonder whether we have not set the whole business rather too high.
Ever since the war we have been rolling from one Financial Crisis to another, and apart from our sacrifices in the war, and many other circumstances which have created difficulties, I believe that one of the major factors in our repeated financial crises is the fact that the quality of the service of Ministers and of Members of Parliament has been seriously affected by the limitations which are imposed.
I believe I am expressing the view of the trade union movement when I say that the trade unions are prepared to do everything they can, and have been so prepared for many years, to help the nation out of Any Financial Crisis.
It is that the fact that our railways are publicly owned has made it infinitely easier to deal with Their Financial Crisis.
I do not think that we should have done so at the time, had it not been one of those times of Financial Crisis which are now endemic".
The Board spoke of the Recent Financial Crisis and said that the scheme was still on, but that completion would be delayed.
It does not appear to be disloyal for a group of people, at the very moment that the full impact of the Financial Crisis struck this country, to make fortunes overnight on the Stock Exchange.
But I must say that with the Present Financial Crisis, with the increase in the Bank Rate to 7 per cent.
For instance, in the Recent Financial Crisis, and in the previous one, when the Opposition have asked "Why do you not reduce imports"?
For instance, in the recent Financial Crisis, and in the previous one, when the Opposition have asked "Why do you not reduce imports"?
It is said of one Welsh county that as soon as a Financial Crisis arrives they always present a most extravagant and grandiloquent development plan well knowing that it will be turned down and that they will get credit for the thought without having any of the responsibility for giving effect to it.
What I regard as the most serious aspect of this part of the matter which is raised by the evidence is what I may term the phenomenon of the rush for liquidity which takes place, and has to take place, whenever a Serious Financial Crisis threatens the country.
Then into that situation of relative buoyancy in our economy there suddenly came This Financial Crisis.
That is interesting in view of the fact that at that time we were in a Financial Crisis and the right hon. Gentleman and his hon. Friends ran away from it.
The reason is that in an inflationary situation, where there is a demand for more cash, more notes and more coinage, it is impossible for the Government to say, "We refuse to print any more money", because, owing to the structure of our financial situation, if they attempted to do that when there was a real need and demand for that money, it would again provoke a Financial Crisis.
The Commission discussed those figures with us and, despite the fact that we were by then into a very Serious Financial Crisis, we agreed substantially to those figures by allowing £145 million for 1958 and £145 million for 1959.
As my hon. Friend the Member for Glasgow, Central (Mr. McInnes) said, at the present time the local authorities are experiencing a Financial Crisis.
I am quite sure that they wanted an increase in the basic rate of pensions just as much as everyone else who took part in that debate, but, when it came to the Budget just afterwards, the Chancellor of the Exchequer was unable to give any rise in the basic pension at all, and that was because, as we know, there was a Financial Crisis at the time.
Yet today, very hurriedly, the Governor and five members of the Legislature came to see the Minister about a Financial Crisis.
I rise to draw attention to the critical condition of the transport industry, and particularly to the Financial Crisis that faces the British Transport Commission.
It is true that this is not as bad as it was in the Great Financial Crisis of 1931, when we had 1½ million unemployed, but this danger is always lurking.
He heard my hon. Friend the Member for Gloucestershire, West (Mr. Philips Price) remind the House of his recollections of the Financial Crisis of 1931.
Anyone with experience of what happened as recently as September, 1957 - I am not referring to the Gloucester by-election, but to the Financial Crisis - will not speak too lightly of our need for safeguards in difficult external financial circumstances.
Socialist policy is a policy of inflation, involving a Financial Crisis every two years and a devaluation every three-except that in the second three-year period they usually give up office and leave a Conservative Government to take over.
It is precisely because the hon. Member for Motherwell (Mr. Lawson) and his hon. Friends appear to follow the advicewhich the hon. Gentleman gave - that what a country can afford is a political matter - that while his party were in power we had a Financial Crisis every other year and a devaluation of the £.
An outstanding example of this occurred when, owing to the Financial Crisis of 1957, interest rates rose to the highest ever level of 6¼ per cent.
Is not this piling a Financial Crisis on top of all the other distress which they feel at that time?
I am not concerned at the moment with the steps considered necessary in a period of Financial Crisis, but, when clearance of slum schools is postponed indefinitely in the name of economy, we are passing the burden of our difficulties on to our children - the innocent party.
If we had chosen that moment, at the beginning of 1957, to make a bigger increase in all retirement pensions we should merely have intensified the Financial Crisis which followed in the autumn of 1957.
and what assurance was given by the then Chancellor regarding the stability of sterling 45 to the American Treasury during the 1956 Financial Crisis.
This is an expenditure which we shall have to reconsider, because we shall face a Financial Crisis.
They did not expect to come in at that time so they were landed with their own problem of a Financial Crisis.
The arrangement for imposing an extra tax has been introduced because we might be faced with a Financial Crisis during the year.
But I suggest that when framing a Measure to deal with a Financial Crisis it is not desirable to adopt this backdoor method of supplementing the provisions in the Local Employment Act?
I cannot believe that we could have a Financial Crisis whch could be so marginally adjusted from bad to good by the simple transfer of £4 million in any one week.
But the poor public reads about this and also reads at the same time that there is a Financial Crisis, and that it finds rather mystifying.
This is a relic of a past state of affairs, of the day when Government investment in science was in terms of small sums of money and, therefore, there was no difficulty in saying "Yes" to the requests, except in times of Financial Crisis.
Can the Minister give us any indication of what the Vickers Vigilant costs, and why he should be pressed to go in for more of these weapons when we are told that we are facing a Financial Crisis?
To me, the economy being made over Tanganyika is one of those typical little economies that an ordinary family makes when, suddenly, it meets a Financial Crisis and it is decided to cut down the grocer's bill and to give the children only one plate of cornflakes for their breakfast.
If we are now in the middle of Another Financial Crisis we should not go blithely ahead setting up commissions to do unnecessary jobs, or jobs which are being done adequately by bodies which already exist.
Can the right hon. Gentleman tell us whether Mr. McNamara made certain proposals which would greatly increase the defence expenditure of this country and whether he told Mr. McNamara that we are facing a Financial Crisis and that he did not want the same percentage of unemployed as America has?
We are now in the middle of a Financial Crisis, a large part of which is due to the fact that early this year the House agreed to this vast expenditure of over £1,660 million, which the country is now told has helped to land it in this financial crisis.
] It is perfectly clear that if we are not able to do that we shall have one Financial Crisis after another.
Tomorrow and Thursday the House will be crowded when we discuss the economic difficulties and Financial Crisis facing the country.
One reason for the Present Financial Crisis, according to the Chancellor of the Exchequer, is that we have been spending too much money and must cut down on our overseas expenditure.
One reason for the present Financial Crisis, according to the Chancellor of the Exchequer, is that we have been spending too much money and must cut down on our overseas expenditure.
How cam they continue to spend these enormous sums of money in foreign lands and, at the same time, keep our economic and Financial Crisis under control?
This is the size of the increase which was settled for Scotland, early in the summer, before the Financial Crisis had become acute.
I have an awful feeling that perhaps in eight year's time the Minister will come to the House and say that, because of a Financial Crisis or something like that, the Bill must be extended for another five years.
Dame Irene Ward asked the Chancellor of the Exchequer whether, in view of the fact that the cuts accepted by Government and local government employees at the time of the national emergency in 1931 were restored when the Financial Crisis ended, he will raise the interest on 3½ per cent.
In a few weeks' time, the benches opposite will be crowded with hon. Members asking about the Financial Crisis and the heavy burden of Government expenditure.
One of the first things that the Labour Government did when they took office in 1945, in spite of the Financial Crisis after the worst war we had ever gone through, was to deal well with Service pay, particularly with old-age pensions, and that hon. Gentlemen opposite will not do.
We are engaged in a Financial Crisis.
All I can say is that if one wanted any reassurance that this absurd tax designed to save the country in a Financial Crisis was utterly absurd, and the more so because it is the Government's last resort, we have had it in the two speeches to which we have just listened.
Mr. F. Noel-Baker asked the Lord Privy Seal what further United Nations bonds Her Majesty's Government now propose to purchase as a contribution to the solution of the Financial Crisis which is to be discussed at the forthcoming special session of the United Nations General Assembly.
Moreover, all this depends, bearing in mind the record of this Government - if by any chance they happened to be returned to power - on the possibility of a Financial Crisis which gives them justification to cut back on local authority house building.
Some hospitals recruited more nurses, and immediately found themselves, often less than half way through the financial year, with a Financial Crisis because, owing to the squeeze, there were no reserves to meet this additional expenditure.
That is a short, handy summary of where the Financial Crisis has led us.
One matter that has worried me about the debates in the Committee of Ten, in the General Assembly, and so on, is that these counter-theories and counter-propositions are being argued at some length while the Financial Crisis deepens and the United Nations is being rendered more and more impotent in relation to possible peace-keeping operations which it might be called upon to undertake at short notice.
For example, would an analysis of the reasons for the Financial Crisis at the end of the last two Labour Governments be political propaganda, or, as it could be suggested, an interesting historical analysis?
Does my right hon. Friend agree that the nation would be better served if Opposition speakers ceased trying to talk as though the country were in a Financial Crisis?
Years a job, when I first studied these matters, there was a Financial Crisis in 551 Belgium, and the Belgian Minister appeared waving a bag saying, "Le franc est sauvé".
For whatever reasons, it remains the fact that two out of three Socialist Governments ended in a Financial Crisis and the only one that did not lasted for only nine months.
What we have to do - I cannot emphasise this too much - is not to talk as if we were in a Financial Crisis.
I am trying to prepare the Treasury against that day and to deal with thesituation which will arise in two or three years' time when we shall have a Financial Crisis because people will understand what the medical profession is saying.
They remember 1951 when they produced the Financial Crisis from which they ran away rather than dare tackle.
I said that while a Financial Crisis, in the sense of a run on sterling, could always be met by use of the reserves and international borrowing, urgent action was imperative to get exports and imports into balance in the long run.
With our razor-edge economy we have to remember that we can at any time talk ourselves into a Financial Crisis.
It may, therefore, seem appropriate that I should have chosen to speak in this debate on the supplementary Budget because, whilst the stability and growth of the national economy affect every single person to a greater of lesser degree, areas like Cornwall are infinitely more susceptible in times of Financial Crisis than, for example, the over-populated, over-employed areas of the South-East.
Although he has plenty of the latter, he has, apparently, not a few of the former, because, at a time like this, he has sought to persuade the House that the Financial Crisis now facing the country is largely the making of the present Government.
I believe that the party opposite is concerned with a Financial Crisis, a balance of payments crisis, at present.
This is a very apt time to have this debate, because it is the time when the United Nations is faced with the Financial Crisis not of just how to pay for its previous peace-keeping actions, but of how it is in the future to pay for its peace-keeping function.
One good item, however, may emerge from the Present Financial Crisis.
First, we are seeking a solution of the Immediate Financial Crisis, without which no progress can be made.
Limited it obviously is at a time of Financial Crisis, be it public or private.
First of all, he states that this is the wrong time to increase Ministers' and Members' salaries, because we are in a Financial Crisis.
On this side of the House, we have no difficulty about this, because, in spite of the Financial Crisis, we do the things which we believe to be right.
] May I ask the Prime Minister if he will use every endeavour to ensure that there is some international co-operation within the United Nations to try to solve Their Financial Crisis?
If my memory serves me right, I am not sure that the hon. Gentleman was quite so helpful in this matter at the time of the peacekeeping operations in the Katangan affair which has caused the Financial Crisis.
I am here tonight to carry on the humble work of probing, scrubbing and cleansing these Navy Estimates, realising that this exceedingly large sum of £560 million cannot be disposed of by a gathering of old Navy comrades, but is a huge sum that has to come out the national Exchequer at a time when we face a Great Financial Crisis.
What an approach there must have been in October, November, December and January, when the Financial Crisis was upon us and the Government did not talk to the building societies and the building industry at that time!
I shall not rehash the arguments about responsibility, whether it is because they inherited a Financial Crisis that they did not expect, because they are no longer relevant.
The hon. Member for Bodmin (Mr. Bessell) said, "There is a Financial Crisis facing the building societies".
With the advantage of hindsight, would not the Chancellor agree that he caused a loss of foreign investment in this country by blowing up a Financial Crisis which was not there?
Probably the most urgent was the Financial Crisis as it affected the B.B.C., to which I shall return later.
I was astonished to hear the right hon. and learned Gentleman deal with B.B.C. finance in the way that he did, for the simple truth is that within a matter of hours almost of coming into office urgent representations were made by the B.B.C. to see me to present to me the full nature of the Financial Crisis which the previous Government had left the Corporation.
Why did they not press these pleas when there was a Conservative Government in power, and not start making them in the middle of a Financial Crisis, as we now are in?
No one thinks that the tax system is perfect, but this is surely a very curious time to introduce a radical revolution of this kind when we are facing a Grave Financial Crisis, a deficit overseas, and a crisis of confidence induced by the actions of the present Government.
The same happened in 1931, in Another Financial Crisis, when another committee on national expenditure recommended a drastic cutting back.
For this reason it has always been a tempting target in times of Financial Crisis for the Treasury to suggest cuts, if not outright abolition.
In view of the difficulties which the building societies face as a result of the Financial Crisis which the country has been experiencing - and I do not make any sort of political point out of this - it would be a very helpful gesture to them, and to the small investors and those people who are seeking to purchase homes, if the Chancellor would consider making a worthwhile concession in this case, not only in respect of Corporation Tax but more particularly in respect of the proposed new Clause which deals with relief from Capital Gains Tax.
What we are debating is whether it is wise of the Government to bring forward this Bill for Second Reading today, 14th July, 1965, in the middle of a Financial Crisis, largely brought about by their own methods and lack of judgment.
That is about the root of it - that we cannot afford to criticise America too much, because if we take a different line on Vietnam, it will mean a Financial Crisis for this country.
All I would say is that if, with a balance-of-payments deficit of £800 million last year, there was a feeling that that was a tolerable figure to be accepted - which we were told repeatedly by right hon. Gentlemen opposite, although we did not agree with it - then I think that, with a balance-of-payments deficit this year of much less than half that figure, there is no possible justification for Any Financial Crisis when the economic position is improving rapidly and when we require more time to get it completely right.
Instead of spending almost unlimited money on new roads in one way or the other at a time of Financial Crisis, would not the right hon. Gentleman be better employed in tryingto get more traffic back on the railways, which are only half-used?
There was an insinuation in it against the Government, because it accused them of having manipulated a Financial Crisis with the result that the firm had had to increase the price of drinking straws.
Not only have we played a part in the United Nations world peacekeeping operations, but in the Present Financial Crisis which faced the United Nations it was Great Britain which made the proposal for an additional contribution to the U.N.O. to meet the financial problems.
I agree that there is machinery for the House to be recalled if Any Urgent Financial Crisis happens during the Recess.
One of my hon. Friends referred to the policy of the previous Administration, and I should like to comment on what the attitude of the Conservative Party might have been if they had been faced with the Massive Financial Crisis which we have faced over the last nine months and which we inherited from them.
Greenwich Hospital, in spite of its millions of capital but because of bad administration - because the assets are worth far more and the income should be far more - then had Another Financial Crisis, as it has done previously down the centuries.
They were suspended for a time in the Financial Crisis of 1956 for a couple of years or more and the rates have been varied from time to time.
When one hears the claim that the difficulties of the Government are attributable to their inheritance from the last Government, it is important to remember that in the election campaign right hon. Gentlemen opposite were at one and the same time talking about a Financial Crisis and all the things they would do in office.
There has been a movement towards the trustee savings banks and, earlier in the year when we had a Financial Crisis, local authorities were offering high rates for short term loans and were getting money.
Another example concerns a technical schoolboy who was referred to the youth employment officer by his headmaster but who, although he had four O-levels and was likely to get three more in the November examinations, felt compelled to leave school because of a Financial Crisis at home.
Perhaps the Minister will tell me if my figure is wrong, but it is estimated by fairly reliable sources that this year £50 million of borrowed money will be given away when we are supposed to be in the middle of a Financial Crisis.
In order to prevent a further waste of money and materials, and to show the world that we really mean to overcome This Financial Crisis, real, as I think, or unreal, and to set an example, I hope that he will reimpose the prescription charges, which I think were wrongly abolished.
My personally chosen service - the B.B.C. - will be constantly in a Financial Crisis for two reasons.
and for how long this hospital project is now to be retarded owing to the Financial Crisis and to the cancellation of the master plan for Dawley in favour of a combined new town for Dawley and Wellington.
I do not believe that they will go to the country if there is a Financial Crisis, but they will almost certainly need the support of my hon. Friends.
It is that in South Aberdeen, as in many other parts of the country, they were impressed by the priorities and programmes of the last Labour Administration, and particularly in my area by an Administration which could deal energetically with a Serious Financial Crisis and at the same time manage to reduce unemployment and so eliminate that endemic plague, the unemployment spiral dictated by external balance of payments difficulties.
It was 18 months after the Great Financial Crisis of 1951.
In the middle of a Financial Crisis, in which we are told that the £ is in danger and that we must economise and tighten our belts, one of the first Measures of the new Session is a Bill to provide £430 million for the purchase of military aircraft and equipment in America.
The discussions were established by a decision of the General Assembly about a year and a half ago with a view to examining not only the Financial Crisis then being undergone, but the general future peace-keeping capacity of the United Nations.
I can remember that the Guillotine was imposed when a Budget was introduced in the midst of a Financial Crisis and when the previous Government, at the same time as they introduced their Finance Bill, introduced measures which imposed charges on the Health Service.
[That this House, while welcoming all reasonable steps that Her Majesty's Government is taking to deal with the Financial Crisis and to restore national solvency, regrets that no proposals were made by the Prime Minister to end the heavy and needless expenditure on the Polaris submarine programme and for abandoning of the Polaris base at Faslane.
Mr. Hastings asked the Prime Minister, in view of the Financial Crisis, what measures he intends to introduce in 242 order to reduce restrictive practices and increase the competition and efficiency of industry.
The truth is that the factors that the Prime Minister mentioned have had the effect of making our problems more difficult, but the sudden onset of this particularly Acute Financial Crisis stems from a collapse of confidence at home and abroad in the Government's ability to manage our economic affairs.
Mr. Emrys Hughes asked the Secretary of State for Defence what proposals he has for reducing expenditure on H.M.S. "Britannia" during the Financial Crisis.
Can my hon. Friend say whether there is any possibility of a freeze on the activity connected with Polaris submarines during the Financial Crisis?
Is it not a deplorable situation, when the country is in a Financial Crisis, that this great industry has been allowed to run down to such an extent that the VC10, which the right hon. Gentleman admits is a superb aircraft, cannot be developed not only for these Corporations, but for sale abroad?
and if, in view of the Financial Crisis, he will reduce this expenditure.
Mr. Emrys Hughes asked the Secretary of State for Defence if, in view of the need for a reduction in national expenditure due to the Financial Crisis and the need to save the £ sterling, he will make further economies in the Polaris submarine programme.
Is my right hon. Friend aware that many of us on this side feel that, despite the Financial Crisis, the cuts are trifling?
Could we not postpone this until the Financial Crisis has cleared up a bit?
But in view of the fact that we are in a Financial Crisis - if the right hon. Gentleman has not heard of it - does not he think that there is a strong case for postponing the completion of Polaris submarines as he does not know how they will be used when they are completed?
Was it wise, I ask again, to get all the best brains employed on this non-productive work at a moment when the country was facing a Financial Crisis?
We have already been told that there have been no cuts in establishments or staff in the Civil Service, despite the Financial Crisis.
That is the Present Financial Crisis.
Just as the miners, railwaymen and everybody else must contribute their share to the nation in this hour of Financial Crisis, so should the members of the legal profession.
When these negotiations with the American Government about the F111 opened, did my right hon. Friend know that a Financial Crisis was coming?
Mr. Winnick: Would not my right hon. Friend agree that there is a tremendous amount of public interest in this matter because of the Financial Crisis in 247 the newspaper world, including The Guardian?
Not even in the Great Financial Crisis of 1931 did we invade the compensation sum paid to war pensioners.
Mr. Winnick asked the Prime Minister what reviews are taking place in Government Departments to see what can be done to ease the Present Financial Crisis facing a number of national newspapers.
They did so for reasons which were in no way a matter of national emergency, which were in no way connected with Any Financial Crisis, which were in no way connected with the prices and incomes policy.
Belatedly, they took our advice, and on 20th July the Prime Minister said that there was a Financial Crisis and that he would have to take steps.
In times of Financial Crisis it is probably irresponsible of any Opposition to put forward plans that would cost a vast sum of money.
Apart from anything else, I should have thought that the Government would regard it as electorally highly undesirable if we were to find ourselves in Another Financial Crisis about 1968 or 1969.
My memory goes back to the Financial Crisis of 1931, when the £ was under attack and, as a condition of lending money to the Government, the international bankers stipulated that there should be cuts in unemployment pay.
Mr. Emrys Hughes asked the Secretary of State for Defence if he will give details of new reductions in expenditure he is proposing as a result of the Financial Crisis.
We know that the Government lurch from one Financial Crisis to the next.
Britain has just met a Serious Financial Crisis and the Government's decision to devalue was wise and courageous.
Why does hefollow the example of his Tory predecessors of axeing housing at a time of Financial Crisis?
We had a Financial Crisis and a balance of payments problem at the time.
Did Mr. Kosygin express profound and sincere sympathy with Britain having got into a Financial Crisis due to speculation against the £ by foreign speculators?
They are highly articulate and very well organised into bodies of teachers and of local education authorities, with a very well publicised Press and a very powerful lobby, and the task of a Secretary ofState is not an easy one, even when there is no Financial Crisis abroad.
Therefore, the very existence of this high poll tax contributes to the Financial Crisis which I see ahead.
Now I believe that this Actuary's Report is likely to be only the tip of an iceberg of Financial Crisis which is going to attack the National Insurance Fund in the years that lie ahead - a crisis caused by entitlements against the Fund running ahead of contributions to the Fund.
We must save money because we are in a Financial Crisis".
But how does this mean economy help us in Our Financial Crisis?
Can we draw the conclusion from what the righthon. Gentleman has been saying that if there had not been a Financial Crisis, and if devaluation had not occurred, the Government would nevertheless have substantially cut down on civil defence?
But we have got out of the Far East and the Middle East because of a Financial Crisis.
As the most essential thing is to defend the and the national economy in this grave hour of Financial Crisis, I support the Government 150 per cent.
We are supposed to be in a Financial Crisis.
The arguments deployed on both sides of the House do not convince me that this sum is not excessive and that, if the House goes on spending at this rate, we shall ever get out of the Financial Crisis.
Not only is there a Financial Crisis raging, but next week we shall have the Budget.
Having regard to the information we have received about a Grave Financial Crisis it may be that "grave disorder in the House" is a phrase which could be applied to the existing circumstances.
In this situation of Grave Financial Crisis the point he is making is even more relevant.
We have been fiddling with procedure while the world is inflamed by a Financial Crisis.
But, whereas if one errs on the side of incaution, it is too late to correct that incaution because one is overtaken by a Financial Crisis, if one errs on the side of caution there are ample monetary and other instruments at the disposal of the Government to put matters right in good time.
Whenever there is a Financial Crisis, cuts are made right across the board.
But I am showing that, with the enormous destructive power of nuclear weapons, there is no real defence to justify the Government spending a considerable amount of money on it at a time of Financial Crisis.
I do not think that it will blow up yet, but the sheer length of Our Financial Crisis is what worries me.
One thing which has appalled me is that, when we are considering the expenditure of vast sums of public money at a time of Financial Crisis, there is only a handful of hon. Members on the benches opposite.
We cannot dismiss the fact that this debate is taking place as we are tottering on the edge of yet another Financial Crisis.
We cannot dismiss the fact that this debate is taking place as we are tottering on the edge of yet Another Financial Crisis.
