I am grateful to my noble friend, particularly because, as far as I can tell, we are all agreed that ARIA should have the flexibility to do these things. Where we not quite all in the same place yet is that it seems to me that the legislation can make that clear and it would be helpful if it did. Maybe we will come back to it and my noble friend will enlighten me. She seemed to say that in paragraph 17 of Schedule 1 the reference to property encompasses intangible and intellectual property but the word “property” is not there. That is my point. The word “property” needs to be there in order for intangible and intellectual property to be encompassed within it.
There are circumstances—for example, where the Secretary of State makes grants to ARIA and where ARIA provides financial support—where my noble friend seems to be saying that it will have the flexibility to enter into all these agreements, to share its intellectual property, to secure the benefits and retain them and reinvest them but that does not need to be in the Bill. Yet, we have these places where there are little lists of what the conditions might be like or what the provision might include. They may be non-exhaustive lists but the only things that seem to be listed are things that constrain ARIA, rather than making it clear that intellectual property, which is at the heart of its activity, is something where it should absolutely have this kind of flexibility.
I know the Treasury would hate to have it in the Bill that ARIA can retain intellectual property revenues and reinvest them for its purposes but that is exactly why we should put it in the Bill. I think we will return to this issue. I gladly give way to my noble friend.