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

My Lords, I am grateful to the Minister for explaining the Government’s position. We might have found it helpful to have had some advance notice of this statement, not least because we discussed this yesterday. While it is obviously very important that the mutuals do not go on a wild, reckless spree, the problem in the banking sector does not rest with the mutuals. Many of us feel that if fewer mutuals had not demutualised, the banking sector would be more diverse and rather safer for many investors. However, we take note of what the Minister said. We support the Bill, and we look forward to future consultation.