David Cameron speech defending government economic policy

David Cameron speech defending government economic policy; David Cameron speech continued SOT - Now, we've already made some big strides in reforming the banking system and 2013 is the year when we'll deliver much of this vital work. For the first time, it is clear where responsibility lies. No more of the so-called tripartite; it's the Bank of England that has to support the recovery, without putting financial stability at risk. We're creating a new law to separate the branch on the high street from the dealing floor in the city, so we protect tax payers where mistakes are made. And we should be clear about what this means./ In future, we'll be able to sort out failing banks without asking taxpayers to put their money in. We're also introducing more competition and choice into banking, so people and businesses have more choice about who they bank with, more choice to change their bank if they want a better deal. And we're supporting these reforms with what I call monetary activism, supporting this damaged banking system that would otherwise struggle and still does struggle, in too many cases to pass on low interest rates./ Now this is inextricably linked to our fiscal credibility, because the low interest rates on our debt gives us gives the government the capacity to use our balance sheet to pass on those low rates through to families and through to businesses. And we've been incredibly active in doing this. The Bank of England introduced a funding for lending scheme, which is now being copied around the world. We've introduced a new-buy scheme that helps people who only have access to small deposits to buy a newly built home. And the treasury has, for the first time historically, offered guarantees, Treasury guarantees, for housing and infrastructure investments, using the strength of its balance sheet to kick-start investment throughout the economy./ Now these initiatives, I think, really matter. Take mortgages, for instance. Of course...