My Lords, I thank the Minister for his answer. He focused on the positive impacts of the financial sector and, when he came to addressing negative impacts, he talked a lot about risk. There is of course a lot of focus on risk at the moment with what is happening with Greensill and the shadow banking sector, but I do not believe that he really addressed the other negative impacts such as the diversion of human resources and capital. Indeed, when he was talking about the tax revenue, I thought that my PhD graduate from Newcastle would surely be working in some sector contributing in different ways.
The Minister perhaps misunderstood the issue of equality, so maybe I need to look at redrafting that. I referred to regional inequality and looked at socioeconomic and other areas of inequality.
I will speak briefly on the responses from others. The noble Baroness, Lady Kramer, pretty well said that she thought we should have exactly what I was proposing. She said that there were a great deal of resources in think tanks, academics and NGOs and that we needed to bring them together. That is exactly what is proposed in FSON—a network, not reinventing the wheel, not creating a whole new institution, but just making sure that those things are joined up and have a structure to work together to identify the crucial points.
The noble Lord, Lord Tunnicliffe, said that there were consultations on the way so we would have to wait but, with the risks—as the Minister acknowledged—and the costs of the financial sector, we really cannot wait. We have to act now. I have cited some very traditional, mainstream sources expressing great concern about the problems that the financial sector presents.
We cannot have business as usual. As the noble Lord, Lord Sikka, said earlier, the cost of doing nothing is enormous. However, given where we are and the time of the evening—I have cut short my planned remarks significantly—I beg leave to withdraw my amendment, though I suspect I will bring this back on Report.