Alchemy, the noble Lord says. I am not a chemist, but that still seems rather opaque to me.
To return to the rules, it may not be necessary for them to be compulsory further down the line, but if there are to be such rules, they should apply right from the start and to everybody if we want to ensure that social investment takes off smoothly. Further, how might any rules proposed by the Treasury be consulted on, because it is an important aspect whether the sector would have an opportunity to feed in and have its views given appropriate weight?
We are largely in agreement with the amendment proposed by the noble Lord. Some of the clarification that he has provided is helpful. I look forward to the Minister’s response.