We had the Suez Group attackingthat policy of the Tory Government when the then Government realised they had to reduce expenditure, during a time of Financial Crisis; and they were assailed by the Suez Group, and Winston Churchill said we had to be realistic and we could not stay in Suez without staying in Egypt.
It seems that, every time we have a debate on transport, we also have a Financial Crisis.
It is probably just that, every time we have a debate, we have a Financial Crisis.
Last week, some of us sensed an air of unreality about the debates on the House when outside in the world at large there was obviously a Grave Financial Crisis, when the foreign exchanges were closed here and in the European capitals and we were devoting our time to debating electoral reform and the reform of the House of Lords.
The United Kingdom delegation informed the Councils of the measures which the United Kingdom Government proposed to introduce in the context of the Present Financial Crisis.
I began by saying that in July I made a speech to say that imports were growing very fast and that exports were not growing as fast as we should like and that we were facing a Financial Crisis again.
Would the right hon. Gentleman agree that, perhaps, one of the useful by-products of the Recent Financial Crisis is that France, although not a signatory of the Treaty, will have to curtail her nuclear programme, nevertheless?
Mr. Emrys Hughes asked the Secretary of State for Wales, in view of the present economic situation and the need for reductions in expenditure, if he will postpone the Investiture of the Prince of Wales at Caernarvon until the end of the Financial Crisis.
asked the Secretary of State for Wales, in view of the present economic situation and the need for reductions in expenditure, if he will postpone the Investiture of the Prince of Wales at Caernarvon until the end of the Financial Crisis.
Mr. Dodds-Parker asked the Secretary of State for Foreign and Commonwealth Affairs if, in view of the Recent Financial Crisis, he will give an assurance that it remains the policy of Her Majesty's Government to support the North Atlantic Treaty Organisation.
Here we find the Opposition and the Government united in coalition to spend money which we cannot afford to spend in this manner in a Financial Crisis.
The Postmaster-General faced a Financial Crisis, and he has chosen a method of trying to preserve the financial take of the Post Office.
Staggering from one Financial Crisis to another, in which weask people to make greater sacrifices, we cannot guarantee full employment until we surmount our difficulties", we might not react so despondently.
In a fortnight we shall be talking about the Financial Crisis.
That is a straightforward way of getting into a Financial Crisis, and it is not just.
He said that we should not be tottering from Financial Crisis to financial crisis.
Secondly, we then had the period when I used the soubriquet last year of Rob Roy, when the right hon. Gentleman produced the enormous impost of £1,200 million, but I think we have seriously to consider whether what has been done in this Budget will be sufficient to avoid a further Financial Crisis this year.
The subsidy to British airlines is often justified with a sort of undefined comment that they are major earners of foreign exchange, and that in a situation of Financial Crisis, such as we have permanently, it is wrong for anybody to question anything that earns foreign exchange; that it must be right.
The figures, therefore, clearly demonstrate greater and greater borrowing at steeply rising rates of interest, to which must be added the increased costs arising from devaluation, rising excise duties and an almost perpetual state of Financial Crisis - a nightmare situation for local authority treasurers.
We could have Another Financial Crisis.
Therefore, since we have seen in Britain with the present Government, confronted with a Financial Crisis, a tendency to whittle away the contracted out element of the scheme, this is a very serious precedent and raises the gravest doubts about the rôle of private and occupational pension schemes in any scheme devised by the right hon. Gentleman.
To place full responsibility for financing the Health Service on taxation would be to condemn the Service to an ever deepening Financial Crisis.
But we should get away from the permitted strength, which arose largely from the Financial Crisis of two years ago.
I wish to say one sentence only to remove the last plank of the Tory platform which has been built over the lasttwo or three years on the conviction that Financial Crisis was inevitable under this Government.
Equally, S.T.V. has been considerably relieved under the Order, and we know, whatever remarks may have been made at one time or another by Lord Thomson in another place, that a series of dramatic programmes, including a dramatic projection of the Scottish Office, had to be postponed, together with several other programmes, on account of the Financial Crisis.
We now come to last autumn, and the board then found itself in a most Serious Financial Crisis.
Mr. Smith: My hon. Friend has made a valuable point, because this came at 1592 the same time as the Financial Crisis.
Sir K. Joseph: Could the right hon. Gentleman tell the House what contribution to the company's Financial Crisis probably arose from the Government's transfer to Vickers of the expected nuclear submarine building and maintenance orders for which Cammell Laird had prepared and tooled up?
These, however, played a negligible role in producing the Acute Financial Crisis which fell upon the company.
So it was that the Labour Government when they went to the election said that there was no Financial Crisis and that they had weathered the storm.
Then 15 months later the nation was in the grip of Financial Crisis.
How will the people on Merseyside feel about the putting in of a receiver to perform the Government's so-called rescue operation, when all that was required was £10 million to overcome the Immediate Financial Crisis?
I was not interrupting the Minister on a party point when I asked him whether he was aware of theanxiety about the method of disclosure of the board's Financial Crisis.
When considering these figures we must remember the Serious Financial Crisis we had in those years, yet the Labour Government tried to meet their promises to the city as far as possible.
As a result, the bus industry is buffeted by the harsh winds of wage inflation, now accounting for more than two-thirds of bus operating costs, and the industry confronts a creeping Financial Crisis.
Let us not be tied down and hypnotised by this one RB211 contract lest we find in 12 months that events have not gone as we have optimistically supposed and that Lockheed is threatened with Another Financial Crisis because orders have not materialised, and we are then, indeed, in the gravest danger of having done ourselves out of the rest of the aero-engine business as well.
It has to be remembered that the Communist-led unofficial dock strike in 1967 which led, unfortunately, to the Financial Crisis of 1968 resulted in the Cabinet being pressed by Left-wing members, because of cuts in the social services, to increase the pace of withdrawal from east of Suez.
All over Europe there are yards maintained with Government help, despite Financial Crisis.
Again, I quote from Mr. Cuckney's evidence - page 30, Day 1 - Since September it has been publicly known at home and abroad that the port faces a Financial Crisis.
In the annual report, published and presented in April, 1970, no mention was made of Any Financial Crisis.
That is a good deal higher than the present rate burden, which was described by the Secretary of State for the Environment the other day as a Major Financial Crisis about which we on this side did nothing when we were in office.
We all know that as soon as a Financial Crisis hits the country in the shape of a payments crisis - and under this Government it will not be long before we get into that position - the first victims of the "stop" measures are the local authorities.
, whereas in 1965, at a time of Financial Crisis, the Labour Government increased pensions by 13 per cent.
Some damned silly rumour in the City created such problems for the Labour Government that there was a Financial Crisis nearly every other week.
First, the resolution of the American imposed Financial Crisis is by no means certain before the next Presidential election.
That came at a time of Financial Crisis.
For many years the telegraph service has been in a state of Financial Crisis and it receives a considerable subsidy.
I return to the point, which I do not think the hon. Member for Heywood and Royton can deny, that, again speaking from memory, the total of hire-purchase transactions grew by several hundreds of millions of £s in the more recent period before the Labour Government's Financial Crisis and before 1969 when interest relief was abolished - from about £750 million to well over £1,000 million.
We want to know whether, after entering the EEC, we in this Parliament will be able to influence the Government to understand that their policy of importing coal is a nonsense, particularly for a country facing a Financial Crisis.
It is important that the House and the country should realise how widespread the expectation of devaluation had become by that time and why it was that Mr. Graham Hutton was able to write in this morning's Daily Telegraph:Every qualified observer was awaiting last week's Financial Crisis" - everyone, it appears, except the Chancellor of the Exchequer.
In the lowest quarter in 1970 - that is, at the worst possible time, at the height of the Financial Crisis - under the Labour Government the figure for public sector completions was 42,821.
I shall not take up the time of the House in talking about the Current Financial Crisis which is affecting the national game of football since there have been one or two debates on the matter recently, but I wish to put on record certain facts.
I shall not take up the time of the House in talking about the current Financial Crisis which is affecting the national game of football since there have been one or two debates on the matter recently, but I wish to put on record certain facts.
They face a Great Financial Crisis such as they have never faced before.
Having regard to the Present Financial Crisis, inflation being at the highest level at which it has ever been, the public will not see it as a fair Budget.
I do not think that in the light of these figures we should talk ourselves into some kind of Financial Crisis that I do not believe exists at present.
It is well known that many Football League clubs face a Financial Crisis as desperate to them as the country's balance of payments is to the nation.
It would be helpful if the Government would indicate whether they share the view of Beaverbrook Newspapers about the nature of the Financial Crisis that it is facing.
We are facing a Grave Financial Crisis.
There was a considerable increase in the real purchasing power of the pension and other associated benefits I will not enter into the arguments as to whether that rapid commitment in the circumstances of the time led in some measure to the Financial Crisis which later dogged the Labour Government but, sadly, they were never able to carry on from the particular base they had set themselves in 1964.
Something must be done in the near future to solve This Financial Crisis, which is worse than that of the 1930s.
It is true that there is now a liquid reserve, but that position is deteriorating and it is estimated that by 1975, if there were no increase, there would be a Financial Crisis, because the reserves are falling at an alarming rate.
If hon. Members opposite are serious about talking of a Financial Crisis, or of a serious economic situation - and as the Chancellor, at the same time, has pointed out the need to balance the Budget or to limit the excess of public expenditure over income - they should consider the consequences of the actions in which they are now indulging.
It is engaged not merely in the massive project which led to the Financial Crisis of 1970–71, but in a whole range of collaborative ventures often overlooked when we consider the rôle of this public company within the general aerospace picture.
The Financial Crisis that faces local authorities is by no means relieved by the proposals before us.
One of the worst features of the Financial Crisis is that there can be no possibility of an extension of BBC local radio or the likelihood of the BBC implementing the recommendations.
Even if a strong line were taken, the Financial Crisis would still remain.
The Financial Crisis facing the BBC is very real.
No doubt it is always possible to raise the existence of a Financial Crisis as a reason for delay.
I know that local authorities face Their Worst Financial Crisis for a long time, but I apply the same argument to them as I applied to the national Government at the beginning of my speech.
At the same time as the causes supported by the Soviet Union are advancing, the United Kingdom, at a moment of Financial Crisis, is preparing, in effect, to lend money to the Soviet Union at a rate lower than that at which we are compelled to borrow to keep ourselves afloat.
The Financial Crisis ties up with all sorts of other important ingredients - pay, labour relations, overmanning and the grim conditions on some lines.
If so, it is strange that nearly every informed critic in the Press, the travelling public and Conservative Members feel that there is a sense of Financial Crisis and that British Railways are in trouble.
As I happened to serve on one for seven years, I can perhaps recall that twice we were on the point of signing a contract for a swimming pool but we came up against a Financial Crisis, when the Government asked local authorities to cut back.
One reason for Our Financial Crisis is that local authority expenditure under the last Conservative Government and under the present Government has got out of public control.
We are in the middle of a Major Financial Crisis, and if we do not make these cuts now they will be made by the Chancellor within the next three or six months We are here to help him.
Financial Crisis is presenting a grave threat to our social services.
There is a Grave Financial Crisis facing the country, as the hon. Gentleman recognised.
Fourthly, we have to bear in mind the Government's pledge to restore interventionist powers in the Bill which, at a time of Financial Crisis, is crazy.
We have listened to the Minister of State, Scottish Office, indicating that money is no object at all, but we are in the midst of a Major Financial Crisis and it is up to the Government to tell us a little more about where the finance is coming from and about how it is to be spent.
A Financial Crisis faces the country.
In discussions on the consultative domument there was talk of the money being spread over five years, but, in the Present Financial Crisis, is the agency to be told that there is an annual limit beyond which it cannot go or, taking its cue from this profligate administration, can it blue it all in 18 months, as suggested from the benches behind me, and come back for more?
Despite the Financial Crisis facing the country, the attitude among my people is that perhaps a year or two years for any signs of action may he a year or two years too late, because they are looking for the justice which they think is Glasgow's due in the 1970s.
The immediate cause of this debate is the Financial Crisis which faces many voluntary organisations, but the debate raises wider issues, including the place of voluntary organisations in this country and the place of the volunteer.
Although the initial and basic cause of the Financial Crisis was the policy of Tory Ministers, it has to be acknowledged that there has been an error of judgment this year.
The Financial Crisis is caused by the factors I have mentioned and by the fame drain of many top creative artists going to live overseas, and this is stopping many projects from coming forward.
Is the Minister aware that, however well the plans are supposed to work, there is no evidence on the ground that they do, and that these problems are likely to grow steadily worse with the growing Financial Crisis throughout public services?
I find it very disappointing that, despite the magnitude of the Financial Crisis facing the country, the Government should still conduct these doctrinaire and ideological arguments.
That is the measure of the Financial Crisis facing the industry.
Even if the British economy were doing well and we were not suffering from a Financial Crisis, high inflation and rising unemployment, the Government's policy for the North Sea would be unjustifiable, misguided, dangerous and damaging.
There is the Financial Crisis, the question of the 200-mile limit, and, even more important, the common fisheries policy.
Referring to what he describes as a "well meant but ill-informed proposed piece of legislation", Professor Vere said: "In East London we have seen a steadily increasing incidence of alcoholic disease and a steadily diminishing DHS provision for alcoholics, thanks to the Financial Crisis.
Referring to what he describes as awell meant but ill-informed proposed piece of legislation",Professor Vere said:In East London we have seen a steadily increasing incidence of alcoholic disease and a steadily diminishing DHs provision for alcoholics, thanks to the Financial Crisis.
I appreciate that that is not a new solution but it is important that at this stage of Financial Crisis it is examined.
It is surely curious that, in the middle of a Financial Crisis, we have suddenly been given the go-ahead for a plan that will cost £15 million and will cause an enormous amount of dislocation.
Labour's housing policy is now cracking under the twin pressures of Financial Crisis and human desires.
All the time that the Government are staggering in the short term from Financial Crisis to financial crisis they are damaging the long-term economic prospects of this country.
I am glad that the hon. Member for Derby, North (Mr. Whitehead) concentrated on the fact that when it finally reports the Annan Committee will do so against a background of Financial Crisis at the BBC.
I hope, as a result of the discussions we have had, that a Chancellor of the Exchequer will think warily before removing that grant and, indeed, that a Secretary of State will fight extremely hard to ensure that those grants are not removed because of the Financial Crisis.
However, at this time of Financial Crisis, I believe that ordinary people will not give a "Thank you" to any of us for being misled.
In a period of Acute Financial Crisis the nation simply cannot afford this ridiculous piece of Socialist nonsense.
At a time of Similar Financial Crisis in 1940, the Government of the day created a support fund for the arts in CEMA, the father of our present Arts Council.
It may take a long time to do so, particularly in the Present Financial Crisis.
When we are in our present serious financial situation and are being investigated by IMF officials - and indeed we probably now face the most Serious Financial Crisis since the 1930s - why should we waste 30 days of parliamentary time and considerable finance on such an exercise?
This Financial Crisis - characterised by the collapse of sterling - has been thrust upon him at the most damaging moment by Government ineptitude.
Every three to four months after that argument is put forward, one of them comes back to the Dispatch Box to explain that all the things which were impossible three to four months ago have now to be done because of the worsening Financial Crisis.
Indeed, coming from the Lake District I regard myself as a conservationist, but it is true to say that if those buildings had not been listed the Authority would have been £10 million better off and the Financial Crisis would have been considerably lessened.
We had high hopes for a sound transport policy in 1974, when there was a change of heart, but those hopes were dashed by the Financial Crisis that followed.
We entered the Worst Financial Crisis that we have ever had and were in the arms of the International Monetary Fund in December.
It was established in 1866, and it even survived through the Financial Crisis of 1931, that the recording of information for maps should be a national service.
It is not, as the right hon. Member for Leeds, North-East (Sir K. Joseph) appears to think, just a Financial Crisis.
What action will the Government take to deal with This Financial Crisis and the potentially serious consequences for the Welsh economy?
All that has changed because of the Financial Crisis that came upon us.
Happily, at the moment we are not in a Financial Crisis.
All those reasons lead the Scottish National Party to the voting system under which, but for the Financial Crisis of 1931, all of us would have been elected anyway.
I beg to move,That this House takes note that Great Britain's universities and university staff are experiencing a Grave Financial Crisis, believes that this crisis is seriously impairing the fulfilment of their educational and research obligations; and calls upon Her Majesty's Government to ensure that the obligations imposed upon the universities are matched by the resources made available to them, and that university staff enjoy a phased elimination of the pay anomaly they have suffered since July 1975.
Every time there is a Labour Government, thereis a Financial Crisis.
Is he aware that there is a likelihood of a continuing Financial Crisis for the Humber Bridge because the revenue is not sufficient to meet the cost of servicing, the capital and keeping it in repair?
That report said:A company in the private sector faced with Financial Crisis on the scale of BSC would have to divest itself of activities not central to its business if it wanted to be able to fund the investment needed to maintain competitiveness and the ability to provide employment, in its central activities in the longer term.
Obviously at a time of ever-increasing Financial Crisis for the Corporation, one of the immediate areas in which we would expect to see substantial reductions is the disposal of stocks - money that is tied up.
We have also seen, as we have become accustomed to seeing in the summer months in recent years, the eruption of a Major Financial Crisis, with bank rate hoisted to 10 per cent.
We have also seen, as we have become accustomed to seeing in the summer months in recent years, the eruption of a major Financial Crisis, with bank rate hoisted to 10 per cent.
This country is not suffering from a Financial Crisis - yet.
Central Nottinghamshire area health district is facing its most Serious Financial Crisis since the inception of the National Health Service.
Dealing with the need to face up to the Financial Crisis which he sees as more or less permanently facing Glasgow - perhaps somewhat exaggeratedly - he said:It is the intention of the Conservative administration to give the Government such detailed information about Glasgow that, rather than cut any assistance, they will be prepared to treat us as a special case.
That may be all right for one or possibly two years, but standards cannot be maintained if it becomes the norm and not just the exception in a time of Financial Crisis.
The fact that there is an Immediate Financial Crisis has no bearing on Greek accession.
As the Government lurch from one Financial Crisis to another will they not be tempted to sell more of out profitable national assets?
However, I recently read in the Sunday Telegraph - so it is likely to be true - that the postimpressionist exhibition at the Royal Academy is so successful that it is not likely to be facing an Immediate Financial Crisis.
Now it is on the market, because the Ministry decided to realise some of its agricultural properties in order to find money to make a contribution towards the Present Financial Crisis.
I maintain, and the area health authority has admitted, that the Financial Crisis, as it describes it now, was anticipated.
Will the Minister accept that this is an internationally renowned centre which appears to be facing a Serious Financial Crisis, primarily as a result of spending cuts by the Department of Education and Science?
We have set in train the legislative steps to provide additional financial support for Welsh language teaching and, despite the Financial Crisis, we are planning further to improve the present financial backing given by the Government to the language.
They must have known, because of cash limits imposed on the nationalised industries, and particularly on the BSC, that the BSC was reaching a Financial Crisis.
Will the Prime Minister take time today to study the Financial Crisis at the Royal Hospital for Sick Children, Glasgow?
Mr. Prescott asked the Minister of Agriculture, Fisheries and Food if he is 512 satisfied that the public investment by the Government in the conversion of the Hull fish dock is protected in the Present Financial Crisis.
Except that there is a difference between the port of London's Present Financial Crisis, or the one within the last 12 months, and the one that is coming for the port of Liverpool.
Although the increases cause immense difficulties for the industrialised countries, they cause intolerable burdens for the poverty-stricken countries, which are approaching Financial Crisis.
They are important because there are bound to be fundamental strains on the financial system within the EEC, not only because of the Financial Crisis that looms next year - the debate about the 1 per cent.
Is it not time that the right hon. Gentleman and his right hon. and hon. Friends told the people the truth about the financing of the Common Market - that 1981 is bound to be a crunch year, that the Common Market will be in a Great Financial Crisis, and that, unless something is done about the CAP and the whole question of financing the Common Market, we shall be in trouble, and so will the Market?
When the Labour Government lurched from one Financial Crisis to another, with sterling falling in value from $ 2–40 to $ 1–60, there was no sudden upsurge in overseas sales.
The Community faces a Financial Crisis because the cash will run out.
People will have to wait until the Current Financial Crisis is over and inflation is down to a figure acceptable to us".
The right hon. Gentleman has now answered the question about the Financial Crisis on the railways.
At a time of the most Massive Financial Crisis facing British Railways, the Bill brings to bear upon them provisions which are at best irrevelant to that crisis and, at worst, downright damaging to their future.
There is a Financial Crisis in heavily subsidised London, Bristol and Liverpool, and one developing in Manchester and in other estuarial areas, due to the declining traffic and a switch of traffic from the West of the country to the East, resulting in surplus labour in areas with high severance costs.
I remember making many speeches both in the country and this House at that time to the effect that, unless the canal system and the British Waterways Board were brought into a close relationship - indeed, were brought within the water industry - every time there was a Financial Crisis, they would be the first to suffer.
They want not so much cheaper money as money that is secure and that they know will not be taken from them suddenly, leaving them with a Financial Crisis.
The commission's general view was that the board had made major efforts to reduce costs only at times of Financial Crisis.
We did not make any significant change in the overall level of resources, and we tried as far as possible to protect the trunk roads construction programme from the effects of the Present Financial Crisis and to avoid unnecessary cuts.
There is no doubt about the Financial Crisis that the two ports face.
However, I can give the Secretary of State examples of the Financial Crisis that is facing other ports and the extent of the increasing burden of funding financial severance and meeting the loans as they become due.
Will he let us know whether he is in favour of the provisions as they apply to Merseyside, against the background of the Serious Financial Crisis that our port faces?
My right hon. Friend also said that the ports were suffering from a Financial Crisis.
Street prostitutes often solicit for short-term economic gain, to deal with an Immediate Financial Crisis.
None of us in his private capacity would have such a con- 609 tract as this entered upon in times when finances were bright and cheerful, going on now that a Serious Financial Crisis has overtaken us.
About 18 months before the next election, their knees begin to wobble, their courage fails and the BBC is once again plunged into Financial Crisis.
I agree that this is not a propitious time to deal with major questions of local government reorganisation in Scotland, particularly as local authorities are already in a state of Financial Crisis as a result of Government policies.
She went on:The true picture, however, is one of depression, uncertainty and cutback, with Financial Crisis looming closer for many.
I hope that it will be appreciated that this is an important order and that if we fail to pass it those charities will face a Grave Financial Crisis.
The Opposition's proposals would cause a Financial Crisis and a sharp acceleration of inflation.
That is why the Common Market is now getting into a Serious Financial Crisis.
Having said that, I have no doubt that British Airways in particular now face a Major Financial Crisis.
If they did undertake the task, they would be edged towards a Dire Financial Crisis.
The Financial Crisis facing most non-oil developing countries has worsened in recent years because of the 1979–80 oil price rises, the international recession and the level of interest rates.
Will the right hon. Lady find time today to consider the Financial Crisis now facing the Essex county council as a result of the rate support grant settlement, which has dismayed even its Conservative leaders, who are worried by the response that they have received from her right hon. Friends?
The Government have imposed a Serious Financial Crisis upon Essex county council.
the impact of the Financial Crisis of 1974 on the Crown Agents; v.
Is it not a fact that when she went to Japan she found them in a Financial Crisis and left with a flea in her ear and that she left Hong Kong in a constitutional mess?
If the Minister can give me and the House an assurance that we will not be the losers once again in the Financial Crisis through which we are going, I and others in local government will welcome it.
We have seen the collapse of prices within the EC and, despite major redundancies and closures, the corporation has returned to Financial Crisis.
Why has this new Financial Crisis arisen in the corporation's affairs?
In view of the growing Financial Crisis, as evidenced by the latest unplanned fall in the value of the pound against the dollar, and as the situation is likely to worsen during 1983, with increasing unemployment, can the Prime Minister confirm that she is now considering calling an early general election?
