§ 1. Mr. Wrigglesworth
asked the Chancellor of the Exchequer when he expects to publish the White Paper outlining the Govenment's new policy towards banking supervision.
§ Mr. Wrigglesworth
Is my right hon. Friend aware that many Labour Members welcome the Government's proposition to improve the supervision of the banking system? Who will be responsible for that supervision? Many of my hon. Friends believe that the Bank of England cannot carry on this function of supervision at the same time as being the spokesman for the City. Many of us are concerned about the way in which the Bank of England is not 1510 accountable to this House for the functions that it performs.
§ Mr. Watkinson
Will my right hon. Friend agree that the "Barber boom" in the early 1970s got out of control because of the money-creating potential of the banking sector? Will he take measures to ensure that in the upturn the banking sector is controlled by this Labour Administration?