MPs debate Banking Bill

The government's Banking Bill is today set to receive its second reading in the Commons.

In light of the international financial crisis, the legislation is set to be rushed through Parliament before the end of the current session with cross-party support.

As part of a package of reforms to the regulation of the industry through the Financial Services Authority, the bill will also give the Bank of England a new statutory duty to maintain financial stability alongside the FSA.

Chancellor Alistair Darling told MPs last week that the bill builds "on the special powers we took in February to allow us to intervene quickly and decisively".

Conservative leader David Cameron also said that: "The role of the opposition in times like this is to make the right strategic judgements for the country and to explain clearly why action is needed.

"That's why we have pledged to support the Banking Bill now before Parliament, which contains the powers for the Bank of England to deal with failing banks that we have been suggesting for a year."