Is the Minister aware that public transport in Strathclyde is facing a Financial Crisis and that serious consideration is being given to closing three bus garages and the recently modernised underground system in Glasgow?
The urgency of the crisis is imposed by the dynamics and scale of the Financial Crisis that it includes.
The right hon. Member for Leeds, East said that the Financial Crisis was foreseen in the first report.
The Financial Crisis, which could come unless matters are handled with care, concern and common sense, could envelop not just the undeveloped world but all of us.
Yet the economic policies to which the Labour party is committed would inevitably lead to Financial Crisis and inflation which, equally inevitably, would undermine, not sustain, the welfare state.
It was written in pursuance of the chief executive's own letter of 17 May, in which he pointed out thatThe PLA is in Financial Crisis.
The hon. Gentleman cannot pick out an odd item and say that it is currently profitable, because as the chief executive told all PLA employees:The PLA is in Financial Crisis.
Will the Foreign Secretary confirm that the resources of the Community are drying up and that by October there will be a Financial Crisis if own resources are not increased?
Can the right hon. Member explain how, when we had exchange controls and he was a Treasury Minister, money was prevented from running out of the country and we were prevented from running into a Financial Crisis?
Does my hon. Friend realise that the proposed abolition of the Greater London council and the metropolitan councils is likely to create a Major Financial Crisis for the Arts Council and the arts in general?
If we had not done so the Financial Crisis would certainly have struck the PLA before now.
Is the right hon. Lady aware that many commentators fear that a Financial Crisis could come considerably earlier than the autumn?
As for a Financial Crisis, that will depend, of course, on the amount produced and on world prices.
The measures now being taken by the Bromley health authority under option 2 are described as temporary, to meet an Immediate Financial Crisis.
Does the right hon. Gentleman agree that fundamental to the Financial Crisis and the other problemsof the CAP is the high price of cereals, which forces up food prices and sharply increases the cost of products such as poultry and pigmeat?
He said last week in Strasbourg to the European Parliament:If there is no solution to the Community's Financial Crisis very soon, either member states will have to reach a unanimous agreement to foot the extra bill themselves or cuts will have to be made in, say, the social fund, or the regional fund, to make more money available for agriculture.
More to the point, if the hon. Member for Liverpool, Mossley Hill (Mr. Alton) believes that Liverpool has such a fine record over the last 10 years, I suggest that the Liberal party uses one of its Supply days, with which it is amply provided, to mount a full debate on the record of Liverpool, which has brought the council to such a state of Financial Crisis.
We may be forced to put off consideration of other commodities until, once again, the Community runs into Financial Crisis, and a panic decision will be taken.
In the light of events outside and as the Government now face Their Biggest Financial Crisis since 1979, the fact that the first item in the Report stage of the Finance Bill relates to a capital transfer tax concession for stud farmers is likely to be grossly misunderstood outside the House.
The fact that the Government are seeking at present to talk themselves out of a Financial Crisis will be of no consolation to people who see the markets talking themselves into one, and coming pretty close to demanding by their actions a series of public expenditure cuts, beginning with local authority capital spending cuts, to satisfy the markets' version of reality.
Is the Secretary of State aware that those in local government in general rightly resent the fact that, because of the Government's Financial Crisis management, they are never able to plan their capital programmes?
This privatisation, like so many other privatisation measures, surely cannot be explained, even at a time of Financial Crisis, by the need to save the small amount of public money involved.
People are still being forced into Financial Crisis by the bungling that occurs.
In these documents we see an institution that is wallowing in a Financial Crisis that is deeper than anything that it has experienced since the relaunch of the Community in Stuttgart 18 months ago.
Yet in the third piece of paper that the Anglian water authority sent me I read the following: "A Major Financial Crisis is threatening essential work on sea and river flood defence schemes to protect people and property in the Anglian region according to local land drainage committees.
we face a Financial Crisis that is worse than last year's crisis.
But I am anxious to see that satisfactory procedures exist to enable the affairs of a company facing a Financial Crisis to be placed in the hands of an independent expert who will be able to pursue a programme for the rescue or re-organisation of the company's business.
Will the Minister comment on the Financial Crisis suffered by Food from Britain?
The scale of the Financial Crisis is recognised internationally as overwhelming.
It is one thing to say that the rate increase is no fault of the city council or of the Government, but it is another to ask hon. Members to approve legislation that will result in an impost on Birmingham ratepayers-without mentioning the fact that Birmingham is in a Financial Crisis.
Only 40 are being attended to this year, again because of the Financial Crisis.
As I said earlier, in 1972 I introduced a Bill to establish a football betting levy board because football was going through a Financial Crisis.
Can my right hon. Friend confirm that, even at the supposed height of the Financial Crisis, Liverpool city council was able to scratch together sufficient money to pay the bailiffs who were about to repossess Councillor Hatton's official car?
Members on both sides have asked awkward questions about the Present Financial Crisis and the greater crisis that is likely to befall the Community.
Members on both sides have asked awkward questions about the present Financial Crisis and the greater crisis that is likely to befall the Community.
The fact is that the European Community's Immediate Financial Crisis could be resolved by an increase in the funds, but that option is not available either to the European Community or to the British Government.
The article says:Throughout Liverpool's Financial Crisis, the 'city housing policy' has been widely portrayed as an open drain down which the profligate council has been pouring cash that it didn't have.
It was only with the withdrawal of that bid - I remind the House that that took place only in June of last year - that we had the disclosure of the Financial Crisis which many of the existing board who were there then seem hardly to have perceived.
I ask the right hon. Gentleman to receive a deputation from Clwyd urgently to try to head off a Financial Crisis.
The county council is now in a Serious Financial Crisis, admittedly aggravated by its own inability to control its spending.
In view of the Financial Crisis that threatens to close the Liverpool Philharmonic orchestra, Croxteth hall and the Empire theatre in Liverpool and many other arts facilities not only in Merseyside but in the other metropolitan counties and London which are victims of the Tory Government's political bigotry, may we have an urgent debate in the House before those places close?
Mr. Stuart Holland asked the Secretary of State for Foreign and Commonwealth Affairs whether he intends to take any measures to offset the Financial Crisis and possible imminent closure of the centre for world development education.
In short, the company found itself caught in the bind of a Serious Financial Crisis requiring the injection of substantial new funds to keep it afloat.
The overall provision of legal services faces a Financial Crisis greater than at any time in recent history.
Is the Secretary of State aware that, far from being adequately financed, the board is now facing a Financial Crisis?
Rugby, cricket, bowls, tennis and other sports clubs are now in a desperate plight and facing a Real Financial Crisis.
That was done at a time of Financial Crisis and it shows what can be achieved under a Government with the will and imagination necessary to carry such matters further.
Despite repeated promises that there would be adequate budgetary discipline and control, the Community's finances are in a state of chaos and the Community faces a Major Financial Crisis.
The Current Financial Crisis must be set against the background of an enormous increase in the resources of the Community, which was provided by a 40 per cent.
It will lead to Another Financial Crisis in 1987.
Of course, there is always the risk that the reclamation will go ahead and that at the end of that period there is a Financial Crisis within the country or the company or a change of circumstances which leads the company to decide that it will not go ahead with the rest of the development.
My constituents Lind it hard to understand why, when there is a Financial Crisis, no distinction is drawn between those local business men who must borrow as part of sound business practice and those international speculators whose motives are utterly different.
When she gives us her judgment on that point, will she tell us what possible advantage, apart from an attempt to save her own face, was gained from her refusal to act now against the Financial Crisis?
The Minister of State, Foreign and Commonwealth Office suggested that the Financial Crisis might be resolved in one of these two ways.
Finally, in view of the confidence shown in market forces that led to the sale of Westland plc to Sikorsky a year ago, recent news of the company's Financial Crisis must come as a severe disappointment to the Government, as indeed it does to the Opposition and to Westland's workers.
It can also create a Financial Crisis until the financial position of the deceased finally emerges.
Mr. Kirkwood asked the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on Her Majesty's Government's policy on the Financial Crisis facing the specialist and technical agencies of the United Nations.
While it is easy for farmers in an Immediate Financial Crisis to cull some of their breeding cows, it can take a very long time for the industry to replace that capacity.
That is leading to a Dire Financial Crisis for the North Tees health authority.
They had asked for help as a result of what appeared to be a Financial Crisis at the end of last year.
It was not easy, because the country had been in a Financial Crisis.
It got into Immediate Financial Crisis and had to be transferred to Lonrho very shortly after it opened.
Furthermore, when faced with a mixture of Financial Crisis and urgency, the need to sustain that newspaper was self-evident.
the cost of re-equipping those wards on top of the Present Financial Crisis will make re-opening impossible.
As the Financial Crisis sends the economies of the Western world spinning perilously close to calamity - we hope that that will not happen - it seems extraordinary that although every commentator in every country is talking about the matter, there has been no discussion in Parliament.
Will my right hon. and learned Friend do all that he can to persuade the American Government and Congress that they should not respond to the Current Financial Crisis by erecting additional trade barriers, especially in textiles, which is of particular interest in my constituency?
The cuts are due to Financial Crisis and mismanagement, and the money is needed particularly to pay for the Government's nuclear obsession - a topic to which I shall return in due course.
That is the real scandal of the Financial Crisis.
He explained the terrible growing Financial Crisis.
Wakefield health authority is currently staggering from one Financial Crisis to another because of Government underfunding.
The Government, through their combined assaults on housing benefit and rents - brought about by their cuts in grants to local authorities - have thrown almost every rent payer into Financial Crisis.
When Welsh health authorities are facing a Serious Financial Crisis, when our hospitals fear a breakdown in services, when the Minister has already had to renege on his July commitment about hospital waiting lists, and when, on Friday, the Secretary of State issued a spending announcement showing that there are no plans even to meet fully the basic standstill needs of the HealthService, which the Minister knows full well include not only 4½ per cent.
Nevertheless, in view of the Serious Financial Crisis facing the hospital service, which according to the Daily Telegraph is recognised by the vast majority of people in this country, does the Minister agree that the Department should either give concessions to health authorities or press the Secretary of State for Social Services to provide added budget allocations for health authorities to cover the quite unnecessary increases in electricity charges?
That is the reality, and those who think that we are over the Financial Crisis and that there will be a calm phase when everything will gradually pull together are living in cloud cuckoo land.
I beg to move,That this House notes that two out of three health authorities anticipate a deficit at the end of the current financial year and that attempts to balance their accounts have produced closures of hospital wards and cancellation of operations; affirms its commitment to the principle of a National Health Service providing comprehensive, free treatment to all citizens on the basis of need, not payment; further notes that current Treasury revenue substantially exceeds expenditure; and therefore calls upon Her Majesty's Government to release additional funds to end the Financial Crisis in the Health Service, and to drop proposals for new charges for dental examinations and for eyesight tests.
Having glimpsed that gulf of political values between us, I think we can understand why the NHS is in Financial Crisis and why it will be kept in financial crisis.
They have argued that the only answer - and they have put it in the motion in terms of a "Financial Crisis"-is essentially to spend more public money.
Since then our programme has gone ahead steadily, except for the unfortunate check in 1978 referred to by many hon. Members when all hospital building was halted abruptly by the Labour Government because of the Financial Crisis.
I do not think that the Government felt particularly generous towards the Humber; it was simply that the Humber faced a Real Financial Crisis and unless something was done, the local authorities would have gone bankrupt.
When I wrote to the chairman of the regional health authority, he replied that, with the Financial Crisis facing the west midlands, there was no alternative.
We know that there is another danger facing the National Health Service, apart from the Financial Crisis.
I have enormous sympathy for Bloomsbury's Financial Crisis.
Since September we have been trying to wriggle out of our most Serious Financial Crisis ever.
Will the Leader of the House make time next week for a statement from the Secretary of State for Education and Science about the severe threat felt by medical research charities such as the Friedrich's Ataxia Group, which feel that the imposition of overhead costs on them by the universities, which are themselves threatened with Financial Crisis, would do much to destroy the valuable research work that they do?
Many of their policies are justified by that cry, yet the centralisation and rationalisation programme in the hospital service and the cuts due to the Financial Crisis have limited the choice for many women.
The Current Financial Crisis and long waiting lists mean that many women needlessly suffer the pain and discomfort of osteoarthritis and other conditions.
The Minister is aware from extensive correspondence and meetings with me that Wakefield health authority has stumbled from one Financial Crisis to another in recent years, with numerous cuts, closures and bed reductions.
Will he ask his right hon. Friend the Secretary of State to make a statement about Brent's Financial Crisis and whether he will meet the Members of Parliament of all parties who represent Brent, and also Brent's leadership, to resolve the crisis and return to the people of Brent some of the £52 million that the Government have taken from Brent since 1979?
The general public, who are not responsible for the authority's Financial Crisis, have been denied a comprehensive health service.
They saw an Impending Financial Crisis, given the few weeks that they had to try to find the savings.
That authoritative view has not been heeded and the theatre is that much nearer to the brink of a Grave Financial Crisis.
We have seen the value of the grant fall steadily under all Governments, but it fell most during the Financial Crisis of 1976, under the last Labour Government.
Is the Prime Minister aware that the arts are now suffering from their worst ever Financial Crisis because of a £40 million shortfall in the Government arts grant?
Before the final curtain falls on the arts, will she help them out of This Financial Crisis?
What is the health authority now doing to save money because of the Financial Crisis?
It has been suffering from a Financial Crisis for many years and, despite all the cost improvement programmes that it has implemented, it is now £1·5 million short in its budget for this financial year.
If that advertising declines, as many forecasts suggest, there may be a Financial Crisis for S4C somewhere in the mid-term of its next period of service.
British agriculture is facing a Major Financial Crisis, which is one of the worst since the war.
I ask him to introduce immediately a two-pronged attack on the problem, with the funding of research into new, non-allergic strains of oil seed rape which would ensure that agriculture will not awaken in a few years to find the health risk totally proven and a Major Financial Crisis on its hands.
The Financial Crisis first became acute as long ago as 1986–87, when the RSC suffered from the downturn in audiences due to the falling off of American tourism that year.
When the council was in Financial Crisis last July - a crisis that it should have anticipated because, as the largest group on the council, Labour was largely responsible for pushing through the previous budget - it said that it wouldprogramme a 10 per cent.
At the end of the Financial Crisis in 1986, when those militant Labour councillors were disqualified from office, the city's leaders had borrowed £60 million from Swiss and Japanese bankers to finance their policies.
The chaos of Financial Crisis in south Manchester continues.
How will the budget of the social fund be affected if the independent living fund's Current Financial Crisis is not resolved quickly?
A year ago I told the House that I was gravely concerned about the Financial Crisis which then faced Gwynedd health authority.
Does he want to avoid having to make a definitive statement about the independent living fund's Current Financial Crisis, which, if it is not resolved soon, could lead to people with disabilities having to return to lives of dependence?
The Minister's replies make it clear that he does not yet understand the scale of the Financial Crisis that is facing our four national companies in general and the Royal Opera House in particular.
Will the Leader of the House find time for a debate on the Financial Crisis facing so many health authorities, in particular Gwynedd health authority, which is facing a £4 million shortfall, leading to the closure of wards and the elimination of services, and is hitting disabled people, the young and the old?
Debates on the Financial Crisis in Gwynedd health authority seem to have become a regular feature in the Chamber.
It gives neither my colleagues nor I any pleasure constantly to highlight the Financial Crisis which faces Gwynedd health authority.
Last year, there were three colleges of further education; this year, because of the Financial Crisis, there will be only two.
Because the corporate review assumed that growth would be twice the rate that it is, and that property prices would be higher than they are, British Rail is now facing a Financial Crisis.
Given the right hon. Gentleman's palpable ignorance, he should be told that as his Department has, in the past 10 years, twice increased lorry weights and once increased lorry speeds, it is not surprising that the rail freight business is now facing a Financial Crisis.
It is absolutely clear that hospitals are seeking opt-out status because of the Financial Crisis in many health authorities.
Mr. Morgan: To ask the Secretary of State for Wales whether information arising from the HACAS inquiry into the Financial Crisis at the Corlan housing association has been supplied to (a) the South Wales constabulary, (b) the Director of Public Prosecutions and (c) the Serious Fraud Office.
He must recognise that Scottish local authorities are facing a Financial Crisis as a result of the poll tax itself and not because a few people are foolishly not paying it.
Will the Leader of the House make time available next week for a debate on the Financial Crisis facing the national health service?
As several hon. Members have already said, the arts are facing a Financial Crisis.
When I first raised the subject of St. Christopher's in June 1988, the hospice faced a Financial Crisis following the last major increase in nurses' pay.
Why is it that, during all the years of stewardship by the Secretary of State, during which he has appointed Tory party hacks to preside over Lothian health board, there has been a Financial Crisis every year?
It warned that, the local council must issue more than 40,000 poll tax bills that have yet to be sent out and urged the borough to take tough action with defaulters to stave off a Financial Crisis.
Why are the Government pursuing this path of Thatcherite dogma, instead of dealing with the Financial Crisis in the health service?
They had been there all night and although doctors had said that those people needed to be admitted, it could not be done because the Financial Crisis affecting our entire hospital service meant that in Camberwellhealth authority in the summer more than 100 beds were closed - one in 10, including those in the emergency admission wards.
Would the Minister have us believe that the cuts in NHS beds throughout the country, in response to the Financial Crisis, are good?
The Financial Crisis does not just affect the teaching hospitals or London.
Will the Minister acknowledge London Underground's Financial Crisis, which is leading to cuts in services on six tube lines, the destaffing of stations and the postponement of the Northern line's much-needed refurbishment?
They are not a reaction to a Financial Crisis, but are based on sound management decisions.
How does all that accord with the Minister's statement that the job losses are related to the automatic ticketing system and not in response to the Financial Crisis?
The other two causes of LUL's Financial Crisis were identified as falling receipts from property sales, and safety measures.
The Minister said that cuts in staff were not a reaction to a Financial Crisis.
I am grateful for the opportunity to raise the important issue of some of the possible consequences of the Financial Crisis currently facing the Science and Engineering Research Council.
Thanks to the poll tax, local government is in Financial Crisis.
The closures have been caused by a continuing Financial Crisis in south Manchester which has arisen because the Government have continually underfunded pay awards and have not allowed for the true rate of inflation in the health service.
Would it not be better for the Secretary of State to visit that hospital in Financial Crisis rather than spend time tomorrow only half a mile away from it at the Dulwich picture gallery, where he is opening an exhibition of portraits of old Etonians?
Strathclyde is facing a Financial Crisis due to the administrative nightmare of collecting the poll tax.
We accept that he is concerned about unemployment, but he knows - although I am sure he will not admit it - that if the heavens were to fall in and there were to be the return of a Labour Government, there would be the mother and father of a Financial Crisis.
We shall then be in a Massive Financial Crisis as well as in an industrial crisis - and the Government have produced such a crisis on two occasions.
Has my right hon. Friend been advised as to what are the main factors leading to the Financial Crisis within APEX, and does he feel able to comment on that?
Since last July, the islands have been reeling in the face of a Financial Crisis - £24 million would have been a major loss for any community, but especially so for one such as the Western Isles.
Even the Government's narrow ambitions are undermined by the Financial Crisis and the self-imposed financial limitations which they face and which they still do not allow themselves even to acknowledge in public let alone face.
There is a Financial Crisis, bordering on bankruptcy.
Is the Minister aware that the two local hospitals, Whittington and North Middlesex, are extremely overstretched and in a Financial Crisis and that a consultant at North Middlesex hospital estimates that if it were to keep to its contracts for paediatric care it would have to turn away 600 sick children seeking admission from accident and emergency treatment?
Is the right hon. Gentleman aware that in Bradford, for example, the failure of the Government fully to fund the teachers' pay award last year and this year has plunged the education service into a Financial Crisis with the prospect of 150 lost teaching posts and consequential damage to the quality of education received by our schoolchildren?
In the midst of all that, we are told that South Birmingham health authority is facing a Major Financial Crisis.
A report on the Financial Crisis facing South Birmingham health authority was commissioned from KPMG Peat Marwick, but it has not yet been made available to Members of Parliament or to the people of Birmingham.
Mr. Gapes: To ask the Secretary of State for Foreign and Commonwealth Affairs what action Her Majesty's Government are taking to reduce the Financial Crisis and debt burden faced by the Government of Zambia.
Is that not a demonstration of our policies to facilitate house owners so that they do not have to leave their homes at a time of Financial Crisis?
The local hospital is in Dire Financial Crisis.
The health authority has told him that, because it does not have the resources as a result of the Financial Crisis caused by the health reforms, he cannot get adequate physiotherapy treatment and he must wait six months just to see somebody about the possibility of occupational therapy.
When one mixes into that equation the impact of the Government's so-called health reforms, one has a Financial Crisis such as that which now grips the health authority, whose managers are sending to staff circulars saying that it will not be possible to pay bills.
It seems that the Financial Crisis has still not been solved, yet the plans to solve it involve the closure of our hospitals.
Will he concede that proceeding with local government reform at this time would be an act of monumental stupidity as we face a Financial Crisis created by that lot on the Government Benches?
Does it not say something about the Financial Crisis facing local authorities in the implementation of the community care changes that Kent, with all its financial advantages, has to make savings of around £2 million in the current financial year?
I should add that the funding from the National Democratic Foundation has ceased within the last year or two, causing an Immediate Financial Crisis for the SDLP.
I must confess that I do not understand why the organisation should say - if that is indeed what it says - that it has a Financial Crisis.
We are undoubtedly in a Financial Crisis, and alibis have been coming forward in droves.
The Treasury, in pursuit of money to reduce subsidies and to deal with the Financial Crisis that has come about as a result of its economic incompetence, has sought financial solutions which have been to the detriment of our economy.
Then they have the audacity to say that they have a Financial Crisis on their hands: they tell us that the number of people claiming benefit should be cut, and that the cost of putting the books in order should be borne by many of our constituents—people who are already disadvantaged, and are least able to fend for themselves in today's world.
The way in which the Government are arbitrarily going to disengage themselves from This Financial Crisis, which is largely of their own making, will disadvantage thousands of our poorer constituents.
If there is a Financial Crisis surrounding the payment of the benefit, it is one largely engendered by the Government.
It would mean that the main contractor and many small contractors would face a Financial Crisis, to say the least.
Mr. Mackinlay: To ask the Secretary of State for the Environment what explanation was given to his Department for the Financial Crisis at Castle Point borough council prior to his decision to impose capping on that council for the year 1993–94.
Is the Prime Minister aware of the Acute Financial Crisis facing Redbridge and Waltham Forest health authority, which is asking Redbridge health care trust to do 10 per cent.
As I sit in my surgery, I often feel that I have never been in the position where a small unexpected bill amounts to a Financial Crisis for my constituents because they have no edge or margin in which to live and to work.
There is a Financial Crisis and a crisis in secondary care and in accident and emergency services.
There is an Immediate Financial Crisis as a result of the financial settlement upon the police this year.
The Leader of the House is no doubt aware that South Thames training and enterprise council was put into official receivership in December, leaving many of its creditors in Financial Crisis, including training providers such as Greenwich Training Company Ltd., which has a good record of both finding employment and providing high-quality training.
Let us think about the consequences of This Financial Crisis, as I should like to call it.
The Financial Crisis is so serious that it will not be solved by such matters.
At a time when the congregations of the Church of England are at their historic low point and when some of us, at any rate, who are members of the Church of England, feel that the Church is not giving a sufficient moral and spiritual lead, to heap This Financial Crisis - as, inevitably, it is - on to that dilemma is a cruel double blow.
So the only right answer to the Financial Crisis which is pressing on defence budgets is ever closer co-operation within Europe.
I am grateful for an opportunity so early in the reconvened Session of Parliament, before the beginning of the new Session next month, to raise an urgent matter - the Financial Crisis that has struck the Highland Communities NHS trust.
We were all impressed by the recent election in Argentina, when the Government had an austere budget before the election to meet the Financial Crisis and went on to win a genuine victory.
