There will be a 3 hour backbench debate on Banking Reform this coming Monday, 29th November 2010. Steve Baker MP and Douglas Carswell MP, who jointly introduced a Private Members Bill to end fractional reserve banking, will both be contributing. Michael Meacher appears to have prompted the debate – here is his motion:
“That this House, concerned that no action has so far been taken which would prevent a recurrence of the financial crash, calls upon the Government to establish a clearing house for approval of all financial derivatives and to set in place alternative mechanisms to remove the implicit taxpayer guarantee, other than to purely deposit-taking banks, in the event of any future banking collapse.”
We’ll post an update and hopefully a video on Monday.