may i echo the attribute that my right honorable friend made to nicompel mead, the young royal marine who is serving with three commander brigade which is in my constituency. given the recent inflation figures and the loose monetary conditions which contributed to the cause of the credit crunch, will my right honorable friend lead a investigate reviewing the target -- >> prime minister? >> the point i'd make to my honorable friend is this. i think one of the fundamental causes of the problems in the credit crunch was the poor regulation of our banking system, the poor regulation of credit and we've actually taken steps to put that right by putting the bank of england back at the pinnacle of that system after the failure of the system put in place by the party opposite. in terms of inflation i strongly support monetary policy being independent established by the bank of england. i don't want to go back to the bad old days of the treasury setting interest rates. i think it's better to have it vested in the monetary policy. >> thank you, mr. speaker. a number of my constituents with very

may i echo the attribute that my right honorable friend made to nicompel mead, the young royal marine who is serving with three commander brigade which is in my constituency. given the recent inflation figures and the loose monetary conditions which contributed to the cause of the credit crunch, will my right honorable friend lead a investigate reviewing the target -- >> prime minister? >> the point i'd make to my honorable friend is this. i think one of the fundamental causes of the problems in the credit crunch was the poor regulation of our banking system, the poor regulation of credit and we've actually taken steps to put that right by putting the bank of england back at the pinnacle of that system after the failure of the system put in place by the party opposite. in terms of inflation i strongly support monetary policy being independent established by the bank of england. i don't want to go back to the bad old days of the treasury setting interest rates. i think it's better to have it vested in the monetary policy. >> thank you, mr. speaker. a number of my constituents with very