Financial Services Bill

My Lords, I did not know that there was a "one each" principle on amendments; I thought we could have as many as we liked. Perhaps I still have something to learn about the procedures of your Lordships’ House. I say to the noble Lord, Lord Newby, that my noble friend Lord Trenchard explained our position on Europe. We believe that the most appropriate forums are the international ones, under the G20. We are very concerned about the powers being taken by Europe, which will fundamentally affect the financial services industry in the UK much more than anywhere else. If anyone wants to see how dreadful European involvement in financial regulation is, they only have to look at the alternative investment fund management directive. It shows a lack of understanding of the subject matter and can be extremely harmful to the UK. We sign up to European involvement only to the extent that it does not prohibit our developing proper solutions via the G20, and does not tie our hands unnecessarily in respect of British interests, which are different. I thank my noble friends Lord Howard, Lord Trenchard and Lord Northbrook, all of whom were very supportive. I obviously thank the noble Lord, Lord Davies, for agreeing to Amendment 6; that is most gratifying and I thank him for it. However, I was disappointed that the Minister said that having a report would be bureaucratic and unnecessary. The point is not that it would be bureaucratic for the Treasury—the Treasury may well regard it as yet another task that it has to do, and therefore as bureaucratic—but that the report was to be laid before Parliament. Parliament’s involvement in the development of financial stability has been seriously lacking. It is lacking in this Bill, and it has been lacking in many other developments—such as when we have occasionally had a Statement to the House or seen a White Paper at the same time as everyone else. The Government do not take Parliament very seriously in these issues. They like to go into their tripartite authority arrangements and chatter among themselves, but not involve Parliament. On this principle of "you have one and I have one", which I am prepared to sign up to until the dinner break, I shall not move Amendment 27. However, I should like to formally move Amendment 6. Amendment 6 agreed. Amendment 7 not moved. Amendment 8 Moved by