Pre-Budget Report

My Lords, in truth, I am not sure. I have certainly had meetings with the heads of the major accounting firms that are auditing our banks’ accounts, and I should be very surprised if the FSA has not also had meetings. I think we, including the banks, all realise that restoring damaged trust in banks’ accounts is of considerable importance both to the banks and to the economy. The noble Lord, Lord Freeman, made an extraordinarily well informed and thoughtful speech on technology. I am keen to monitor the supply of capital to smaller companies, including those financed through venture capital and in the technology sector. I have spoken to my noble friend Lord Drayson on this matter and I shall draw his comments to the attention of the Department for Innovation, Universities and Skills and the Department of Energy and Climate Change. I am conscious that there have been one or two interventions, so, with noble Lords’ indulgence, I shall go just a few minutes over 20 on the Clock.