Electoral Administration Bill

As I said in my statement of 20 March—and I have said it again at least twice this evening—no one was aware that the donations regime did not apply in the same way to loans. The result was that loans were not as transparent as donations. We are rectifying that now. Everyone in this House recognises that the new regime should apply to every party in this House and that we all have to take some responsibility for making the position as transparent as possible. The particulars that need to be reported about regulated transactions will be different. We think that transparency requires that the principal features of the transaction should be required to be reported and disclosed to the public. New schedule 6A requires the identity of the participants to be reported, as well as the nature and value of the transaction, details of the rate of interest, if any, to be paid on any sums lent, the length of the loan, and other particulars. Provision is made for the particulars to be varied should it become apparent that transparency requires different or additional matters to be reported about regulated transactions.