I need to declare an interest as a member of the Law Society and of the City of London Law Society, because the noble Lord, Lord Young, is probing a very interesting point here. The Law
Society itself, as well as the City of London Law Society, makes a rather similar point. Noble Lords may be glad to hear it in a slightly shorter form. I shall read it out.
“The society remains concerned that the proposed amendment puts UK businesses at a competitive disadvantage since it will require the UK to provide protection to entities based in overseas jurisdictions even when those jurisdictions do not offer reciprocal protection to UK entities”.
The society suggests that this is remedied in the Bill. There are similar points there. Obviously, the noble Lord, Lord Young, went into much more detail, but that is the underlying concern in all of this.