Bradford nurses still have not received their pay rise in their pay packets, due to the Financial Crisis facing the hospitals trust.
Will the Minister confirm that, even as this House is sitting, the United Nations is in a state of Financial Crisis, the peacekeeping budget is being raided to fund the UN's general operations and the entire organisation is virtually on the point of collapse?
Unless some action is taken in the next few months, the United Nations will face a Financial Crisis, which could threaten its future.
Britain has been at the forefront of recent efforts to reform the United Nations, producing initiatives on restructuring and improvement in many areas and on tackling the organisation's Serious Financial Crisis.
She was in desperate need of a bed in the oncology centre, but she was told by the centre that its beds were closed because of a Financial Crisis and therefore she could not be admitted.
The Financial Crisis in Bristol has been building up during the past four years, and it is not temporary.
The big cut followed the 1976 takeover of the economy by the International Monetary Fund after the Financial Crisis created by the Labour Government.
I do not think that the hon. Member for Southport (Mr. Banks) really understands the Financial Crisis that is affecting our local councils, which are responsible for delivering this vital service.
The Secretary of State's response to what my right hon. Friend the Member for Manchester, Wythenshawe (Mr. Morris) said about the Financial Crisis that, because of management incompetence, faces south Manchester, was completely inadequate.
What action is being taken by the Government to ensure that the peacekeeping budget is not totally depleted as a result of the Financial Crisis beingexperienced by the United Nations?
I entirely agree that it is most unfortunate that the United Nations is facing a Financial Crisis.
The more doctors who choose this option, the greater the pressure on the health authority when the trust is in Financial Crisis and the greater the pressure to produce a two-tier service as the number of purchasers fragments further.
The background to the current problems is the trust's Financial Crisis.
At the heart of my remarks must be the Serious Financial Crisis facing the UN.
The Present Financial Crisis is crippling the United Nations and preventing it from carrying out essential tasks.
I agree with him that the United Nations' Financial Crisis is its greatest challenge.
If that is going to be the way, there will be a Financial Crisis if we ever have the misfortune of Labour forming a Government.
The collapse of the beef export market has left the farming community in Northern Ireland in Great Financial Crisis.
Despite that extraordinary level of borrowing, our national health service is facing a Financial Crisis.
The hospital is facing a Financial Crisis, and the stress on the staff due to the extra admissions and the heavy work load is exacerbated by the overspend on the budget and the cuts required to keep within budget.
May I support the earlier call for a debate on the Financial Crisis at Kent county council?
As you are no doubt aware, Mr. Deputy Speaker, even as we hold this debate, local councils are meeting to discuss precisely how to cope with the Financial Crisis.
As local authorities face their greatest ever Financial Crisis, the Government claim that Scotland receives a per head of population subsidy for local services.
As for new, blue Labour, it has made it abundantly clear that it will do nothing to stem the Financial Crisis - a slap in the face that has sent its own people reeling.
Given his answer to the hon. Member for Ceredigion and Pembroke, North (Mr. Dafis), has theMinister read the report produced by Dyfed Powys health authority, entitled "Effective Care and Healthy People", in which it offers three options to cope with the Financial Crisis?
At Barton county primary school in Barton-upon-Humber, head teacher Mike Simpson decided to sack himself to save the jobs of three teachers because of the Financial Crisis.
St. Helens is aware that the new Government have inherited a Financial Crisis.
I am grateful for this opportunity to raise the Financial Crisis facing the Scottish Environment Protection Agency.
My local health authority, North and East Devon, is one of the many that are in Financial Crisis.
We are considering pension funds that are in a state of Financial Crisis, a large part of which was caused by the actions of the previous Government.
The industry also needs investment, because it is in a Financial Crisis.
Under the Conservative Government, universities in Wales faced a growing Financial Crisis.
I understand from my dealings with the London fire and civil defence authority that every attempt is being made to address the Financial Crisis which it faces.
I was equally disappointed that not one member of the official Opposition was present last week when the hon. Member for Twickenham (Dr. Cable) secured an Adjournment debate on the Financial Crisis facing the London fire service today as a legacy of the previous Government's approach to the service.
There will not be a Financial Crisis if there is a drop in the number of students, because we are funding those students through the fee process, funding the residual grant and funding the loan.
Those statements hardly square with the current ECB view that, unless the framework that enabled those deals to be struck is done away with, the game will face a Financial Crisis.
If one seeks to question that claim, consider the impact of the Financial Crisis that has hit the far eastern economies.
A delegation from the Inter-Parliamentary Union that visited Japan was also warned about the impact of the Current Financial Crisis on Japanese and Korean investment in this country.
They combine imaginative and innovative features that will attract people who have not saved money before, and, in doing so, they will help to end some of the misery of those who find that lack of money turns a family problem into a Financial Crisis.
How will setting up 11 health action zones help people in West Sussex health authority, which is facing a very Serious Financial Crisis that is threatening both community hospitals in my constituency?
Is the Prime Minister aware that the Christie hospital, which is the north-west of England's regional specialist centre for cancer treatment, is in the depths of a Financial Crisis and has had to close down a £1 million linear accelerator machine?
We commend Korea's response to the Financial Crisis so far and its commitment to economic reform.
Constraints on local expenditure on civil works, as a result of the Financial Crisis, are delaying the completion of five sites and work on the remaining six has been suspended for twelve months.
In Asia, across the world and in the United Kingdom, it is the poorest and the most vulnerable members of society who suffer most from Financial Crisis and stagnation.
However, the Financial Crisis that swept Asia last year and reverberated around the world has revealed long-standing weaknesses in the international financial system, which G7 Ministers agree must be addressed as a matter of urgency.
That is a record not only of moving the issue forward as a result of the Financial Crisis, but of trying to resolve quickly issues which, on reflection, Conservative Members should have resolved long ago, when they were in government.
Latin America is teetering on the edge of a Financial Crisis.
During our discussions, and at the meetings themselves, we stressed the importance we attach to addressing the social implications of the Current Financial Crisis.
Unfortunately, after a year, Harold Wilson devalued the pound, and Britain was in a Terrible Financial Crisis.
of people try to take money out of the banks, a Financial Crisis could be precipitated.
increase the transparency of the international financial system; enhance global financial regulation, in particular through better co-ordination between international financial institutions, national regulators and international regulatory bodies; and improve Financial Crisis prevention and resolution mechanisms, including the involvement of private sector creditors.
and the Chancellor of the Exchequer in particular, have been concerned to ensure, through the G7 and elsewhere, that the global financial system works to move to greater stability, greater transparency, the introduction of codes of conduct, and practical co-operation between regulators: practical efforts to ensure that This Financial Crisis can be brought to a speedy end.
During Colin's treatment, he was aware of the Financial Crisis affecting the men's cancer unit that was treating him.
I represent South Staffordshire health authority, which is in Financial Crisis.
A number of the reforms on which Indonesia's IMF programme is conditional relate to policies aimed at mitigating the effect of the Financial Crisis on the poorest in society.
Those may not seem to be large amounts of money to some hon. Members, but they represent a Serious Financial Crisis to households already struggling to live on highly restricted means-tested benefit.
Closing off national economies only increases national and international instability, and throughout the world, it is the poorest and most vulnerable members of society who suffer from Financial Crisis and stagnation.
Does my right hon. Friend agree that, in the past, too often the International Monetary Fund particularly has been the problem and not the solution in times of Financial Crisis?
Ms Hewitt [holding answer 15 June 1999]: We have been working with our G7 partners to develop a new approach to the involvement of the private sector in Financial Crisis prevention and resolution.
However, the lessons of last year's Financial Crisis must be properly learned.
If all that is true, is the right hon. Lady able to say why the Trafford Healthcare NHS trust should suddenly be in Financial Crisis?
All the great claims for how well the service is going sit ill alongside the Serious Financial Crisis that rising demand and rising expectations have forced on health authorities, which have had two very severe years.
UNRWA particularly appreciates the fact that Britain has accelerated its donations this year in order to avert the Financial Crisis that it would otherwise have faced.
The UK Government strongly support Korea's IMF programme, the benefits of which are now being felt as that country recovers from Financial Crisis.
Does my hon. Friend consider the powers and policy of the IMF adequate to help countries in Financial Crisis?
Indeed, it is a Financial Crisis.
However, although the debate has ranged far and wide, it has not focused on the roots of the Financial Crisis facing the national health service, or on the impact on patients of the distortion of clinical practice.
He found himself let in for a two-year nightmare while a Financial Crisis crept over the whole system.
My hon. Friend the Member for Salisbury made the point that we already seem to be moving towards a Financial Crisis.
Even prosperous families can find that they need income support to see them through a Financial Crisis.
The Chancellor's Labour predecessors introduced mini-Budgets in times of Financial Crisis precisely because of boom and bust, whereas the right hon. Gentleman introduces them at times of political crisis to bring in policies of bust and boom.
They led directly to the Financial Crisis that overcame the dome in the first few weeks after it opened for visitors.
Is it because British agriculture is now heading for the Worst Financial Crisis since the war and the Government are still not willing to listen to the producers' plea for help and understanding; or is it because the Agriculture Minister, Nick Brown, forecast a 27 per cent downward trend in farmers' incomes?
It is guaranteed that, within 18 months of their taking office, there would have been a Financial Crisis on the foreign exchange markets, and the whole show would have closed down, as we have seen before.
Such burdens should not be placed on an industry that is in Financial Crisis, yet they are being added to by, for example, the waste water processing directive.
Yesterday's Financial Times reported that, when speaking to Railtrack's shareholders, the Rail Regulator's chief economist said, "if Railtrack gets into a Financial Crisis because of inefficiency or through mistakes it will not receive extra public subsidy to prop it up".
As my noble friend Lord Wallace of Saltaire pointed out, the UNHCR has also had to pass around the begging bowl because of the Financial Crisis at the UN and is in an even more precarious situation than the OHCHR.
With the leave of the House, I shall repeat a Statement made in another place by my honourable friend the Secretary of State for Transport, Local Government and the Regions: "With permission, Mr Speaker, I wish to make a Statement concerning Railtrack: to describe to the House the worsening Financial Crisis facing Railtrack which led the Government to petition for railway administration on 7th October; and to outline the further measures that we intend to take to put the interests of the travelling public first.
With permission, Madam Deputy Speaker, I wish to make a statement concerning Railtrack, to describe to the House the worsening Financial Crisis facing Railtrack, which led the Government to petition for railway administration on7 October, and to outline the further measures that we intend to take to put the interests of the travelling public first.
A Financial Crisis caused by boardroom mismanagement had led to the birth of the Northampton Town supporters trust.
The Secretary of State for Transport, Local Government and the Regions has made a great issue of principle from the fact that Railtrack paid dividends while it was in a state of Financial Crisis and should have been investing, yet the Treasury is behaving exactly the same.
The Swedish post office organisation is in Financial Crisis and lost 1 million kronor in the first quarter of 2001, so it is not all good news.
There seemed to be a Financial Crisis every year that usually kicked off in December and lasted until the end of March.
In the middle of February 1966 or 1967, we were well into the budget-making process in County Hall when the government of the day had a Financial Crisis.
in real terms, and the Swedish post office is in Financial Crisis, having lost 1 million kronor in the first quarter of 2001.
Further, the government desperately need Us assistance to restore an economy that has still not recovered from the 1997 Financial Crisis.
However, it is one that has been for far too long overlooked and it is now, indeed, a public service in Financial Crisis.
I start with a direct question to the Government about the Financial Crisis facing pension funds that the noble Lord, Lord Fowler, described so clearly in his opening remarks.
However, we have also heard that while much progress has been made, the continent is now facing a Serious Financial Crisis and economic instability.
However, we have also heard that while much progress has been made, the continent is now facing a serious Financial Crisis and economic instability.
Similar lotteries are run for the benefit of local football clubs - most professional league clubs have one - and many are facing Financial Crisis.
NHS Professionals, which was set up to end the reliance on commercial nursing agencies, is in Financial Crisis, with up to #10 million in unpaid bills.
In a sobering debate in this House in May, I joined the noble Lords, Lord Fowler and Lord Higgins and others in warning of the Financial Crisis facing pension funds in this country.
On both occasions Members from all sides of the House argued strongly that the Government should concentrate on the Financial Crisis that was beginning to hit universities and do something about it.
Part - only part - of the cause of the Present Financial Crisis is the Government's earlier insistence on having a target of 50 per cent of school leavers going on to higher education.
The pound had been devalued, and in his three years of service in that great office, he instituted a programme of austerity to resolve the Financial Crisis.
We have a dial-a-bus that seems to struggle from one Financial Crisis to another.
Any reasonable assessment of the accounts - I have taken a look at them - will show that the lion's share of the shortfall that triggered the Financial Crisis and led to the appointment of a provisional liquidator was a consequence of the loss of NHS business.
Will he agree to re-examine Havering's Financial Crisis before the final settlement is announced on3 February?
Today, professional football in England and Scotland is in Financial Crisis, and some of the game's oldest names - York City, Port Vale, Bradford City, Tranmere Rovers - stand on the brink of extinction.
We are doing everything possible to correct the Financial Crisis; much effort and time is being devoted to solve that problem.
The reform of local government in the early 1970s led to an increase in staffing of nearly 5 per cent and to the spiralling costs that led to the Financial Crisis that precipitated the Layfield inquiry.
For example, the Evening Echo ran a major article about the subject on 7 April entitled "Why our schools face a Financial Crisis" with a large photograph of the Secretary of State for Education and Skills.
For example, the Evening Echo ran a major article about the subject on7 April entitled "Why our schools face a Financial Crisis" with a large photograph of the Secretary of State for Education and Skills.
The article entitled "Why our schools face a Financial Crisis" describes the situation as follows: "Schools are facing financial meltdown because the Government hasn't done its sums properly.
Labour was happy to take the credit for the success of Whalley Range high school, which it held out as a flagship when it did well, and it must now accept responsibility for the Financial Crisis that is affecting it.
Will Corus aerospace customers, even now, be looking to new markets as they see uncertain and failing management putting together a rushed business plan in a mood of Financial Crisis?
From its first moment, the trust has lurched from one Financial Crisis to another.
However hard the people in post work, it is no surprise that that situation causes service quality problems or that it leads to the use of locums and agencies, which adds to the Financial Crisis.
Various groups involved in community transport have written to Norfolk MPs and told us of the Financial Crisis that they face, as they are unable to obtain funding to operate in future.
The change is reflected in today's press, in which I read that one Labour MP has been forced to donate one day's wages to ease the Financial Crisis at his local primary school.
He makes some nice comments about me which modesty forbids me to read out, then points out that "This Financial Crisis is having a deleterious and corrosive effect on morale and will undermine, indeed wipe from the collective memory what has been achieved".
I simply put it to him that quite a lot of authorities hold elections only once every four years, so it is a bit tough to tell the long-suffering citizens of an area that they have to wait three years to remedy a Serious Financial Crisis that could have a damaging impact on services in their area because there is no provision to act in an emergency to deal with extreme circumstances.
Authorities at financial risk would not be reliably identified, and it would deny most authorities the use of Clause 30 to deal with a Financial Crisis, a provision universally welcomed in local government.
Is that not another example of emergency in-year cuts as the Minister's Department is gripped by a Financial Crisis, with defence commitments outstripping resources, and Labour failing the armed forces?
Not only has Southend-on-Sea borough council spent every penny the Minister provided, but it has been given an extra £700,000 on top because of the Financial Crisis it faces.
Our schools face a Serious Financial Crisis.
My Lords, the noble Lord, Lord St John of Bletso, mentioned the Financial Crisis that has overtaken Zimbabwe.
The price of low unemployment in those halcyon years stored up dragon's teeth for decades ahead, and the over-regulation and Government imposed rigidities of the managed economy in post-war Britain ended in the Financial Crisis and economic collapse of the 1970s, with a Labour Government forced to impose swingeing cuts on public services.
A Financial Crisis hit Marks and Spencer because no one bought its clothes and shoes.
An issue that I took up with our witnesses was the lack of a lender of last resort in the euro-zone, particularly in the event of a Massive Financial Crisis.
In the early 1990s, as higher education Minister, I thought hard about how to retrieve the universities from what was already a gathering Financial Crisis.
The probation service is in Financial Crisis, with probation areas facing a compulsory 2 per cent.
That probably does not matter now because Another Financial Crisis has overtaken the trust and the franchise plan to which I referred is irrelevant.
The House will recall that the origin of the Equitable Life inquiry carried out by Lord Penrose was the Financial Crisis experienced by the society in July 2001, when it closed to new business and cut policy values.
On the lessons learned, the Financial Secretary will be aware that Lord Penrose found that regulatory failure was the fundamental reason for, if not the primary cause of, the company's Financial Crisis.
Lord Penrose is absolutely clear that it was not the guaranteed annuity problem that led to the society's Financial Crisis in 2001.
Higher education was in Financial Crisis.
The task of increasing access from disadvantaged sections of the population requires that action now be taken about the Financial Crisis facing those who teach them and conduct the research that underpins that teaching.
With growing debate about further troop deployment, does the Prime Minister have any plans to plug the hole in the Chancellor's budget, or does he intend, like Sir Anthony Eden, to risk a Financial Crisis?
However, it would be bad economics if, in the event of a Serious Financial Crisis, such as a big steel company or a big airline going to the wall and making a large claim on the fund, the board responded by huge borrowing on the commercial markets.
Secondly, it would be sensible to widen the remit of the social fund to permit an emergency short-term lending fund for low-income families in Financial Crisis.
I - like, I am sure, the Minister - want these community transport schemes to have a long-term, viable, sustainable future, rather than, as has happened so far after the initial flush of funding, to lurch annually from Financial Crisis to financial crisis.
I hope that he agrees that Any Financial Crisis that undermines the working of the tribunal can only play into the hands of the war criminals who seek to evade its jurisdiction.
I hope that he agrees that any Financial Crisis that undermines the working of the tribunal can only play into the hands of the war criminals who seek to evade its jurisdiction.
That Administration kept altering the rules of what they linked to, according to the Financial Crisis they faced.
The significance for the Government's policy is that the sales were backed by the British Government's Export Credits Guarantee Department, which was left to pick up a £93 million bill when Indonesia ran into Financial Crisis.
As the noble and gallant Lord, Lord Vincent, said, our Armed Forces and the Ministry of Defence face a Real Financial Crisis over procurement.
The primary care trust has had a Financial Crisis leading to the resignation of its chairman and chief executive, and the joint chief executive of the hospitals trust is now doubling as acting chief executive of the primary care trust.
Bearing in mind that many Lincolnshire farmers face an Acute Financial Crisis, will the Minister say when the new single farm payment will be made?
He may have seen that The Daily Mirror has taken up the issue and has referred to the fiasco that has left tens of thousands of families in Financial Crisis.
All that amounts to a looming Financial Crisis for many households in Northern Ireland, particularly if the valid point made by my hon. Friendthe Member for East Londonderry (Mr. Campbell) is taken into account.
Furthermore, as the service was precisely costed, it could not have escaped the attention of departmental officials that the withholding of funds would throw the charity into a Financial Crisis and cripple its fundraising.
of the grant has been put aside for mental health helplines in Immediate Financial Crisis which, with temporary help, could overcome some of their difficulties and continue to provide a service.
Obviously, that has not been very popular with local residents, so my hon. Friend the Member for Rochford and Southend, East and I have done pretty well over the past four weeks to survive the sort of criticism that we have received on the doorstep as a result of the Financial Crisis.
Why was information about the Financial Crisis not revealed to the electorate in Hertfordshire before the election?
The first point to make, however, is that these are not recommendations or provisional conclusions born of a Financial Crisis.
Full implementation of the national tariff would yield an extra £15 million in 2006 and more in subsequent years, more than covering the deficit, even including the extraordinary RAB accounting, which has artificially inflated the Financial Crisis.
So, may we have an early debate on the Financial Crisis facing many national health service trusts?
Why should it take a Financial Crisis to get the trust to acknowledge the need to start tackling the serious deficiencies in the service?
May we have an urgent statement from the Secretary of State for Health on the Financial Crisis that affects many primary care trusts around the country?
Is the Minister aware that the Queen Elizabeth hospital in my constituency now faces a Financial Crisis, through no fault of its own, with a deficit of nearly £8 million?
That is a damning indictment of not just the Current Financial Crisis but a health funding formula that diverts funds from constituencies such as mine in the south-east to Labour's friends in the north.
That is a damning indictment of not just the Current Financial Crisis but a health funding formula that diverts funds away from constituencies such as mine in the south-east to Labour's friends in the north.
I draw to my hon. Friend's attention the fact that the Financial Crisis in maternity care stretches as far north in Hampshire as Basingstoke, where we have no 12-week scans for pregnant women.
In other words, to compound the developing Financial Crisis, there was also a cover-up; a cover-up that has now been terminated by the much more effective and transparent management who have taken over the trust's operations, and for whom I am very thankful.
We should focus on the points made by the hon. Member for Ludlow about options for resolving the Financial Crisis.
Governments have promised a glut of road building and investment one moment, but the next minute, in the middle of a Financial Crisis, have cancelled many such schemes.
We need also a new system that will stop the nonsensical ritual of Financial Crisis.
That leads me to the second factor in play; the Financial Crisis that grips the North West London strategic health authority and the Hillingdon primary care trust, wrestling as they are with some of the largest deficits in the system.
It would be disappointing if that logical initiative fell foul of Financial Crisis management or power-play in the NHS.
My priority, as the hon. Gentleman will gather, is to try to do something more immediate about the Real Financial Crisis faced by local authorities - well, by my local authority.
The Bridgend refuge is in Financial Crisis, and it needs additional funding to find homes for women and to give women the opportunity to find stability for themselves and their families.
There is a Financial Crisis, and we have seen the departure of the chief executive, a senior civil servant in the Department of Health.
Not only is the health service now in Financial Crisis, with the chief executive forced out ahead of his own timetable, and not only is it recognised that there are hundreds of job losses around the country, but we actually have wider health inequalities at a time of record spending.
I love France; I love French markets, but given the fact that our health service is in Financial Crisis, is it really justifiable to give more money to the EU and to some of the richest countries in Europe?
It is an outrage that it did not rate even a mention at a time when the NHS is in Financial Crisis.
The hon. Gentleman, who represents a neighbouring constituency, faces a direct threat to the maternity services in his constituency, as I do in mine, where the context is a Financial Crisis caused not by financial deficits in Cheltenham and Tewkesbury but by deficits elsewhere in Avon, Gloucestershire and Wiltshire, particularly in the neighbouring Cotswold and Vale PCT.
Despite all of that however, those proposals were discarded at a few weeks' notice due to the pressure of the Current Financial Crisis.
The RCM and others pointed out this week that the Current Financial Crisis in the NHS is adding to the woes of the profession.
I beg to move, That this House notes the Current Financial Crisis and associated job losses, ward and bed closures and service reductions in the NHS; believes that these are consequences primarily of the failures of management at the Department of Health; further notes the Secretary of State for Health's denial of responsibility for this situation and her failure to recognise the realities within the NHS; sees a lack of leadership within the Department of Health; and, in addition to turnaround teams in NHS Trusts, calls on the Government to appoint a turnaround team to the Department of Health.
Other headlines include "How NHS cash goes to waste on private ops", "NHs 'facing Worst Financial Crisis'", "Threat to funds for medical training as hospital advertises for four risk assessment managers" and "NHs faces job cuts as financial crisis deepens".
As the people of Oxfordshire are now well aware, we are suffering an Acute Financial Crisis.
That is an extremely serious matter, so what caused the Financial Crisis?
There are 164 junior football clubs registered in Scotland, but most are or will shortly be facing a Financial Crisis, which could lead to the clubs folding.
I was persuaded by the debate we had on that occasion that this was too drastic and that time should be given for repayment to avoid Any Immediate Financial Crisis for the parties concerned.
Who is responsible for the Financial Crisis?
