My Lords, I will be brief. The noble Lord, Lord Lansley, has made a fairly persuasive case for this. I would hope that to a large extent what he is looking for is already happening fairly systematically as part of good practice in any regulatory authority. Given that it is likely that a large amount of our regulation will probably continue to be broadly in alignment with the EU, it would make a lot of sense for our respective regulatory authorities to be in pretty close contact to make sure that they have, to the extent that it is sensible, the same view and understanding and the same breadth in scanning the
different international regulations so that, essentially, they are talking the same language. That would be extremely helpful.
In principle, this is a very good idea. However, it is fine for us, as legislators, to talk theoretically or in detail about statutes and subsections, but the proof is the view business takes of what we are discussing. If business regards this as entirely sensible and something that should be done anyway as a matter of doing regulation well, that is well and good. If it has concerns that this will complicate things further, slow things down and lead to slightly arcane arguments about relative international standards from goodness knows where in the world, I suspect it will not be quite so keen.