Lord McFall has questioned Mervyn King, the Governor of the Bank of England, and Paul Tucker, Deputy Governor for Financial Stability, on the new financial regulation system and whether it will help manufacturing and small businesses to get the finance they need.
Speaking in the Joint Committee on the Draft Financial Services Bill – which brings together MPs and Peers to discuss the Government’s proposed changes to the financial regulation system – Lord McFall said,
“We had debates on assisting the real economy, particularly the regional economy. That was important. Will these institutional changes assist that process? If the Bank of England and others are not issuing corporate bonds, who can do that? Who can answer the question that Adam Posen posed when he said that we lack a spare tyre for lending to manufacturing and small businesses?”
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