As my parliamentary neighbour,the hon. Member for Stroud (Mr. Drew) has said, there is all-party agreement and all-party concern among the people of Gloucestershire about the effect that This Financial Crisis is having on us.
The atmosphere of Financial Crisis is all-pervasive.
He will remember that as recently as 1999, when Russia was going through a period of Financial Crisis, substantial numbers - almost 40 per cent.
The PCT has introduced consultation and said what it proposes to do about community health care to make up for the losses, but the proposals are being driven by financial cutbacks in response to a Financial Crisis.
Let it be said that no one is against all change, but change should take place only to improve patient care and patient safety, not for short-term expediency, to cover a Financial Crisis caused by financial incompetence.
On the Government's own figures, at least £600 million of the amount that was needed for all those pay rises was not provided to NHS employers, and that probably more than anything else has led to the Financial Crisis that they are all facing.
I tell the Secretary of State that that is an unacceptable situation, which is a direct consequence of the Financial Crisis that we are experiencing.
It faces a £6 million Financial Crisis next year, which could well lead to a loss of 42 police officer posts, right down to the Home Office minimum of 1,289.
Does the hon. Lady agree that all hon. Members must raise awareness of savings and loans facilities and the security provided by the credit unions in supporting people who are in Financial Crisis?
That is cause and effect: if the service redesign were based on clinical reasons, such changes would be happening locally and on a planned basis, not as a result of Financial Crisis.
We found it extraordinary that she maintained that there was no connection between the Financial Crisis clearly facing the NHS at the moment and the way in which payment by results has been implemented.
The NHS has been suffering an ever-worsening Financial Crisis for years, with a decline from a surplus of £96 million in 2002-03 to the predicted deficit of £650 million in 2005-06, which is the worst figurein the history of the NHS.
Is the Prime Minister therefore prepared to meet me and members of the North Wales police authority to discuss This Financial Crisis that threatens the future of effective policing in north Wales?
It cannot continue to do that, because it will end up in a Major Financial Crisis.
Will the Minister meet a delegation of hon. Members, the police force and the police authority so that we can get to the bottom of This Serious Financial Crisis?
Financial management has been good; this is not a hospital in Financial Crisis.
Whatever the cause of DEFRA's Immediate Financial Crisis, British Waterways - that priceless national asset - and the inland waterways that it has so ably and creatively cared for, nurtured and developed are far too important to be allowed to return to decline.
It is obvious that this problem cannot be dealt with overnight, and nobody is saying that it should be dealt with in the middle of This Financial Crisis.
If, as the Minister says, it is a balanced formula, why are the Opposition Benches swollen with Members from the south of England whose local health authorities are in Financial Crisis, yet not a single Labour Member with a constituency in the midlands, the north or anywhere else is here to stand up and complain?
This had nothing to do with the publication of new research or with the bringing forth of new clinical evidence; it was entirely concerned with the Financial Crisis at the SHA, which cascaded down to my hospital trust and meant that, in 2005-06, the hospital will have run up a deficit of close to £5 million.
The first is about the Financial Crisis in Brent's health service, which threatens to have a massive impact on patients and a devastating knock-on effect on local services provided by the council and voluntary groups.
The first is about the Financial Crisis in Brent's health service, which threatens to have a massive impact on patients and a devastating knock-on effect to local services provided by the council and voluntary groups.
It found evidence that reconfiguration was in some cases being driven by Financial Crisis, rather than being the result of rational planning.
The Health Committee found evidence that in some cases reconfiguration was being driven by Financial Crisis rather than rational planning.
The Government's ambition is worthy, but it is undermined by Financial Crisis, delay and a determination to drive everything from the centre.
The Financial Crisis facing our health service in many parts of the country seems to be inextricably linked to the threats hanging over so many community hospitals.
It is worth mentioning that the Financial Crisis would have been an awful lot worse had we not had extra investment in the health service.
If that isthe case, one is led to the inevitable conclusion that the closures are an unplanned knee-jerk reaction to the Financial Crisis facing the NHS this year.
So many negative measures are driven by the Financial Crisis affecting much of the health service, particularly during this financial year.
The London borough of Harrow has been forced to make a £9 million cut to avoid a Financial Crisis as a result of increased demand for social care and cost-shifting by the local primary care trust.
That is reconfiguration driven by Financial Crisis.
The Royal and Derngate theatre in Northampton has recently faced a Financial Crisis, which I am happy to say has been resolved.
The Royal and Derngate theatre in Northampton has recently faced something of a Financial Crisis, which I am happy to say has been resolved.
In a sense, the Financial Crisis that it was clearly in prompted a more efficient way of working, and that is entirely proper.
Staff are brought in and then must be cut again because of the Financial Crisis faced by many trusts.
How on earth have we got into what is probably the Biggest Financial Crisis since the NHS was established?
It is incredible that after 10 years of a Labour Government and billions of pounds spent on the NHS, it is facing a Financial Crisis on an unprecedented scale.
That was a negative rate of interest, as we were in the middle of a Financial Crisis, and I was tempted, as it was much lower than what the building societies were offering, but I would have crippled my family if I had taken it.
My third concern relates to what the Select Committee on Health described last December as the "simply unacceptable" cuts that have resulted from the Financial Crisis that has afflicted many parts of the NHS.
I fully accept that some reconfiguration of acute services is necessary, but in some cases, it is driven by Financial Crisis - again, a point that the Health Committee made.
The expertise that it has worked up in this field should not be underestimated, but Combat Stress is now facing a Financial Crisis.
There is an Acute Financial Crisis.
The administration had resisted, but we saw our opportunity when the Financial Crisis occurred.
Channel 4 has a looming Financial Crisis, as does ITV.
The background is a Great Financial Crisis.
The present crisis is a global Financial Crisis not just a local one.
I believe that we are approaching something of a Financial Crisis for the Government.
The Government's desire for a major shift to the farming industry of the responsibility for the cost of animal health seems to be driven by DEFRA's Acute Financial Crisis.
At the moment, they are totally preoccupied with the problem of the Northern Rock bank, getting the wider problem of the emerging Financial Crisis completely out of perspective.
The reasons for that are clear: increased demand, the negotiated contract with doctors, increasing salaries for nurses - a number of things have added to the Financial Crisis.
A major aspect of the Current Financial Crisis, which I also pointed out in the debate on the gracious Speech, is that the people in charge of big banks have themselves not been aware of the business they are conducting.
A new framework for taking institutions into public ownership when they need to be, in the face of a Financial Crisis, and then selling them back to the private sector will need to be formulated on a European Union basis so that its provisions are consistent with competition legislation.
I agree with much of what the noble Lord, Lord Eatwell, said in a very interesting discussion of the Major Financial Crisis that we are now in.
Secondly, as my noble friend Lord Eatwell and I said yesterday and previously, this is an unprecedented Financial Crisis.
The credit crunch - the Financial Crisis, the banking crisis, the international banking crisis - was caused because United States financial institutions lost fortunes on what, after things all went wrong, they started to call "sub-prime mortgages", or, in plain English, "lending money to people who could not pay it back", which has generally been frowned on by bankers in the past.
As I said on Monday, this country is in a Financial Crisis.
The credit squeeze is becoming serious on both sides of the Atlantic, and it is clear that we are in the middle of a quite unprecedented Financial Crisis.
That says it all - far more than the Chancellor has acknowledged in his assessment of how we are placed to cope with the Financial Crisis.
This Financial Crisis has, however, shown us how fragile some of these numbers are.
The hon. Gentleman seemed to suggest that the Government should restore the nine-month provision, but that might not be appropriate in the Current Financial Crisis.
The Present Financial Crisis should be a lesson for those institutions: they must learn to lend money in more responsible ways from now on.
We must never forget that the economic slump of 1929 onwards which inflicted terrible damage worldwide to both developed and developing countries was caused by a Financial Crisis being turned into an economic crisis as a result of protectionist trade measures.
The Ministry of Defence is in Financial Crisis - that is widely understood and commented on.
In this vital area of our national interest, as with the Financial Crisis currently assailing the banking industry, I see the situation as precisely analogous to that set out in an article on lessons learnt from the credit crunch in the current issue of the Economist.
Each of these life changes for women, however, may take them out of the full-time labour market, stop them saving and create a Financial Crisis.
Of course we have to think about ways to solve the Financial Crisis facing social care, but if nothing else we should not make it worse.
There are demographic problems which suggest a Possible Financial Crisis, certainly financial difficulties, and little can be done about that.
Whatever the problems in the US, even fewer of us expected them to erupt into a Financial Crisis here - a crisis that has coincided with a huge rise in the world price of crude oil.
Christian Aid, Oxfam, World Vision and other NGOs rightly emphasise that particular support must be targeted at women, partly because they suffer first when there is extreme poverty - men are expected to have a larger share of food, boys are kept in education longer in a Financial Crisis than are girls, and so on.
The argument was that his hands were effectively tied, and DEFRA is certainly in a Financial Crisis.
We welcome the morsels of policy in today's Statement, but these are no substitute for a full debate in your Lordships' House on the Financial Crisis.
We have necessarily concentrated today on the availability of credit rather than its cost, but it is clear that we now face not just a Financial Crisis but a crisis that will hit the whole of the real economy.
I commend the Chancellor and the Prime Minister for their calm and authoritative leadership, but global political leaders and central bankers seem to be behind the curve, as the Financial Crisis spreads rapidly into the real economy.
The Chancellor said that he will do whatever he has to do in the Financial Crisis.
The MDG meeting in New York has been overshadowed by the Financial Crisis, but that very crisis should make us realise how vulnerable and interconnected we all are.
Those problems will remain to be addressed long after the Financial Crisis is resolved.
There are real problems in the small business sector, and we are beginning to see the fallout from the Financial Crisis directly affecting that sector.
He is on weaker ground, however, when it comes to arguing that over-borrowing by Government is to blame for the Present Financial Crisis.
barrier with or without the effects of the Financial Crisis - the only variable is the size of GDP.
The Financial Crisis has, of course, made home buying less affordable, because deposit requirements have gone up as, effectively, have interest rates, particularly for first-time buyers, notwithstanding today's announcement.
Secondly, I want to reflect on the impact of the Present Financial Crisis, particularly in relation to today's announcement about the bank rescue package, and especially the impact of the crisis on the most vulnerable people.
I realise that the Committee will not want to get into a debate on the Financial Crisis at the moment, but that bit of it must be commented on today.
May I tell my right hon. and learned Friend the Leader of the House that I am pleased to see how much time is being allocated to discuss the Financial Crisis?
I put it to the House that wonderful as investment bankers are, we need a more balanced source of advice if we are to move forward in This Financial Crisis.
Obviously, I welcome today's topical debate on financial stability, but the general public will rightly expect Parliament to spend more than an hour and a half debating the Financial Crisis.
I put those as being principally a Financial Crisis in his Department, a lack of strategic framework - or at any rate, a confused one - for Britain's defence policy, and some decisions desperately needed on big procurement items.
There were great protests from the West when the invasion of Georgia took place but, as has emerged in this debate, the real reason Russia decided to comply with the treaty and to withdraw was much more to do with the fact that enormous pressure was exerted in the financial world, long before the Present Financial Crisis emerged.
However, the House may recall that his overwhelming concern was that Equitable Life had brought the Financial Crisis upon itself.
My Lords, I thank the Minister for repeating yet another Statement on the Financial Crisis, made by the Chancellor in another place.
We said that recapitalisation might be necessary, and we continue to offer to work constructively with the Government on solving This Financial Crisis and on the Banking Bill tomorrow.
May take this opportunity - the first time that I have spoken from the Back Benches in many years - to congratulate my right hon. Friend the Chancellor on the calm, assured way in which he not only delivered his statement today but, together with my right hon. Friend the Prime Minister, has worked on the Financial Crisis over the past few weeks?
They also tell me that they hope that the world, let alone this Chamber, the House of Commons, will be united in what needs to be done until the Financial Crisis is ended and stability and confidence are restored.
In dealing with the Financial Crisis, the Government have invested a certain amount of effort and taken a certain amount of political capital out of their efforts in order to produce consensus.
Like most of the Government's actions in the Present Financial Crisis, it should have come sooner.
Like most of the Government's actions in the present Financial Crisis, it should have come sooner.
Recently, that has been seen in the collapse of the equity market in 1987, the Asian Financial Crisis and the dotcom boom.
Will the Government be cognisant of the fact that however valuable European co-operation has been during This Financial Crisis, there are also important national interests in terms of any changes to regulation that could compromise the primacy of the City of London in the European financial markets?
The experience of being in China and seeing the pace at which things are moving, and comparing that with what was happening in my constituency, before the Financial Crisis, was sobering.
We all agree that the Financial Crisis is extraordinary.
We have had hours and hours of debate on what are no doubt important issues, but clearly they are not as important as the Biggest Financial Crisis in 100 years, with the Government heading from boom to bust at breakneck speed.
In this sobering time of Financial Crisis, they have put aside their differences and worked with the Government.
Is it not interesting that the balance of payments has been in deficit for a considerable period, and yet that has not led to a Financial Crisis?
On the Financial Crisis, to which the Lisbon treaty was utterly irrelevant, I reaffirm our support for coherent action.
We have to find a solution to the Financial Crisis so that we can ensure that the real economy thrives.
Rightly, the Financial Crisis was the most important issue at the summit, but before asking about that let me raise some other matters.
Is it not better to use the fact that we work well with our neighbours in Europe to develop common policies to deal with This Financial Crisis?
It contains countries that are very different in their economic strengths - some are more able to cope with the Financial Crisis than others - and that is causing tensions in the eurozone.
We had an outburst of it recently over the Financial Crisis.
; further notes that the roots and effects of the Current Financial Crisis are global and unprecedented in recent decades; believes that at such a time it is essential that the Government acts to restore stability and confidence and therefore supports the action the Government has taken to inject liquidity into the banking system, to recapitalise the banks and to make funds available to resume the medium term lending essential to small businesses; further notes that the UK is better placed than in the past to get through the economic downturn with an economy that has produced three million more jobs over the past decade and enjoyed strong growth and low inflation; supports Government measures such as the Prime Minister's announcement to reduce to 10 days the payment period from central government to small businesses and to bring forward funding for small businesses available through the European Investment Bank; and believes that the Government should reject public spending cuts at this time and continue working with the banks to ensure the availability and competitive pricing of lending to the small and medium-sized business sector".
The Prime Minister must face up to the fact that he has driven this country to the edge of Financial Crisis.
I recognise that some of the commercial sectors worst affected by the Financial Crisis are those dominated by small and medium-sized enterprises - for example, the construction industry.
We have had Statements on the Financial Crisis but it is important to have this Statement focusing on SMEs.
Lastly, I urge him to urge the Treasury to make this part of the investment plans that aim to address the Present Financial Crisis.
Does he realise that the Post Office has wonderful opportunities in these times of Financial Crisis?
Personally, I perceive genuine risks in any prolonged Government holding in the banking sector, however necessary those holdings may have become in the Current Financial Crisis.
At the heart of the proposal is the scale of the Present Financial Crisis.
There is no question that there is a Financial Crisis and there is no point in repeating the detail of it.
This means that the Present Financial Crisis should not be taken as a reason to procrastinate.
Does he agree that the Scottish banking sector has fared better in This Financial Crisis because Scotland is part of the UK than it would have done had Scotland been independent?
The Opposition have totally supported the fact that some changes inevitably need to be made in a situation such as the Financial Crisis that we currently face, and I shall talk about those changes in a few minutes.
It has been fairly said that, in the wake of the Financial Crisis, perhaps the country should rely less on financial services and do more to support manufacturing.
Owing to the Financial Crisis and the fact that the Government are now owners of some banks and substantial shareholders in others, they have an ability to affect the outcome of how those banks deal with businesses.
I had hoped that he would bring the refreshing honesty that he showed when speaking to "Sky News" on23 October about the Financial Crisis.
I believe that all our focus and all our energy must be piled into finding the solutions that will free us from the grip of This Financial Crisis.
I believe that all our focus and all our energy must be piled into finding the solutions that will free us from the grip of this Financial Crisis.
This is largely a Financial Crisis, which was caused by mistakes and misjudgments made in the financial sector.
The situation has been described by Charlie Bean, deputy governor of the Bank of England, as a, "once in a lifetime crisis, and possibly the largest Financial Crisis of its kind in human history".
The result of Our Financial Crisis is that the banks are now in a difficult position.
My Lords, one of the most bizarre features of the Financial Crisis and this debate has been the presentation of the Prime Minister as a leader in the creation of world financial stability and as the man who saved the banking system by means of an original and uniquely bold initiative.
On learning of the scale of the Financial Crisis, it announced that it would make £10 million available to help small businesses in the north-east, which is totally laudable.
I am great believer in following a monetary policy with fiscal responsibility, and it is important that we consider putting that into practice to enable us adequately to deal with the Financial Crisis.
However, as a result of the plight of small and medium-sized enterprises in This Current Financial Crisis, I am motivated to do so.
However, as a result of the plight of small and medium-sized enterprises in this current Financial Crisis, I am motivated to do so.
The incorrect knee-jerk reaction to the Financial Crisis will be to overregulate.
After the Recent Financial Crisis, it would be wrong of us to continue to pursue that type of approach.
One of the things most significantly to blame for the Current Financial Crisis is the conduct of Japanese financial policy in the 1990s.
After the recent Financial Crisis, it would be wrong of us to continue to pursue that type of approach.
It is clear to me that many of our European partners are so angered by the damage that has been done by what they see in This Financial Crisis as a fault with the Anglo-Saxon nations that they will be determined, in their regulation, to stifle the Anglo-Saxon model of freewheeling financial markets, for good or for ill.
Following the theme of globalisation in relation to regulation, we must recognise that one issue connected to the Financial Crisis is that of financial contagion.
We must do so while we continue to address the immediate effects of the Ongoing Financial Crisis at home and abroad.
Following the Asian Financial Crisis, we created what is now known as the G20 to bring together emerging markets and developed countries to address the serious economic problems of the time.
We see from the Financial Crisis that something that happened in one part of the world has affected everyone.
There are concerns about regional and local newspapers because their advertising income has been particularly hard hit by the internet and by the Financial Crisis.
The Current Financial Crisis, particularly its impact on small businesses and unemployment, provides another important issue.
The Financial Crisis is terrible, but it presents an opportunity to deal with the pressing social need to ensure that everyone in the country has somewhere decent, secure and safe to live.
At the time of the Worst Financial Crisis in living memory and with pensioner inflation running at 9 per cent, this decision means that the poorest pensioners - those who have not yet claimed pension credit - are to remain in poverty if they do not claim within three months, and pensioner poverty is increasing.
What motivates it is a sense shared on some parts of the Labour Back Benches, and certainly on the Opposition side of the House, that the twin crises that we are living through - the Financial Crisis and the recession - are not yet responding to treatment as quickly as we would like, and that the Government would be well advised to listen to friends on their side of the House, and to people on my side of the House who wish them well in trying to tackle the crisis, when we offer them advice on the other things that they could do to head off some of the worst disasters that might still lie ahead.
I share the hon. Gentleman's concerns in respect of the regulation of the financial services institutions - I declare my interest as a shareholder in some of them - but why does he think that the utilities are key in the Financial Crisis?
We are all concerned about how the regulators behaved throughout the period leading up to Our Financial Crisis.
Paul Krugman, who has recently won the Nobel prize for economics, has said that people "ask what I think should be done about the Financial Crisis".
It has now begun bailing out credit card and student loan debt, which is a sign that the Financial Crisis is becoming a great deal worse.
The Financial Crisis and its effects have underscored the interdependence of nations at the beginning of the 21st century, and while recent events have shown every family across Britain to be connected to some of the richest people in the world so, too, are we connected to the world's poorest people.
In discussing issues facing poorer countries, the summit reaffirmed the importance of meeting the millennium development goals and, even amid the necessity of dealing with the Financial Crisis, the importance of applying the same common purpose to the challenge of meeting these goals.
Even the Americans agree that the Financial Crisis started in America.
I believe that we can work with the rest of Europe and the rest of the world to take specific and decisive action to deal with the Financial Crisis, and I believe that we can work together not just on financial-sector reform but on fiscal policy.
We all know - the Financial Crisis has underlined this - that the House and the Government can certainly move fast when they want to.
As the noble Lord, Lord Wallace, said, we are facing a Financial Crisis, not just in this but in every country.
The Current Financial Crisis has also illustrated two further issues.
Secondly, on Monday, the Chancellor announced a large amount of money to be spent on getting us out of the Financial Crisis, including a large amount for housing - £700 million, I think.
Has he completely lost his marbles, or does he really believe his own rhetoric - that changes in our economy have been responsible for the Financial Crisis across the world?
The OECD said: "The downturn is expected to be severe in economies most vulnerable to the Financial Crisis or to sharp house price falls.
The Government's goal is to steer the country through a Financial Crisis that has converted itself into an economic crisis, and that may yet become a social crisis the like of which we have not seen since the 1930s and the time of the Jarrow marches.
In This Financial Crisis, which overarching world organisations are grappling properly with the needs of the poorest countries?
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 Financial Crisis will directly affect all parts of the world.
It is right that the Speech should focus on the Financial Crisis and its effects on the citizens of our country and others, but it is right, too, to focus on those millions of people around the globe for whom $1 a day is wealth.
The theme of the Speech was a stripped-down emergency response to a Financial Crisis at home, generated by global conditions.
Does not the Leader of the House accept that the Financial Crisis is totally separate from what occurred last Thursday?
In that way, we risk our nation's permanent demotion from being a global economic player as the Financial Crisis allows commercial and financial power to move firmly eastwards, particularly to the emerging economic superpowers of India and China.
Today, manufacturing faces severe challenges as a result of the Financial Crisis.
The Government would have us believe that This Financial Crisis is global or supranational and that they have no responsibility at all for its creation or for the fact that the cupboard is bare at the onset of the crisis.
The Government would have us believe that this Financial Crisis is global or supranational and that they have no responsibility at all for its creation or for the fact that the cupboard is bare at the onset of the crisis.
Regardless of what one thinks about the announcement that the Government made in 2007 and the Financial Crisis that they have faced since, surely Members in all parts of the House are entitled to an answer to this simple question, which the Secretary of State seems to have a phobia about answering and has yet again failed to answer.
In this respect, the United Kingdom is moving towards a real problem which is likely to be aggravated by the Financial Crisis, particularly when the money which is spent in the near future will have to be reclaimed by cutting government expenditure later.
Is the reality not that the impact of the Financial Crisis has changed public opinion?
That is great for the climate change agenda, but in a Financial Crisis we may need to be much more flexible.
The Current Financial Crisis has demonstrated that over and above what a national state can do, there is sometimes a need to work across countries.
The current Financial Crisis has demonstrated that over and above what a national state can do, there is sometimes a need to work across countries.
I welcome the Prime Minister's pivotal role - or certainly the role that his spin doctors have given him - in co-ordinating European action, given the scale and severity of the Financial Crisis.
During debates on the gracious Speech this House has rightly spent considerable time examining economic issues, particularly the implications for our domestic economy, trade and, indeed, the currency of the Present Financial Crisis.
Equally, amid the Financial Crisis we must not lose sight of the millennium development goals.
The evidence shows that in the Financial Crisis, with the loss of two of our dear banks in Scotland, Scotland on its own would not have been able to cope.
It is Europe's way of responding to the Worst Financial Crisis for generations.
If anyone had any doubts about the clear contrast between the approaches of the main parties towards dealing with the Financial Crisis and the recession, those doubts will not exist after today's debate.
Many small and medium-sized businesses are facing a Financial Crisis, and some are going to the wall.
The Financial Crisis has served only to reduce liquidity further.
We found that the electricity market suffers from a profound lack of liquidity - a problem exacerbated by the Financial Crisis - which contributes to price volatility and poor price transparency.
Will that clause or any other give the Government the power to set up a bank in an emergency that can take over bad debts from other banks to provide a possible solution to a Financial Crisis?
