Banking Bill

I am grateful to the Minister for his remarks. He has tried to be helpful throughout, which, as he mentioned, has perhaps caused him one or two difficulties in the context of clause 72. There are concerns that are both constitutional, as my hon. Friend the Member for South Staffordshire (Sir Patrick Cormack) pointed out, and practical and business related in the degree of uncertainty created by clause 72. We voted extensively on this in Committee, and I am glad that the Minister is consulting with the liaison panel. We will, perhaps rather generously, not press for any Divisions on clause 72, but we hope that the other place will examine it much further and see whether it can be made more focused. New clause 3 relates to safeguards on partial property transfer. I almost detected a degree of sympathy for it from the Minister, because he recognises that it addresses a legitimate concern. It will enable the liaison panel to input its thoughts in this area. We would require the Treasury to consult with the business liaison panel in this area, and we think it would add a degree of protection to UK banks to know that if problems are being created by the legislation and the secondary legislation made under it, there will be an opportunity for Parliament to review it. The Treasury will be forced to review it, and consult if there are particular weaknesses. We think this would add significantly to the protections for the UK banking system and help further address the remaining concerns, so I will seek to press it to a vote. Question put, That the clause be read a Second time:— The House divided: Ayes 171, Noes 264.