In that punchy and pithy intervention, my hon. Friend made the point that I made when we debated these matters in the Committee considering the previous legislation of which this was originally a part. That is rather convoluted, but it makes the point. I said that the problem with an early review is that it would be too early and would not take account of the changing circumstances in exactly the way that she suggests. But I am minded to go further. Given that we discussed the issue in Committee on the Vehicle Technology and Aviation Bill, I want to make two further points.
First, the Small Business, Enterprise and Employment Act 2015—I have a copy with me for the benefit of any hon. Member who may wish to look at the particular clauses—makes a review obligatory within five years of the passing of the legislation. That existing obligation would of course apply to ATOL. However, we can do better than that. I am proud of my Department’s reputation for producing robust analysis to underpin and inform policy decisions, including providing full regulatory impact assessments to assess the effect of significant changes to regulation. That is a principle to which we have adhered in recent years throughout the ATOL reform process. We have already reformed ATOL once, in 2012, as the hon. Member for Kingston upon Hull East knows. We went through a consultation exercise, which I also have with me, and it is important that we continue the process of consulting and publishing the kind of impact assessments I have described before any regulatory changes take place.
It is really important that, when we changed the Civil Aviation Act 1982 in 2012 better to reflect current market practice, the call for evidence on the long-term review of the ATOL scheme produced responses that both informed the changes we made then—as they certainly did—and any further changes.