I have now twice said - on17 October and during the Queen's Speech debate - that the various measures produced to tackle the Financial Crisis have been necessary but are not yet sufficient.
We would all hope that it will not be necessary to employ this legislation, but it is inevitable that there will be further nationalisations with the oncoming second leg of the Financial Crisis after Christmas.
In the context of the Current Financial Crisis it deals principally with measures to tackle the problems associated with a failing bank.
When the 1998 Financial Crisis took place in Asia, India was barely scratched; today, India has been directly affected by the financial crisis now facing us all, to the extent that the Indian stock market has pre-empted the remarks of the Us Treasury Secretary and fallen by 60 per cent.
My Lords, certainly the Financial Crisis was an equally big item on the agenda at that summit, but I must say that I am surprised by the thrust of the noble Lord's question, because, like many others in this House, I attribute much of the prosperity of modern Ireland to its membership of the European Union.
Of course not, but it should be about reflecting what we have learnt since the beginning of the Financial Crisis and the things that we need to do to deal with it.
In the Current Financial Crisis, many more people will need to work beyond the age of 65 because of the falling value of their pensions, which is regrettable, and the drop in interest rates, which is diminishing substantially any income from savings.
Such ideas could turn the Financial Crisis into something of an opportunity.
Such ideas could turn the Current Financial Crisis into something of an opportunity.
There is clearly a problem and, should the Financial Crisis continue, it may manifest itself in a serious contraction of pharmacy numbers, with a direct impact on the quality of local health services.
I appreciate, however, that there is the specific question of whether executive pay regimes in the banking sector have led to a risk-taking culture that has contributed to the Financial Crisis.
Tuesday 20 January - Motion to approve European documents entitled "From Financial Crisis to Recovery: a European Framework for Action" and "A European Economic Recovery Plan", followed by motion to approve a European document relating to financial management, followed by motion to approve a European document relating to EU-Russia relations.
Because This Financial Crisis is affecting every country in the world, it is crucial that other countries also take steps to support their banking sectors.
This Financial Crisis is affecting every country in the world, so it is crucial that other countries, too, take steps to support their banking sectors.
It may also be necessary to help countries that have been hit particularly hard by the Financial Crisis and to support their domestic economies and to prevent cross-border contagion.
If the Government disagree with the European Commission's analysis of the likely future trend rates of growth and the impact of the Financial Crisis on those rates, why does the Government response not address that issue?
In the context of This Financial Crisis, do we want more Europe, or less?
Clearly, there are lessons to be learned internationally as well as nationally from the Financial Crisis, but as they were touched on in the preceding debate, I will not deal with them substantially here.
14938/08, Commission Communication: From Financial Crisis to recovery: A European framework for action and No.
On the global response to the Financial Crisis, the Commission is empire building and the UK Government are right to rebuff it, but need to do so more forcefully.
The early papers that were before the Committee in December on the framework document and the document on recovery from the Financial Crisis were a little rigid and cautious.
European document 14306/08, which we also considered on24 November, changed the interpretation of state aid rules in exceptional circumstances of Financial Crisis.
Following the comments ofthe hon. Member for Linlithgow and East Falkirk (Michael Connarty), I emphasise that the Liberal Democrats believe that the European Union has a role in addressing the Financial Crisis.
The back-to-back nature of the hour and a half that we spent discussing the Financial Crisis and this debate has allowed the three party positions to emerge in a way that we do not often have the advantage of seeing so clearly.
Russia has had Yeltsin chaos, the humiliation of a collapsed economy and the same Financial Crisis that we face.
Pre-funding could allow the costs of bank failure to be spread over a longer period of time, before as well as after any failure, and reduce the pro-cyclicality of levy payments; that is, the collection of large levies during a Financial Crisis.
This proposal has wide support from a range of commentators and from the OECD, which a couple of weeks ago in its twice-yearly review on trends in financial markets said that, as a result of regulatory and governance failures, inherently risky investment banking businesses had been able to raise capital too cheaply, leading to a build-up in debt that contributed to the Current Financial Crisis.
fostered the creation of off-balance sheet vehicles", which, as you have just heard, are at the epicentre of This Financial Crisis.
There are many questions to be asked about the role of auditors in the Financial Crisis but I do not think one of the answers is to give them power to write things in the banks' annual reports.
If the Government can act quickly on the Current Financial Crisis, when the right course of action is frequently unclear and controversial, surely they can act quickly to rectify the tragic situation of Equitable Life, where the problem that we need to address is all too clear.
I wish to raise briefly the serious financial plight of early-stage high-technology innovative companies in the United Kingdom, given the Present Financial Crisis and indeed the outlook for 2009-10.
One can see that because EU countries have scarcely collaborated very successfully during the Recent Financial Crisis.
It is worth repeating that at the heart of this recession is the Financial Crisis, and that restoring confidence in the financial system remains the single most important task if there is to be any improvement in the economy.
Some of them even resonate with putative solutions for aspects of the 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.
We remain in favour of the principle, because we think it would be good for the British economy, but the worst possible time to make such a move is in the middle of a Major Financial Crisis, in an environment of panic.
It would bring together all the different ways in which the Government and the Bank are responding to the Financial Crisis.
However, if other architecture changes to legislation are needed in due course to meet whatever global consideration there is in response to the Current Financial Crisis, that would be a perfectly appropriate time to do this.
I assure noble Lords that the tripartite authorities are considering very carefully the implications of the Current Financial Crisis, including the observations by Sir John Gieve and the other deputy governor, Charlie Bean.
I assure noble Lords that the tripartite authorities are considering very carefully the implications of the current Financial Crisis, including the observations by Sir John Gieve and the other deputy governor, Charlie Bean.
He said that banks' balance sheets were not to blame for the 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.
I shall focus mainly on the Government's plans to counter the economic impacts of the Financial Crisis, as I have more knowledge in this area; I shall leave others to discuss the very important social effects.
I turn now, in the time left, to some of the issues that will be exacerbated by the Financial Crisis.
I am aware that an important paper is to go to the General Synod this month on the implications of the Financial Crisis and the recession.
In view of the General Synod's discussions next week on the Church's response to the Financial Crisis, will my hon. Friend ensure, through his good offices, that that ethical dimension is maintained, even in these difficult circumstances, when there is always an idea that it might be possible to make a quick buck?
Danger also lies in the economic condition of Pakistan, which is currently facing depleted foreign exchange reserves and an International Monetary Fund loan package but with every prospect of a continuing Financial Crisis.
My Lords, the housing needs of this country will outlive the Current Financial Crisis that the world is seeing.
There will be cases where action to tackle Financial Crisis, taken under the Bill or otherwise, can be effective only if it can be kept confidential.
There will be cases where actions to tackle a Financial Crisis, taken under the Bill or otherwise, can only be effective if it can be kept confidential.
At previous stages of our consideration of This Financial Crisis, I have raised this matter and been told that it was a matter for the FSA.
I am sure that my right hon. Friend would agree that we must not let the Financial Crisis deflect us from tackling climate change.
Housing is central to today's Financial Crisis, and the collapse of our housing market is both a cause and consequence of the severity of Labour's recession, but the people who will hurt the most are the people on the all-time-record social housing waiting lists, whom this tired old Government seem incapable of helping - or are too incompetent to help.
As recession bites ever deeper, most Financial Crisis meetings now take place not in boardrooms, but around kitchen tables.
I would like to think that the way we cope with and resolve the Current Financial Crisis would send out some important messages as to the kind of society we are and wish to be.
The Financial Crisis calls into question whether this sector can survive effectively, let alone make a public service broadcasting contribution that matches the BBC's, in Scotland or anywhere else.
We must remember that although the Current Financial Crisis was not caused by people on low incomes, they are too often paying the price.
Some might argue that the Bill is a distraction from the economic and Financial Crisis that the country is facing, but we also need to bear in mind that one in three households in this country have no savings and no cushion against being laid off, or are facing wage cuts or an end to overtime.
Are we beginning to see the effect of the black holes created by Iraq and now the Financial Crisis?
May we have a statement from the Prime Minister next week on his response to those grievous allegations and, in particular, on how he can go on saying that Our Financial Crisis was caused by problems abroad, given that it is wholly plain that he contributed very significantly to them?
Does the Leader of the House believe that it is appropriate to proceed with the appointment of Members to regional Select Committees at a time of Dire Financial Crisis?
It is the first Financial Crisis of the global age.
As previous speakers have said, our debate today takes place against the backdrop of a serious global economic crisis - possibly the worst international Financial Crisis in the past 100 years.
They have been unaffected by the Financial Crisis.
He is preoccupied by the plight of families who face losing their jobs and having their homes repossessed, by being the Prime Minister of a nation that is collapsing in near bankruptcy, and by a Financial Crisis, caused by failed regulations and muddled monetary policy, that has led to an asset price boom and now a credit bust.
In particular, the transparency of global oil markets, the need for investments in production and the impacts of the Financial Crisis on future energy supply were discussed.
Even if it is just under £2 million, to my mind it is expenditure that we should not incur when the people of this country are having to face a Financial Crisis.
The Current Financial Crisis makes things extremely difficult for the local authority, and it has recently been suggested that its pension fund faces a £200 million shortfall.
For all of us who have benefited from saving for our pensions, the Financial Crisis offers a very bleak prospect, but there may be things that the Government can do to deal with some effects of the reduced interest rates, which can significantly affect pensioners, as the hon. Member for Castle Point mentioned.
But the use of bailiffs should be a last resort because, as the hon. Lady pointed out, the charges of the bailiffs and for court fees are added to the original debt, simply compounding the family's Financial Crisis.
We also committed during the passage of the Banking Bill to report every six months on financial commitments we have entered into relative to the Financial Crisis, and we shall of course report to Parliament on contingent liabilities in the usual way.
As the House will be aware, the Government recently announced measures to safeguard PFI projects that were unable to access credit because of the Financial Crisis.
One point that has come out a couple of times during the debate is that no one, either when the FSCs scheme was set up in 2001 or when its funding was reviewed in late 2004 or early 2005, envisaged the Current Financial Crisis.
Building society business models are based on old-fashioned values that are relevant today in Our Financial Crisis.
The hon. Lady and the hon. Member for Pendle pointed out that building societies have swallowed their own smoke in This Financial Crisis and, indeed, problems with building societies have led to mergers.
The hon. Lady and the hon. Member for Pendle pointed out that building societies have swallowed their own smoke in this Financial Crisis and, indeed, problems with building societies have led to mergers.
One point that has come out a couple of times during the debate is that no one, either when the FSCs scheme was set up in 2001 or when its funding was reviewed in late 2004, early 2005, envisaged the Current Financial Crisis.
I admit that momentarily I had a problem with the title: to discuss the "role" of women in This Financial Crisis seemed to me initially to imply that they were thought either to be the cause, which would be preposterous, or the cure, which would be presumptuous.
Family carers are mainly women and it is likely that they will be relied on even more in a Financial Crisis.
The Financial Crisis and the recession have swept across the world, and Governments across the world are working hard to tackle them both.
But in line with many other countries around the world, the labour market in the UK has been deteriorating since early last year for both men and women, as the effects of the Financial Crisis and the recession bite.
Given the economic downturn, the Financial Crisis and the vulnerability of many people in our society today, is it not important that the Government do not get into the same sort of position as the banks?
Whether or not it is a panicked reaction to the Financial Crisis, I state now that we do not support this Bill.
Can the Minister say a little more about the measures that may be taken at the G20 summit next month to ensure that the poorest countries, and the most vulnerable people within them, will not suffer from the implications of the Present Financial Crisis?
The meetings are an important opportunity to work together to tackle the Financial Crisis, and to try to prevent it from happening again.
25 a day, because of the Financial Crisis.
It is not a secondary consideration at this time of Financial Crisis.
I sometimes wonder, when Conservative Members talk about the economy and the actions that we need to take, whether they understand the scale of the Financial Crisis that the world is going through.
We entered This Financial Crisis with one of the lowest levels of Government debt of any major country, and even after the action we have taken, we are still forecast to have lower debt than most of our major competitors.
We entered this Financial Crisis with one of the lowest levels of Government debt of any major country, and even after the action we have taken, we are still forecast to have lower debt than most of our major competitors.
I managed to unearth only two from the International Monetary Fund: the first is Argentina, which is in the middle of a Financial Crisis, and the second is Switzerland, which is not allowed to have a fiscal stimulus for constitutional reasons.
I welcome the Archbishop of Canterbury's intervention on the Financial Crisis; he added a moral dimension to the debate on the economy, along with the Archbishop of York.
There is nothing worse than seeing a newspaper that was established 100 years ago or more going to the wall because of the Current Financial Crisis.
There is nothing worse than seeing a newspaper that was established 100 years ago or more going to the wall because of the current Financial Crisis.
"With permission, Mr Speaker, I would like to make a Statement on the European Council held in Brussels last Thursday and Friday, which I attended with my right honorable friends the Chancellor and the Foreign Secretary, and which, once again, emphasised the importance of European and international co-operation to address the Financial Crisis.
With permission, Mr. Speaker, I shall make a statement on the European Council held in Brussels last Thursday and Friday, which I attended with the Chancellor and the Foreign Secretary, and which once again emphasised the importance of European and international co-operation to address This Financial Crisis.
During the course of the Council, was there any discussion of the impact of the Present Financial Crisis on defence budgets?
In discussing the Financial Crisis with his colleagues at the Council, did the Prime Minister draw to their attention the important report of the National Audit Office on the nationalisation of Northern Rock?
But we do not want just to deal with crises; we want to prevent crises, so we will have to look at better mechanisms by which we can help those countries of central and eastern Europe that are being let down by the Current Financial Crisis.
This all comes down to the level of the British citizen when they contemplate the origins of the Current Financial Crisis.
I therefore thank the noble Lord for giving us the opportunity to review the activities of offshore financial centres in the light of the Current Financial Crisis.
Nevertheless, with growing financial deficits in the major world economies, especially the USA and Britain, and with a Major Financial Crisis bearing down on the world, it is imperative that far more compelling efforts are brought to bear to eliminate tax fraud and tax avoidance.
As my noble friend Lady Hooper pointed out, the report last week of the Lord, Lord Turner, found that offshore financial centres were not a cause of This Financial Crisis.
Given the limited capabilities and our scarce financial resources, which will not only not grow but come under immense pressure once the Current Financial Crisis has had its full impact on our real economy, we need to be innovative and imaginative in finding ways of co-operation and co-ordination.
Across parts of Africa, the Financial Crisis will therefore become a human crisis, particularly in those countries that are still locked in conflict or teetering on the brink of conflict - in other words, the countries least able to weather the financial storm.
The whole world faces a Financial Crisis the like of which we have not seen for decades.
They are leading the way, across the globe, with a concerted, robust response to what must certainly be the Biggest Financial Crisis within living memory.
I shall not go over the ground that has already been covered regarding the depths of the Financial Crisis, the efforts that have been made to combat it through monetary and fiscal policy, and the quantitative easing that is being embarked upon by the Bank of England.
We are dealing simultaneously with a fairly typical recession and, on the other hand, a very far from typical Financial Crisis.
The challenges that we face in tackling the Financial Crisis should provide us with opportunities to tackle climate change in a lasting way.
We need to take the opportunity of the Current Financial Crisis radically to redesign the banking system.
That applies during the good times, but when businesses are struggling to make ends meet and to cope with a Real Financial Crisis, having to implement any extra bureaucracy or regulation that could be avoided imposes an unnecessary burden at a time when the other means of restarting the economy may not be working particularly well.
That applies during the good times, but when businesses are struggling to make ends meet and to cope with a real Financial Crisis, having to implement any extra bureaucracy or regulation that could be avoided imposes an unnecessary burden at a time when the other means of restarting the economy may not be working particularly well.
The Government have also been focused on maintaining the flow of credit to the economy during the Financial Crisis.
What if today's Financial Crisis were something more fundamental than merely a serious and deep recession?
If anything, the Financial Crisis has shown that the Scottish National party's view about independence is completely wrong-headed.
In it, he said: "What if today's Financial Crisis were something more fundamental than merely a serious and deep recession?
We must all take collective responsibility for the Current Financial Crisis.
Given the Current Financial Crisis, using even a small amount of parliamentary time to debate the problems caused by urban seagulls might seem bizarre.
Given the current Financial Crisis, using even a small amount of parliamentary time to debate the problems caused by urban seagulls might seem bizarre.
That hospice published a report in January this year entitled, "Surviving the Recession", to combat the very real threat of the Financial Crisis.
Why, when more than 9,000 families are predicted to see their child care close by the end of this year because of the Financial Crisis, is the Minister failing to take action to stop the instability that is so damaging for so many families up and down the country?
In the context of the Financial Crisis, does he detect any lessening of the Government's enthusiasm for seeking convergence in the funding of the 93 per cent.
It takes quite a long time to unscramble a Financial Crisis.
In his opening remarks,the right hon. and learned Member for Rushcliffe (Mr. Clarke) made an interesting point about what I think he called a sea of debt, and about the origins of the Financial Crisis being partly in the sub-prime mortgage market in the USA and this country's mortgage problems.
He said that the Poles had fared so well because they behaved with "full responsibility in terms of their deficit", that "the method to cope with the Financial Crisis was not to increase expenditure", and that Warsaw had "efficient supervision to banks and sticking to the rules.
The Financial Crisis has presented us with an opportunity to reform the economic system and to address global injustices, which are hugely damaging to the world's poorest people.
My charge is not that the Government are solely responsible for the Current Financial Crisis.
In a recent report for the General Synod of the Church of England about the implications of the Financial Crisis and the recession, this starting point was recalled because it touches on the enduring question about the compact between a Government and their people.
He asked how financial journalists failed, along with almost all observers, to predict the Financial Crisis.
The Financial Crisis has caused a steep and synchronised global downturn.
The Financial Crisis offers us a chance to rethink our public values; to evaluate the collective social, political and economic costs of our present inequalities, as the Joseph Rowntree Foundation's recent research has clearly revealed.
There is no finer investment that we can make at any time, not just during a Financial Crisis, than investment in our children.
A great many of my constituents attend the LMU, and I have had hundreds of letters about its Financial Crisis over many months.
But I do not think it is the end of the story because we are not going to go back to the status quo ante when the Current Financial Crisis is over.
We have talked much about the Financial Crisis facing ITV.
fall in production, which highlights the huge impact of the Financial Crisis on our vehicle manufacturing sector.
The Government were right to intervene to tackle the Financial Crisis and should not hesitate in acting to support other jobs.
We can be open about what the costs are of the Current Financial Crisis, and those costs were set out clearly in the Budget.
They have no positive solutions to the Financial Crisis, just opportunist spin on the economy today followed by savage cuts to public services tomorrow - cuts made almost with relish, gleefully.
In the middle of probably the Worst Financial Crisis the world has faced in living memory, Britain would face weeks and weeks of instability and uncertainty - just when there are reports of rising consumer confidence, just when business surveys show the pace of decline is slowing, just when mortgage approvals have risen for the third month in a row and just when the poison infecting our banks has been stemmed.
There have been many casualties in the mutual sector throughout the Financial Crisis.
The Financial Crisis has highlighted, in a new way, the traditional strengths of the co-operative model - the mutual model; it has stood up very well through this crisis.
On that point, does the hon. Gentleman agree that the period during which Heathrow has concentrated on a slightly narrower range of destinations has been matched by a period of rapid economic growth in the London area, the turnaround of the London population and the establishment of such a solid financial base that it seems to be coming out of the Financial Crisis rapidly?
The decisive rejection of socialism in Europe flies in the face of those in Britain who seek to use the Financial Crisis to justify a re-emergence of big government.
Recognising the worldwide nature of the Financial Crisis and that around 1 billion people face poverty, malnutrition and hunger, the European Council also decided that countries should continue to pursue together the millennium development goals and co-operate on the environment.
Recognising the worldwide nature of the Financial Crisis and that about 1 billion people face poverty, malnutrition or hunger, the European Council also decided that countries should continue to pursue together the millennium development goals, and also co-operate further on the environment.
These solutions are particularly relevant today when the financing of the medical intervention model has been put under severe strain as a result of the Financial Crisis.
We will continue to take forward the far-reaching reforms of financial supervision that we have embarked upon, domestically and globally, since the Financial Crisis hit in mid-2007.
We will continue to take forward the far-reaching reforms of financial supervision, upon which we have embarked, domestically and globally, since the Financial Crisis hit in 2007.
In the light of the Financial Crisis and the ongoing recession, it is of course right that much of the focus is on the economic outlook.
I found that very reassuring compared with the reaction to the Financial Crisis, in which economists have said different things and not all people agree; some people have protectionist views about what to do.
The evidence of this is all around us, from the internet to the Financial Crisis, from the label that says "made in China" to the swine flu pandemic that began in Mexico.
If doing that and dealing with the Current Financial Crisis means that things take longer, we should be willing to accept that the card aspect of the scheme is not the highest priority for immediate introduction.
On the general point of where the auditors were during the Financial Crisis, there are lessons to be learnt for the accounting profession, just as there are for many different aspects of the financial services industry.
We have learnt from the Financial Crisis that difficulties and threats to the British economy can occur as a result of large institutions and indeed of not-so-large institutions.
He says that the failure to spot this was "one of the crucial failures of the years running up to the Financial Crisis", and he says that the "vital activity of macro-prudential analysis.
Can the Minister confirm the scale of the Financial Crisis and tell the House exactly what he will do about it?
The Financial Crisis has caused a world recession, with consequences that are hurting individuals and firms in every country.
First, the authors of the report reflected on the fact that, in this generation, the reports done on the Financial Crisis have largely been insider jobs.
I would point out to the hon. Gentleman that there is no evidence at all that the Financial Crisis that so catastrophically affected this country and others was the result of the activities of hedge funds.
He said: "Hedge funds in particular cannot be allowed to peddle the fiction that they had no role in the Financial Crisis.
Clearly, the actions of certain banks and financial institutions created the Financial Crisis that we see today.
It is not supposed to be spent in the first few months tackling a Financial Crisis not of universities' or students' own making.
Of course, the Tories have made it clear that they will clobber public services and shrink the state, and the Financial Crisis has given them the perfect excuse for doing what they always intended to do anyway.
We have debated this afternoon and this evening how we respond to the first world recession since the second world war, the fall-out from the Biggest Financial Crisis for many generations.
The right hon. Gentleman cannot get away from the fact that his party would have allowed Northern Rock to fail, because that was its stated view at the time; that it opposed the 2008 Act, which gave us the measures that were required to intervene in the case of Bradford & Bingley; and that, as he knows, just before the Financial Crisis his party made statements about the need for the complete deregulation of the mortgage market.
The shadow Chancellor's judgment has been wrong throughout the Financial Crisis: wrong on deregulation, wrong on Northern Rock, and wrong on the fiscal stimulus.
To return to financial stability and banking, the recession is a direct result of a Financial Crisis.
It reports examples of parents and carers of children and adults with autism and Asperger's syndrome who desperately need support and are in Financial Crisis.
Putting those defects right would cost a large amount of money, which will plainly not be available in a time of Financial Crisis, but not correcting the defects in the system is also expensive, because IPP prisoners remain in prison after they should have been released.
The industry has, of course, felt the effects of the Financial Crisis, and I will say something later about those effects and our response to them.
The Financial Crisis and the volatility of oil prices have magnified that challenge.
The new framework will better protect consumers, help prevent Financial Crisis and improve efficiency for firms.
In some ways, we are coping adequately with the Current Financial Crisis.
As the implications of the Financial Crisis became clear, it was recognised that supervisors in the United Kingdom, the European Union and globally had failed to identify the impending meltdown and had failed to take preventive action.
We also concluded: "A clear lesson to be drawn from the Recent Financial Crisis is that the current arrangements failed to recognise the natural affinity between responsibility for financial stability and for macro-prudential supervision of the banking and shadow banking sectors".
The first thing that we need to get straight, as my noble friend Lord Trimble said, is that This Financial Crisis was not caused by sub-prime lending in the United States.
