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Early last week, the financial headlines were dominated by the trials and tribulations of a man called Paul Flowers. Later, the news flow switched, as the Bank of England and Treasury modified the controversial Funding for Lending scheme. The story of Flowers, the former Chairman of the Co-op bank, could have some bearing on the future of the UK banking industry. The government’s move to cool the UK’s rocketing mortgage market is also pretty important.

Yet, when it comes to this country’s future trajectory, both episodes pale into insignificance when compared to a little-noticed debate in the House of Lords. The government’s banking bill, debated by peers last week, is this country’s main response to the sub-prime crisis. Whether or not we avoid another cataclysmic financial collapse, with all the related economic fall-out and human misery, depends largely on the measures in that bill.
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