… a National Investment Bank to put new resources from private institutions and from the government…. Exercise, through the Bank of England, much closer direct control over bank lending. Agreed development plans will be concluded with the banks and other financial institutions. Create a public bank… set up a Securities Commission to regulate the institutions and markets of the City… Set up a tripartite investment monitoring agency to advise trustees and encourage improvements in investment practices and strategies… We expect the major clearing banks to co operate with us fully on these reforms, in the national interest. However, should they fail to do so, we shall stand ready to take one or more of them into public ownership. This will not in any way affect the integrity of customers’ deposits.