The first was the speed at which banks and other financial institutions were able to enter into some of the complicated transactions that led or contributed to the Financial Crisis, as well as the huge volume of those transactions, all made possible by new technology.
As the noble Lord, Lord Myners, has said, if the Financial Crisis has shown us one thing it is that Finance Ministers and regulators must be held accountable.
The draft seems to show a misunderstanding of the range of companies that will be affected and it is not based on any empirical evidence about the causes of the Financial Crisis, as the EU Committee pointed out.
However, the Financial Crisis has equally shown the need for better access to equity finance.
One sad aspect of the Financial Crisis is that all the former building societies that demutualised in the 1980s and 1990s have disappeared.
Labour's engagement with the G20, particularly over the Financial Crisis, and its recognition of the importance now of countries such as China, India and Brazil is welcome.
Our actions prevented a Financial Crisis from becoming a business and human catastrophe, but paying for that rescue has imposed costs on this country that will stretch into the future.
My Lords, I will confine my remarks to questions about bank regulation and supervision because the Financial Crisis has undercut in a very severe way conventional wisdom about accountability and responsibility in banks.
This successful decade was, of course, brought to a potentially catastrophic end by the Financial Crisis.
The recession was triggered by a Financial Crisis that was global in origin and unprecedented in scale.
We are in the middle of a Financial Crisis, so before Labour Members get too exercised about that, let us take a different benchmark to judge performance: incapacity benefit.
Indeed, apart from Greece, we are the only country in the EU that ran a consistent budget deficit rather than a surplus during those boom years, which means that we are singly ill equipped to deal with This Financial Crisis and recession.
The Chancellor keeps intoning-he has done so to me on a few occasions-that the Government believe that the banks are best managed in the private sector, but how does he reconcile that with the fact that those same private banks are the main cause of the Financial Crisis?
He spoke about the international global situation and the fact that there is an attempt to caricature This Financial Crisis as Labour's crisis or mess, or whatever word from whatever crib sheet Opposition Members happen to be using.
The SME sector did not get us into This Financial Crisis, but it will be crucial to getting us out of it.
Two years of almost constant news headlines have suggested that we are living in a Massive Financial Crisis, yet those headlines have not been matched-except for people who have already lost their jobs-by any sense of financial sacrifice among the public at large.
Does the hon. Gentleman agree that the Bill does too little too late to deal with the fundamental problems of financial regulation, that it does not deal with his point about consumers, and that it provides inadequate protection for those who have been affected by the Financial Crisis?
That really describes what has happened in the financial and economic arena over the last three or four years, and the Bill that we are discussing is about history: the recent history of the Financial Crisis, and the way in which we, as a country, reacted to it.
I think my hon. Friend will agree that the more fundamental point is that the lack of co-ordination among the tripartite authorities contributed to the severity of the Financial Crisis, and nothing in the Bill addresses that.
The global Financial Crisis has led countries across the world fundamentally to review financial systems and their interaction with the broader economy.
I am listening carefully to the hon. Gentleman, but does he acknowledge that the lack of co-ordination among the tripartite authorities, as has been described, has contributed to the severity of the Financial Crisis we are going through?
I am listening carefully to the hon. Gentleman, but does he acknowledge that the lack of co-ordination among the tripartite authorities, as has been described, has contributed to the severity of the Financial Crisis through which we are going?
The CBI says: "A disadvantage of giving the FSA an explicit objective for financial stability is that this would perpetuate some of the ambiguities regarding institutional responsibilities that were apparent in the build-up to the Financial Crisis".
Although we might be discussing how we will create better regulations to give the consumer more protection, we should not forget the impact of the banking and Financial Crisis on constituencies such as mine and the human cost, which is so often lost when we get to the detail of such Bills.
My hon. Friendthe Member for Wimbledon (Stephen Hammond) spoke of the link between the Financial Crisis in this country and the economic crisis that we have experienced during what has been the longest and deepest recession since the 1930s.
This Financial Crisis has wreaked devastation on consumers, families and businesses.
There is general consensus that remuneration practices in the financial services sector were a contributory factor in the Recent Financial Crisis.
International trade has been reviewed as part of the response to the Financial Crisis.
Since then, the Financial Crisis and the collapse in demand in north America and Europe has caused global recession, reducing the volume of merchandise trade by over 10 per cent this year alone, and taking the level of global trade back to where it was in 2005.
Let me also make a simple and obvious point: open trade and the resumption of international trade-at the level and in the way we observed and experienced it before the Financial Crisis that we are now going through came about-are central to our economic recovery.
Such a framework will better protect consumers, help prevent Financial Crisis and improve efficiency for firms.
In the whole legislative process that has emerged as a response to the Financial Crisis, it seems that a great deal is happening in haste and not much has been well thought through.
We know from our recent experience in the Financial Crisis that it is at moments of crisis and emergency that the interests of national Governments and taxpayers are paramount, but we seem to be allowing a situation in which the ESA, in a crisis determined by the Commission, could overrule the judgments of national supervisors and have an impact on fiscal responsibility.
Let us look at what happened in Spain in This Financial Crisis.
There is a role for it, but we must make sure that it is proportionate and that there are clear lines so that we do not have confusion the next time there is a Financial Crisis about which regulatory systems have which responsibilities.
That is a difficult balancing act, complicated by the Current Financial Crisis and the rapidity of changing technology.
We meet today to debate, at last, an important settlement at a time of Financial Crisis.
Governments across the world have taken co-ordinated steps to deal with the Biggest Financial Crisis for over half a century.
Governments across the world have taken co-ordinated steps to deal with the biggest Financial Crisis for over half a century.
The terms include the impact of the Financial Crisis on pensioner poverty.
Like many industries, the UK insurance sector has been affected by the Financial Crisis.
My Lords, the Minister said that insurance companies did not cause a problem in the Recent Financial Crisis.
In this situation where the Financial Crisis is something that is very near to millions of families, all that is needed is one small factor to operate and people find themselves desperately in need of money-not huge sums very often, perhaps even as small as a few hundred pounds, but they face a critical situation unless that money can be found swiftly.
Unfortunately, we are in the middle of a Financial Crisis and public sector pay freeze, which is the same situation as that which led to the introduction of an allowance scheme to avoid putting up the pay of MPs and inexorably on to the disaster we have witnessed.
Perhaps the Minister would confirm that many of those areas are approaching a Financial Crisis.
My Lords, the Financial Crisis and global downturn have had a profound impact on the public finances, particularly tax receipts, in the UK and in other countries.
We have the City of London, which, in spite of the Financial Crisis and in spite of everything, is still one of the world's leading financial sectors.
The cause of the difficulties is not simply the costs of the Financial Crisis, for which the Government bear only a portion of the blame, but a large structural weakness, for which they should bear all the blame.
We must bear in mind just how significant the removal of credit from the economy has been as a result of the Financial Crisis.
The Financial Crisis and the global recession have had a profound impact on the public finances, resulting in a significant increase in Government borrowing and, as a result, increasing public sector net debt.
Indeed, the International Monetary Fund has highlighted fiscal responsibility laws as a way in which to buttress fiscal adjustment following the Financial Crisis by strengthening institutional arrangements.
The International Monetary Fund has set out that the strengthening of medium-term frameworks, including through fiscal responsibility laws, should help to support the fiscal adjustment that will be necessary in most economies following the Financial Crisis.
The two rules that the Government operated between 1997 and 2007, before the Current Financial Crisis hit us and hit other countries, were to balance the budget, excluding public investment, over the economic cycle and to keep Government debt at a prudent level.
Given yesterday's devastating report from the Treasury Committee, which eviscerates the Government's current plans to reduce the deficit, will she confirm that there will be a Labour Budget in March, and that it will spell out the details of how the Government intend to deal with the Financial Crisis?
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.
Clearly, there is nothing like a Financial Crisis to bring the old dinosaurs out of their caves-and I know the right hon. Gentleman takes great pride in being a dinosaur.
There were three main causes of the Present Financial Crisis.
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.
The Financial Crisis has delivered the sharpest lessons on the dangers of over-reliance on the financial sector and the City of London with all its short-termism.
Ironically, the political response to the Financial Crisis offers me some encouragement for the future.
More than that, we must learn one of the critical lessons that has come out of the Financial Crisis: we cannot rely nearly so much on debt as part of the finance mix.
We speak about maintaining the fabric of the European Community, which is now the European Union, but I remind the Minister for Europe and the right hon. Member for Rotherham that if we do not maintain the democratic safety valve of enabling people to express their views, with the ever deepening critical mass of integration and the consequent black hole, I fear that, given the levels of unemployment-I said this in the early 1990s-this country, and Europe, will see, under the stresses of Financial Crisis and high unemployment, what I predicted in those days would be the rise of the far right.
According to the International Monetary Fund, moves to strengthen medium-term frameworks, including fiscal responsibility laws, should help to support the fiscal adjustment that will be necessary in most economies following the Financial Crisis.
It came in for a bit of flak for that-it was before the Financial Crisis-and some argued that if the SEC had still had its uptick rule, that would have reduced some of the turbulence in the financial markets in the wake of the credit crunch.
Everyone has said they agree that the change should happen, but an element of urgency should have been added after all that we learned from the Financial Crisis and the other questions that arose in respect of deposit guarantee protection and so on.
Our society has become increasingly dependent on credit, as we saw in the run-up to the Recent Financial Crisis.
Given that the committee was the forum for discussing financial issues, and given the warnings published during the run-up to the Financial Crisis, we would have thought it had plenty to talk about.
There are more measures in the welcome category than in the other two and important proposals will enhance consumer protection, but one challenge that the financial services sector faces as it seeks to rebuild confidence in it following the Financial Crisis of the past two or three years is how to encourage consumers to engage with the Bill.
Despite the debilitating effects of the Financial Crisis on the developed world, I believe that broadly, the growth of financial institutions has done more than anything to spread wealth across the globe.
The Financial Crisis to which the hon. Member for Cities of London and Westminster referred-he also mentioned it in his helpful article on his website-has been truly awful, and we have seen it at first hand in our own constituencies.
Before the Current Financial Crisis, I used to point out that that was a higher recovery rate than that of Barclays bank, but in view of recent events, I think that it is no longer appropriate to make that point.
The Government took action, and took action early, as soon as it became clear what the impact of the Financial Crisis would mean for hard-working households in the UK.
To ensure that we will not see a repeat of the Financial Crisis, the Government have insisted on wide-ranging reforms to the financial sector.
The former golden rules seem already to be completely forgotten and I have heard no mention of them since the Financial Crisis hit us.
The Conservative Party has been all over the place on the economy, repeatedly changing tack since the Financial Crisis exploded in 2008.
They are looking for ways to control the problem and remove this self-inflicted Financial Crisis.
However, what is frustrating is that we have seen so little action on this issue, although football is now arguably in a state of Financial Crisis.
The Financial Crisis has significantly increased the structural deficit, which means that, in the absence of large spending cuts and tax increases, borrowing will remain high and the public debt will rise to unsustainable levels.
As we have debated, the Financial Crisis and global recession has had a profound and persistent impact on the public finances in many major countries, resulting in a significant increase in government borrowings and, as a result, government debts.
Employment is still much higher than when we came to power; there are 90,000 more jobs than when the Tories were in power in Wales; housing repossessions are lower than during the Financial Crisis that the Tories dealt with; business bankruptcies are significantly lower; economic activity is rising; and the latest report from the purchasing managers index shows that economic activity is rising for the ninth consecutive month.
To ensure that we will not have a repeat of the Financial Crisis, the Government have, as the House is well aware, introduced wide-ranging reforms to the financial sector.
Does the hon. Lady agree that one of the worst outcomes of the Current Financial Crisis is that the Government's projected date of 2013 is drifting backwards in time, because the Government's finances are so tight?
My Lords, we have just started to emerge from a Financial Crisis that has affected businesses and consumers across the world.
The Bill responds to the Financial Crisis, but it perpetuates the very tripartite system which so significantly managed to avoid spotting the banking crisis.
In spite of public comment warning of perils ahead, the FSA ignored all the signs of an Impending Financial Crisis-overgearing, dubious assets, over-complex financial instruments, and so on and so forth.
He was originally an agnostic, but said in an interview with Bloomberg Television in Davos, a very popular place these days, that, "in the middle of a Financial Crisis, I wouldn't have done it".
The Recent Financial Crisis exposed the consequence of the Prime Minister's vandalism when he tore banking supervision out of the Bank of England.
The suggestion from the Opposition that handing the Financial Services Authority's powers back to the Bank of England would have prevented the Financial Crisis, or indeed would prevent a future one, is misguided.
Is the Minister able to tell us why during the Financial Crisis, which the Secretary of State pointed out hit Scotland hard because of the impact of the banking crisis, the Prime Minister did not meet the First Minister to discuss these important issues for almost a year?
A huge element has been the length and depth of the Financial Crisis.
That is why I have been extremely active right from the beginning of the Financial Crisis and during the ensuing recession to make sure that at least in the public sector, and in central government in particular, we observe a 10-day limit for the payment of invoices to SMEs.
I also accept that the cuts are part of the Government's response to the effects of the global Financial Crisis.
That is why we have worked through the Financial Services Authority regime and, internationally, through the G20 and the European Union, for an international system that ensures a more long-termist approach, rather than a short-term, risk-taking approach, as well as to help with the deficit, which has been caused by the Financial Crisis.
There is still anger about the role of the banks in the Financial Crisis, and about the unacceptable levels of pay.
This is a change that has taken place within a few days, and it is only explicable because of the depth of Ireland's Financial Crisis.
For example, when the Financial Crisis came up, everybody spoke about "sub-prime lending".
We know that the real pressure comes from the Financial Crisis faced by the NHS, which is in large part due to the way in which money has been spent by this Government within the NHS.
As the Financial Crisis broke, the system was found totally wanting, and I cannot be impressed with what I see as tinkering with a broken system.
In reforming financial markets, the Government took a considered analysis of the Financial Crisis and identified reforms that were needed to strengthen the financial system for the future.
I can speak to the effectiveness of the tripartite group during the middle and later stages of the Financial Crisis.
A Major Financial Crisis falls within the field of economics rather than politics, to put it mildly.
This Financial Crisis has brought down many viable businesses.
Doubtless, if exactly the same circumstances arose, while those on the council have the memory of the Recent Financial Crisis still in their minds, the same mistakes will not be made.
Call it macro, micro or what you will, the separation of the macro from the micro was undoubtedly a contributory cause of all parties' eyes being somewhat off the ball as the Financial Crisis developed.
This Bill is the Government's response to the Worst Financial Crisis in living memory, but it leaves a discredited regulatory regime firmly in place.
This Bill is the Government's response to the worst Financial Crisis in living memory, but it leaves a discredited regulatory regime firmly in place.
In the White Paper Reforming Financial Markets,the Government undertook a considered analysis of the Financial Crisis.
It is just as likely to be on another topic, but I cite leverage because we are familiar with it as an issue from the Recent Financial Crisis.
If the Leader of the House were still in her place, I would have shocked her by saying that I totally agree with her: if there had been women in the boardrooms of all the banks we might not be in the Financial Crisis that we are in today.
It was one of the clear failings of the arrangements set up by the Prime Minister when he was Chancellor of the Exchequer in 1997, and it has contributed to the problems we found when the Financial Crisis hit the UK.
Until the Financial Crisis, the FSA was focused on micro-level regulation.
The hon. Gentleman may have missed it, but 18 months ago there was a rather Major Financial Crisis which involved major banks throughout the world nearly crashing to the floor and having to be rescued by national Governments throughout the world.
Indeed, he has clearly expressed the view to the House on a number of occasions that he does not believe the causes of the Current Financial Crisis to have been brought about as a result of a failure to implement Glass-Steagall and split investment banking from ordinary commercial banking.
Is the Minister not mildly embarrassed that the Government claimed to be leading the international debate on recovery from the Financial Crisis but have now been chastised by the European Commission for a lack of clarity in their plans for tackling the fiscal deficit?
Because of the Financial Crisis that has hit the world economy, I have concerns about the effectiveness of banks as a transmission mechanism for supporting growth in our exporters and businesses.
During the Financial Crisis a few years ago there was a surge of people trying to get their cash into national savings because they are underwritten by the Government.
Moving back to the current state of education, is the Minister aware of the Financial Crisis at the university of Gloucestershire?
How many people in the House are in tune with people outside in recognising that we are in a Dire Financial Crisis and that the issue of affordability should be taken seriously?
We saw that in the Financial Crisis more generally, and we must ensure that people are aware of the limits and guarantees of the Financial Services Compensation Scheme.
Are we seriously to believe that a Government re-elected with a tiny majority, in the middle of a Financial Crisis, given its past record of immobility on these minor reforms, are suddenly going to plunge into the creation of an elected Chamber?
With the onset of the Financial Crisis, the banks stopped being able to carry out those functions, people no longer felt that their money was safe and the banks stopped lending to businesses and households.
In return for support during the Financial Crisis, we have made banks accept their obligations to lend more.
Against the backdrop of Financial Crisis, it is obvious that we need policy reorientation.
Coming half way in this debate, I say that we, too, should take a step back and look at how the UK economy got to where it is today and at the real cause of the Financial Crisis that started just over two years ago.
That was before any impact from the Financial Crisis this Government have plunged us into.
of our gross domestic product that was lost during the Financial Crisis.
In other areas, such as the Financial Crisis, we have also made the right decision, even when the Tories have proposed the wrong one.
We are in the midst of an enduring Financial Crisis, not just here but across Europe, and it has exposed our many weaknesses in coming to grips and competing in a global economy.
Before the Financial Crisis, the imbalances within Europe were at an all-time high.
When the Financial Crisis broke, the system that was in place was like an animal immobilised in fear by oncoming headlights.
To ask Her Majesty's Government what have been the costs to date (a) gross, and (b) net, of supporting banks and building societies during the Financial Crisis.
That wholly justifies the Government's swift and determined intervention during the Financial Crisis to buy in those banks in order to save the banking system.
The Financial Crisis was about a collapse in trust, and I shall always remember a cartoon that depicted a situation that I think that we have all seen.
Inequality fluctuated slightly in the '60s, and even improved a little in the mid-1970s before slightly increasing after the Financial Crisis.
However, in the early stages of the Financial Crisis, in late 2008 and early 2009, our concerns were not limited to banks.
We argued from the start of proceedings on the Bill that the council for financial stability was a cosmetic reform, not the fundamental structural reforms that we felt were needed to reflect the lessons of the Financial Crisis.
I am extremely surprised, bearing in mind the traumatic experience that the UK has suffered during the Financial Crisis over the past year or more, and bearing in mind the utterances that one gets from the Conservative party-not just in the hustings, but in recent times.
Legislation will reform financial services regulation to learn from the Financial Crisis and to make fair and transparent payments to Equitable Life policy holders.
I represent a constituency in a region that has serious concerns about the impact of the Financial Crisis, and I welcome my right hon. Friends' decision to retain a regional development agency in our region; that is strongly supported by the business community.
On banking reform, we welcome the part of the Gracious Speech that suggests that there will be legislation on financial services reform, learning the lessons from the Financial Crisis.
But I believe that politicians are trying to pin too much of the blame for the Financial Crisis on the banks.
My Lords, a few months ago, we all hoped that the Financial Crisis that engulfed the western world in 2008 and 2009 was at last fading into history.
In the Present Financial Crisis, we cannot afford to spend the sort of money that is proposed, and that was spent by the previous Government, because it yields no dividends.
These issues are essential to securing Britain's economic recovery and global success in the future, and the gracious Speech supports the Government's ambitious agenda decisively to tackle Britain's deficit, to address the fundamental causes of the Financial Crisis, to build a sustainable private sector recovery that is balanced across all regions and industries, to promote resource sufficiency and the protection of our environment, and, finally, to secure the right mix of public and private sector investment to modernise Britain's infrastructure.
Out of the millions of words written about This Financial Crisis, its causes are clear: reckless lending, excessive borrowing and poor financial regulation.
Unfortunately, the Financial Crisis is not the only one facing this country.
It stated: "Legislation will reform financial services regulation to learn from the Financial Crisis".
The expressed desire of the Government, articulated in the gracious Speech, to learn from This Massive Financial Crisis is a very wise starting point.
The Financial Crisis was the work of people in the financial sector who acted in their own self-interest without fear of either legal or economic reprisal.
Global financial markets are jitterier than at any time since the aftermath of the Financial Crisis early last year.
For the record, first, it was our Government who made the Bank of England independent in the face of opposition from the Conservatives, and took the tough decisions to get our national debt down lower than that of France, Germany, Japan and America before the Financial Crisis.
We must never again allow a situation to develop where the hard-working people whom we are elected to represent are left to pick up the tab for a Financial Crisis that was not of their making, jeopardising continued investment in our schools, hospitals and other public services that we are debating today.
My Lords, as the Financial Crisis grinds on, noble Lords on all sides of the House now accept that public spending must be reduced, but today many of us plead for our favoured causes.
Three years into the Current Financial Crisis, cultural budgets are obviously under increasing pressure.
People need to face up to what is happening at the moment, because this is not a question of one member of the eurozone having a Financial Crisis from which they can simply be bailed out.
It was the previous Government who led on the development of those proposals, during the Financial Crisis that Europe faced last year, and who pushed for many of the positive solutions.
It is to explore what policies will allow us, as a country, to export more goods and services and to attract investment-in short, to stop our morbid fascination with the Financial Crisis of 2008; to stop acting like carrion birds picking over what happened and who was to blame; and to start working out how we are going to make enough money to pay off our enormous debts.
Gross domestic product per capita grew faster in this country than in any other G7 country even after one takes into account the effects of the Financial Crisis.
While the Chinese authorities are finding it necessary to contain inflationary pressures, the chief executive of HSBC in China says that the Financial Crisis has only made the country stronger, with its exporters becoming leaner and more efficient.
Everyone now understands, in the aftermath of the Financial Crisis, that we must rebalance our economy, no longer be heavily dependent on the financial sector but again rebuild the real economy, including our manufacturing base.
Perhaps then we could discuss the Ongoing Financial Crisis on Ascension island, whose only school is facing closure.
In the aftermath of the Financial Crisis, which is likely to have had an adverse effect on the supply potential of the economy, such estimates are subject to greater uncertainty than usual".
My hon. Friend said that there might be an attempt to bring about treaty change to create some form of economic governance in light of the Current Financial Crisis.
We can all agree that the Financial Crisis of 2008 led to a radical shift, domestically and internationally, in the approach to tax evasion and tax avoidance.
The coalition agreement commits us to reform the regulatory system for financial services in order to avoid a repeat of the Financial Crisis.
That gives me the opportunity to commend the noble Lord, Lord Turner, for the work that he has done to help to frame and lead the debate, after the Financial Crisis, on what instruments are appropriate in the new world.
The coalition agreement commits us to reforming the regulatory system for financial services in order to avoid a repeat of the Financial Crisis, and that is precisely what we will do.
Does the hon. Gentleman remember that the Financial Crisis happened across the whole world?
The coalition agreement commits us to reform the regulatory system for financial services in order to avoid a repeat of the Financial Crisis, and that is precisely what we will do.
This is why our coalition agreement committed us to reform the regulatory system for financial services in order to avoid a repeat of the Financial Crisis.
Does my noble friend agree that the Current Financial Crisis started not with the bankers but with the banking system?
That is why our coalition agreement committed us to reforming the regulatory system for financial services in order to avoid a repeat of the Financial Crisis.
Is it not clear that if public money is to be put at risk during a Financial Crisis, the only person with the moral authority to take a decision will be the Chancellor of the Exchequer?
There have been a number of conversations with other colleagues globally about the lessons to be learned from the Financial Crisis and from the regulatory structures.
I am intrigued by the hon. Gentleman's suggestion that there should be a greater variable element in relation to performance, given that a critique of many is that an excessive bonus culture in the City contributed to the Financial Crisis.
Is the Minister seriously contending that had these arrangements already been in place, the Financial Crisis would not have occurred?
