The past month has been totally dominated by the meltdown in global financial markets.  A few weeks ago, when I was writing my Parliamentary Report for distribution across the constituency, I mentioned the collapse of HBOS and its take-over by Lloyds TSB.  I also touched on the rescue of Bradford and Bingley.  No sooner had my report gone off to the printers, than the entire financial landscape began to change.  We have witnessed nothing like it.  The problems with sub prime mortgages in the United States spread like a contagion, infecting every part of the global financial system.


We are now in a position where the UK Government has a major stake in high street banks.  Who would have believed this possible?  The Government acted decisively to inject liquidity into the banking system, allowing the banks to do what they are supposed to do – make credit available to individuals and businesses and lubricate the economy.  Many other governments overseas are now following our example.


It is clear we need a much tighter system of regulation, where banks operate in our interests, not their own.  I was heartened by the comment of the new Chair of the Financial Services Authority, Aidan Turner, who is determined to shake things up.


To other matters….  On Monday we have the second reading of the Political Parties and Elections Bill which will regulate spending between elections.  All over the country huge sums of Ashcroft money are being spent to promote candidates, triggering an election spending arms race.  On Wednesday, we have the Human Fertilisation and Embryology Bill back in the Commons with important votes on abortion.


Later this month, we will be completing the passage of the Climate Change Bill.