Housing

I am grateful to the hon. Gentleman for his history lesson, but he only underlines my point. Given the importance of the housing market and given that interest rates are increasing, only a Minister in the grip of folly would press ahead with an alteration that will only add to potential turbulence and do nothing to restore confidence. On market confidence, we have the benefit of expertise from all who have a responsibility for the health of the housing market, because they have let us know their view of the regulations.