Financial Services Bill

I do not want to be detained on this subject, however the beauty of the digital media is its ability to allow us, at a couple of clicks, to find the pearls of wisdom produced by the noble Lord when he was editor of the Spectator, some 40 or 50 years ago. I, for one, am delighted that I am able to access such insights. The noble Lord, Lord Higgins, refers to Clause 2(2), which relates to the publishing of reports. The reports to which this refers are of course the reports which are already produced by the Financial Services Authority and the Bank of England. The council will also produce a report on financial stability, and the Chancellor of the Exchequer will continue to account for the regulatory architecture and the Treasury’s views on financial stability to Parliament and to the Treasury Select Committee. I see no need for an additional, formal report from the Chancellor; there is a danger that we might go from having very little transparency to being overwhelmed by it. The noble Lord, Lord Hodgson, referred to the fact we will know that non-quarterly meetings have taken place and that in itself will lead to speculation as to what might have been discussed in those meetings. The markets and investors are already aware that the court of the Bank of England and the board of the Financial Services Authority meet on a monthly basis. That court and that board discuss issues which are confidential and market sensitive and are they not under an obligation to publish minutes. The fact that those meetings are taking place does not appear to pose any threat or speculation as to the issues which might have been discussed or conclusions which might have been drawn from matters which were on the agenda for those meetings.