Building Societies (Funding) and Mutual Societies (Transfers) Bill

I do not want to labour the point, because I accept what my hon. Friend said about the Bill’s practical effect not being as pressing as one might think at this point. However, there is a one-way ratchet in new subsection (6C), in which the Treasury’s power to make an order"““may not be amended so as to reduce the percentage in the order””" and"““may not be revoked, unless it is replaced by another such order specifying the same or a greater percentage.””" That is a one-way ratchet, and there is a policy question to be considered.