I am encouraged by his comments, and he might note that the Budget emphasised that the poorest and most vulnerable in the Current Financial Crisis must be looked after first: that must be our priority as we seek to tackle the difficult financial situation.
The people who bear no responsibility for the Financial Crisis and recession will be hardest hit.
The Financial Crisis was not just a failure of regulation; it was also a failure of competition.
They had resisted it but when the Financial Crisis occurred, we saw our opportunity.
First, I saw the disaster unfolding under the last Government, when they were overtaken by a Major Financial Crisis for which they were not prepared and to which they had massively contributed.
It was the end of a Labour Government who had chosen to ignore the build-up to a Major Financial Crisis.
I remember the Governor telling us quite late in 2008 how this was a Financial Crisis that he hoped would not get into the real economy.
That is an impressive achievement given many of the external conditions affecting the economy, mainly as a result of the Financial Crisis.
That is particularly true in diplomatic representation, given the huge economies which are having to be made in the British embassy network as a result of the Present Financial Crisis.
We are in the desperate position of having to impose that rate on everything that we buy, apart from essentials-I am not sure why newspapers are zero-rated, considering all the rubbish that they put out, but it applies to some useful things like food-because we are faced with This Financial Crisis.
] This is exactly it: how could anybody on the Government Benches blame a Labour Government for a Financial Crisis that swept through the western world, bringing misery and poverty?
I have to say that under the last Government there was a whole year during the Financial Crisis when the Prime Minister of our country did not even meet the First Minister of Scotland.
We have to ensure that we do not let the whole issue of reducing our emissions and being as energy efficient as possible become sidelined by people who say, "We cannot afford to do that because of the Financial Crisis".
As the world picks itself up from the aftermath of the Financial Crisis and continues to grapple with the threat of global terrorism, war, hunger, drought and natural disasters, it is all too easy to look gloomily upon the future.
This is the more curious because, from the outset, from the report written by Monsieur de Larosière, all Commission officials have publicly accepted that the components of the alternative investments-mostly hedge funds and PE funds-did not cause the Financial Crisis.
It was conceived in a rush, it was supported by a very weak impact assessment, and it was conceived in a heavily political and politicised context both before and following the Financial Crisis.
First, there is agreement that alternative investment funds did not cause the Financial Crisis, but equally, given their scale and size, there was a need to regulate alternative investment fund managers on an EU-wide basis.
The report accepts the widespread position that hedge funds did not cause the Financial Crisis, but I am not at all sure that that is correct.
When this directive was first drafted and we were also dealing with the initial drafts of other financial legislation, we were coping with a situation where the whole of the Financial Crisis was regarded as the fault of the Anglo-Saxon model.
This is a Financial Crisis that Labour knew was coming, which was why it had already identified the need for 20% cuts in Government budgets.
I remind the hon. Gentleman that in the last year, at a time when we knew that there was a Financial Crisis facing the public sector and that the NHS would have to deliver more for less, the strategic health authorities and primary care trusts increased their management costs-not their spending on patients-by 23% in one year.
Every hon. Member would like to think that there is an easy way out of the Financial Crisis.
The Financial Crisis since 2008 has led to a big shift in the approach to tax evasion and tax avoidance.
Obviously, all parties agreed, when we had the Financial Crisis, that we simply could not afford to see our banking system go into meltdown.
Prior to the Financial Crisis, there were many instruments that banks could use to try to raise capital, including types of subordinated debt, hybrid equity instruments, tier 1 and 2 securities and common equity.
The levy is about working towards a way of taking something back from the banks to build an insurance-type system, so that if things such as happened during the Financial Crisis happen again, the Government will have a mechanism to withdraw some capital from the banks.
Bristol West had many election debates, and this topic and the question of how to deal with the Financial Crisis came up many times.
Because of the Financial Crisis, the level may have to be reduced, but it is no use being selective.
The last thing people need in a Financial Crisis is a higher insurance bill".
We opposed the introduction of child trust funds at the start, before there was a Financial Crisis, for a number of reasons that in my view have not been seriously undermined by the experience of the child trust fund programme.
When the Financial Crisis broke in 2007, paying compensation under the scheme was the only way to protect depositors.
The Conservatives fail to acknowledge the gravity of the Financial Crisis and its effect on our economy now and they failed to acknowledge the gravity of the crisis back in the autumn of 2008 when the Labour Government and others around the world took decisive action to save the financial services sector from itself and to protect the deposits of our constituents.
On the eve of the Financial Crisis, it was 36.
The Financial Crisis highlighted the need to protect our public finances.
My hon. Friend made the argument that a number of territories had already done that and had withstood the Financial Crisis.
We know that the Financial Crisis exists, and that has to be the background for our debate.
Although I will focus my remarks mainly on issues relating to social enterprise, I would also like to pick up on a critique that was made of my hon. Friends the Liberal Democrats, suggesting that they had not noticed that there was a Financial Crisis.
Thank goodness the Labour Government did ratchet up spending in the face of the Worst Financial Crisis in 80 years.
They have been controlling costs, which is the first thing that you can do in a recession, since the onset of the Financial Crisis two years ago.
That is why, off the field, various forms of Financial Crisis are appearing all over the place-from Cardiff City to King's Lynn, from Chester City to Southend, and from Manchester United and Liverpool to Portsmouth.
Does my hon. Friend agree that the Current Financial Crisis means that a new prison in north Wales is now a distant probability?
Levels of inequality flattened out and then turned up again in the last term of the Labour Government, not least-but not solely-because of the impact of the Financial Crisis.
As hon. Members know, the Government have pledged to reduce the budget deficit to deal with the Acute Financial Crisis and to encourage economic recovery.
We face a difficult and dangerous world; we face an intensely Difficult Financial Crisis.
It has been commented today that some developed countries use the Financial Crisis as an excuse to pull out of or default on aid commitments.
That is the big issue in the imbalances in the world economy that no one is daring to address, and it has been accentuated by the Financial Crisis.
I was at a briefing earlier today on the Robin Hood tax, a financial transaction tax that many organisations in this country advocate not only because they feel it right that the banks, which did so much to cause the Financial Crisis, should contribute, but because it is a way of raising funds to deal with poverty and deprivation here and elsewhere.
When the Government's economic policies have produced the successful outcome that we all expect, we can return to the question of how universities can be supported in a more generous way, but at the moment we face a Massive Financial Crisis that we inherited from the Labour party and we therefore have to make choices that he and his colleagues ducked.
With the enormity of the Financial Crisis becoming ever clearer and the comprehensive spending review getting closer, can the Prime Minister reassure the House that we will honour our commitment to spend more on the NHS and improve outcomes to match the best in Europe?
In the wake of the Worst Financial Crisis in living memory, and with the events that subsequently unfolded, we have said today in this House that we believe-rightly-that there is no justification for an increase in the EU's annual budget of nearly 6%.
We asked everyone we saw whether they believed at that time-the hearings took place in December 2009 and January 2010-that the Financial Crisis that had arisen from the activities of those working for the Bank of Scotland and the Royal Bank of Scotland would have a long-term impact on the finance industry in Scotland.
We have learned the lessons from the Financial Crisis and set out a radical reform to the architecture of financial regulation that we inherited.
If a Financial Crisis starts somewhere, within days it can spread throughout the globe.
Although we are in the midst of a Massive Financial Crisis, we should all recognise that tragedies and injustices like this deserve priority in spending terms over everything else.
Secondly, there is a very Serious Financial Crisis which both Government parties and the Opposition recognise requires substantial cuts in public spending.
We know that the Financial Crisis was incredibly sharp and, as has been said, if the Opposition do not have a plan they cannot criticise the plans that have been put in place.
That is what we need to do in the light of This Financial Crisis: to target measures on those who need them the most, rather than simply opposing every cut for the sake of it, as the Opposition are trying to do.
It is clear to the House that one lesson we need to learn from the Financial Crisis is the need for better co-operation between Governments at European and global-G20-level, obviously to ensure that we address the imbalances in the worldwide economy that were the root cause of the crisis.
It is important to ensure that we learn the lessons from the Financial Crisis.
Yes, and public expenditure will be back broadly speaking to the level under the last Labour Government prior to the Financial Crisis.
My Lords, does my noble friend accept that one reason why there is so little finance for people to buy houses, and for small businesses, is that during the Financial Crisis many of the foreign banks took their money back to where they came from?
Emerging markets now account for a third of the world economy and two-thirds of its growth, which helps to explain why the world economy is now larger than before the Financial Crisis.
For sure, the Financial Crisis has painfully highlighted the UK's dependence on the City and our collective exposure to the risks taken by the global banking fraternity.
As my hon. Friend recognised, there were flaws in City practices in the run-up to the Financial Crisis, as well as a failure of the regulatory architecture.
Over the course of the Financial Crisis, we have seen a significant concentration of financial services and the banking sector-there are fewer banks from overseas operating in the small and medium-sized enterprises sector, and Lloyds has taken control of HBOS-and we want the independent commission to consider that and decide whether structural changes are needed to improve the resilience and strength of the banking sector, and whether we can introduce measures to improve the competitive landscape and provide greater choice for businesses and consumers looking for financial services products, whether they are loans, current accounts, business accounts or other products.
This inquiry was conducted by the Social Policies and Consumer Protection Sub-Committee against the backdrop of the Financial Crisis and rising levels of unemployment, and the report was published in March.
That brings us to the situation that we have today with insufficient supply for what is needed in the country and in the middle of that issue, we have This Financial Crisis.
Of course, some banks were taken into public ownership, including Northern Rock, Bradford & Bingley, Royal Bank of Scotland and Lloyds HBOS, but we are not talking only about the measures implemented by the previous Government on the eve of the Financial Crisis to nationalise or take a public stake in those banks.
How are those people, who are mostly on a fixed income that has been squeezed hard during the Financial Crisis, supposed to be able to pick up the tab for welfare reform?
Over the course of the Financial Crisis-not just in the EU, but globally-we have seen the importance of understanding structural imbalances and their impact on other economies.
The fiscal rules developed by the previous Government failed, because their flawed design and remarkable flexibility meant that, despite the rules being met, this country still ended up with a Financial Crisis.
Before the Financial Crisis hit this country-the biggest economic shock that we have had for nearly a century-our debt was down to the second lowest in the G7, despite our increasing public spending by the second largest amount among all the OECD countries.
The region is still heavily dependent on the public sector, but in the period immediately before the 2007 Financial Crisis and recession, private sector growth in the region was significant.
Krugman further observes that "the Government is using the Financial Crisis of 2008 as cover for advancing an ideological programme for downsizing the welfare state and that its plan has been sold to the public with an unprecedented and unwarranted degree of fear-mongering".
I do not share the Minister's analysis; the Financial Crisis was a global one, which did not start in this country.
In conclusion, during the Financial Crisis, Her Majesty the Queen asked: "Why did nobody notice it"?
I have been considering this issue with colleagues and I shall continue to do so because we are concerned, more widely, about the Present Financial Crisis affecting all kinds of outside bodies such as voluntary organisations and charities in many fields.
My hon. Friend makes an important point and the FSA's mortgage market review is seeking to learn some of the lessons from how the mortgage market was regulated before the Financial Crisis and some of the problems that that regulation created.
The budget restraints that all national member states, including Britain, are obliged to follow nowadays because of the Financial Crisis mean that there is general public opinion in support of this.
We have to look at the Commission's proposals in the current context, the first aspect of which is the Financial Crisis and the budgetary crises that Governments across Europe are facing.
In addition, because Ireland is a member of the euro, exchange rate flexibility and independent monetary policy were not tools available to it when the Financial Crisis took hold.
They perceive that dealing with the Financial Crisis that we inherited was the overwhelming priority for this Government.
The Prime Minister could come to this House, put down a motion and then Members could decide whether they wanted an early election to deal with the Financial Crisis.
Just to be topical, what would happen in a situation such as exists in Ireland at the moment, where there is a weak Government, a coalition breaks up, there is a Financial Crisis and it is clearly essential that the Government renew themselves with an early general election?
If local authorities seek to deal with this country's Financial Crisis by simply paring back on grants, salami slicing and taking X% out of all departments, they will fail.
The Chancellor's analytical ability in respect of Ireland was demonstrated in his 2006 article, which has been widely quoted, but in 2008, just two years ago, confident that Ireland would not be affected by the Financial Crisis that was just emerging, he said that Ireland now had "a 'future fund' of assets built to provide security against future shocks and liabilities.
Banking regulation is one such issue, but we do no service to our constituents if we merely focus narrowly on it when we consider the lessons of the Financial Crisis.
Many Labour Members seem to be keen simply to bash the bankers and blame them for the Financial Crisis and recession rather than look at the causal and contributory parts played by their own former Treasury Front Benchers, including the former Chancellor and Prime Minister,the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown).
We must never return to the bubble that ended in the Financial Crisis and allowed banks to lend unsustainably under a tick-box regulatory system and a short-termist, feckless Government concerned more with political advantage than with the long-term interests of the country.
That is part of the meat of the issue, and it surrounds the Financial Crisis that we and the rest of the world faced.
This country has a highly concentrated banking sector and it became more concentrated after the Financial Crisis, when some foreign lenders withdrew and some banks amalgamated.
The Lehman Brothers collapse presaged the Financial Crisis, but that was wholly an investment bank that never took a retail deposit.
It is right for us to learn the lessons of the Financial Crisis, and to act on them.
I hope that the review is not a knee-jerk reaction to the Recent Financial Crisis.
They were faced with a meltdown of financial systems in this country and throughout the world, so it is not good enough for the hon. Gentleman to blame the Financial Crisis on that Government.
We are doing what we can to support the territory despite the Financial Crisis here in the UK.
The whole country is in a Financial Crisis, and nobody should be in position where they do not have to take their percentage of it.
My constituents-and, I suspect, those of the Minister-know who is at fault for the Present Financial Crisis: it is not the previous Labour Government but the bankers, here and across the world, who turned the world economy upside down some months ago.
The review confirmed that RBs had made a series of bad decisions in the years leading up to the Financial Crisis, but concluded that enforcement action was not warranted.
We are in a coalition Government and have inherited a Financial Crisis.
Only if loans are repaid and the Recent Financial Crisis teaches us that policies predicated on debt and its repayment are speculative to say the least.
If the Financial Crisis taught us anything, it was the danger of handing over ordinary people's money to financial institutions and assuming that they will take care of it without the need for further scrutiny.
This country was on the brink of Financial Crisis.
Ireland has a Financial Crisis-a banking crisis-that was brought about largely by a property bubble and a lack of liquidity, rather than a flaw in the underlying economy.
We all know of the difficult issues that are still with us, two or three years after the Financial Crisis, in the peripheral countries of the eurozone.
The Financial Crisis has shown just how closely linked the economies of Europe and the world have become.
The Financial Crisis had a major impact on the shape of the banking sector.
High personal debt coupled with low savings are something that we need to address, especially when they are looked at in the context of the Financial Crisis and the ageing population.
With the onset of the Financial Crisis, the previous Labour Government recognised this and provided additional funds for money advice and debt counselling services.
The Chancellor should realise that the public will be angry at a Government who do not take action against the bankers who caused the Financial Crisis and have got back to bonuses as usual.
The Financial Crisis and the tough decisions taken in the CSR create an opportunity.
However, it is crucial that the FSA recognises that in the context of the Current Financial Crisis, problems in the European and UK economies today are primarily the result of liquidity and structural issues arising from global financial markets.
It is vital to address those issues in the light of the failed regulation of the mortgage market before the Financial Crisis, when there was a huge expansion in the availability of credit and the number of lenders in the mortgage market.
All those have played a role in tackling fuel poverty, but their impact has been eroded by the Financial Crisis and what seem to be annual energy price rises.
Labour Members say that it was because of the Financial Crisis, but the truth is that we entered that crisis with the largest structural deficit of any country in the G7.
The real spark for the Financial Crisis was when BNP Paribas posted its figures on the north American market in autumn 2007.
The election process of 2010 left voters in no doubt that, because of the Financial Crisis that faced this country, sacrifices would have to be made by the population.
It was against a very Serious Financial Crisis, a large structural fiscal deficit and a feeling in the country that, as a result of the negotiations, we had to have a Government which would, first, carry conviction in international markets-their first challenge, which they met very successfully-and, secondly, start to deal with the structural fiscal deficit.
That must be achieved but, as we all know, huge burdens will continue to be placed on families as the task of eradicating our country's Financial Crisis continues.
The Financial Crisis had many causes, but at least some of the blame must lie with investors.
Faced with the Financial Crisis and the cuts that the Government are pushing through, the question is what gets dropped first.
It dropped a little at the bottom of the Financial Crisis, to £3.
The first is that when the Financial Crisis occurred, I thought and said openly, as I shall repeat now, that the interventions made at that time by the then Chancellor were exactly right and deserved support.
We will never let Labour Members forget that they were taking Britain to the brink of that type of Financial Crisis.
We are doing all this against the background of a Serious Financial Crisis left for us by the previous Labour Government.
As hon. Members will know, the Government have pledged to reduce the budget deficit to deal with the Acute Financial Crisis and encourage economic recovery.
OECD figures in November show that Britain entered the Financial Crisis with the largest structural budget deficit in the G7.
The Institute for Fiscal Studies says: "By the eve of the Financial Crisis.
The Prime Minister insists that the Financial Crisis was caused by a lack of regulation, but even after the collapse of Northern Rock he complained that the last Government had subjected the banks to excessive bureaucracy and too much regulation.
In the run-up to the 2008 Financial Crisis, for example, no forecasting organisation saw the crash coming.
The analysis of the IFS, in chapter 2 of its green budget, produces the conclusion: "The Financial Crisis and associated recession have reduced revenues and, to a greater extent, increased public spending as a share of national income.
Labour Members think that the Whole Financial Crisis is down to the banks.
The causes of the Financial Crisis have been stated many times, and I do not intend to rehearse them here.
This may not have come up on the hon. Gentleman's radar, but there was the Worst Financial Crisis since the 1920s at the end of Labour's term in office.
Between 1997 and the start of the Financial Crisis the number of young people on the claimant count fell by 40%.
This comes from the right hon. Gentleman who, when in opposition, demanded more spending on absolutely everything; even in the midst of Financial Crisis, he was demanding more and more spending.
It urges the Government "to take account of the advice of their own statisticians before embarking upon a change which will adversely affect the incomes of pensioners for the rest of their lives and not just for the term of the Current Financial Crisis".
The noble Baroness made a point about my mentioning the Financial Crisis.
This decision is necessary precisely because the previous Government, of whom the hon. Gentleman was a part, left a Financial Crisis that sees us paying £120 million in interest charges each and every day.
The Treasury's policy is to address the entire situation of public service pensions, which-I will say it again-were a serious problem in terms of their affordability long before the Financial Crisis or the downturn occurred.
Therefore, S4C is not facing an Imminent Financial Crisis.
Germany is making the most of the Financial Crisis to get a greater degree of political control, and the question of whether we can influence that by entering into an arrangement of this kind-which affects us even though we are technically excluded from it-is a serious foreign policy matter for the innermost parts of the Foreign Office.
Tax havens have not only been used to avoid taxation: during the run-up to the Financial Crisis they helped bring about the explosion in securitisation in the financial sector.
It is a company in Financial Crisis that has more than 750 care homes, about 31,000 residents and many worried employees.
Leaving it that way to call an election could mean that it would happen at the very worst of times: in the middle of a freezing winter, during school holidays, in a Financial Crisis or even at a time of national mourning, to say nothing of major international events or indeed the convenience of Her Majesty.
The noble Lord has rightly pointed out the origins of the problem and the creation of a response to the Financial Crisis brought about by our Greek colleagues.
Without having a huge discussion on the history of the euro, it is perhaps worth reminding ourselves that the euro has survived the Worst Financial Crisis certainly in our lifetimes, and has survived many naysayers over the past two or three years who very confidently and regularly predicted that it was about to collapse.
The right hon. Member for Blackburn (Mr Straw), for instance, referred to the dramatic changes that have taken place throughout the region: changes that may already constitute the most important event of the early 21st century - even more important than 9/11 or the 2008 Financial Crisis - in terms of their possible consequences.
We need to let the education sector, which is going through a time of Major Financial Crisis, to get on and deliver its role.
The rapid increase in mortgage-backed securities and collateralised debt obligations contributed to a build-up of excessive and unstable levels of private debt in the UK in the years running up to the Financial Crisis.
Does the hon. Gentleman believe that the OBR, had it existed before the Financial Crisis, would have been able to tell the previous Government that much of the growth they were claiming was actually a mirage?
Some time before the general election, as the Financial Crisis was developing-particularly in relation to the banks-there was a certain amount of talk about the idea being put forward by the then Opposition for an office for budget responsibility.
First, the level of borrowing before the Financial Crisis did not cause the recession.
The previous Government had sent us on a trajectory of positive growth, albeit that it was a fragile recovery after a Financial Crisis.
On a serious point, I have already accepted that prior to the Financial Crisis there was a marginal deficit to be confronted, and it was going to be confronted through growth initiatives.
At a time of Financial Crisis, as a result of the problems with controlling costs under the previous Administration, we have to make tough decisions, but the decision that we have made is that we want to support the most vulnerable people through DLA and its successor, and also through many of the other benefits that we have.
Can he explain why the Government whom he supported were running a structural deficit several years before the Financial Crisis?
I am grateful to the hon. Gentleman for his point, because we have argued consistently-and so has the international community-that we had a Financial Crisis from 2008 and 2009 and that out of that financial crisis, without referring to tsunamis or earthquakes, there have been many aftershocks and it will take much time to get over that.
If I may venture an answer, I think that the views of rating agencies became impossible to ignore when towards the middle of the previous decade-before the onset of the Financial Crisis-the British Government "lost control of public spending" in three key Government Departments: Health, Education and Defence.
I do not argue that lessons did not need to be learnt from the Financial Crisis, but bankers have been forced unfairly to take a disproportionate part of the blame.
If he had done so recently, he would know that all the countries on the periphery of Europe that have been hit by the rising cost of capital are in very Acute Financial Crisis, which we have avoided.
Before the Financial Crisis hit, our national debt was lower than the debt we inherited from the Conservatives.
I said on "Newsnight", and I will continue to say, that there is a serious economic debate that we must constantly have on striking the right balance between not choking off recovery and not risking a Financial Crisis.
There is a clamour from the Labour party about the Financial Crisis.
They provided a cushion for many people who were put on short working hours and had their incomes cut following the Financial Crisis.
We should not forget that the Financial Crisis would have been even worse had Labour heeded Tory calls for more deregulation of the City.
He will be aware that building societies were affected during the Financial Crisis, and there were several rescues as they had to consolidate.
We were keen to ensure that the ICB has a focused remit to enable it to deliver its work on time, so that we could take forward some of the lessons that should be learned from the Financial Crisis, when large banks posed a greater risk to the economy.
As a consequence of the Financial Crisis, there is clearly an appetite for change in the way financial services operate, and mutuals stand well placed to respond to that challenge.
Does the right hon. Gentleman not agree that two thirds of the deficit-£84 billion-was due to the Financial Crisis, and that the Budget's overall fiscal tightening is £98 billion?
Why, then, did the right hon. Gentleman's party pledge to match our spending plans right up until the start of the Financial Crisis?
Far from these cuts being too much, too deep, too soon, I believe that what he has proposed is the minimum over the longest credible period that we can reasonably expect will enable us to avoid the sort of Financial Crisis that has hit many neighbouring countries.
What we are being told is that the Government inherited a Financial Crisis.
We also have to remember that none of the savings that the Government claim to be making will be made during this period of Major Financial Crisis.
The leader of the council said: "The Coalition Government, in its efforts to rectify the Worst Financial Crisis since World War Two, is making significant reductions in public spending and I believe that it is right that this should happen and right that this borough should play its part in restoring public finances to balance".
Putting the public finances on a sound and sustainable footing after the Financial Crisis is an essential first step towards recovery, but we cannot cut our way out of our economic problems.