My Lords, I find it difficult to understand the fuss over the Chancellor of the Exchequer’s plan for growth. With the start of money printing in 2008, inflation and the higher interest rates were built into the system before there was a Conservative Government. The 40% rate of tax was...

My Lords, I find it difficult to understand the fuss over the Chancellor of the Exchequer’s plan for growth. With the start of money printing in 2008, inflation and the higher interest rates were built into the system before there was a Conservative Government. The 40% rate of tax was...

My Lords, I wish that I had a pound note for every time the Minister has told me that he agrees with me but does nothing about it. I thank him for his explanation. Expectations may be in the code, but that does not mean that they will not be...

My Lords, I wish that I had a pound note for every time the Minister has told me that he agrees with me but does nothing about it. I thank him for his explanation. Expectations may be in the code, but that does not mean that they will not be...

My Lords, this amendment is simple. It states that if the code is not followed, there should be an explanation of why it has not been followed. Her Majesty's Government strongly argued that the code should not be legally binding. While I do not agree with that argument, it is...

My Lords, this amendment is simple. It states that if the code is not followed, there should be an explanation of why it has not been followed. Her Majesty's Government strongly argued that the code should not be legally binding. While I do not agree with that argument, it is...

Amendment 11 11: Clause 5, page 4, line 6, at end insert ““and if the authorities do not follow the code in any particular instance they must publish as soon as practicable an explanation of why they have not done so””

Amendment 11 11: Clause 5, page 4, line 6, at end insert ““and if the authorities do not follow the code in any particular instance they must publish as soon as practicable an explanation of why they have not done so””

Amendment 4 4: Clause 4, page 3, line 25, at end insert— ““( ) Objective 6 is to avoid the distortion of competition.””

Amendment 4 4: Clause 4, page 3, line 25, at end insert— ““( ) Objective 6 is to avoid the distortion of competition.””

My Lords, the amendment is to ensure that in the event of the powers of the special resolution regime being used, a bank which comes under the regime will not take unfair advantage over the competition. When this matter was debated in Committee, we did not have the benefit of...

My Lords, the amendment is to ensure that in the event of the powers of the special resolution regime being used, a bank which comes under the regime will not take unfair advantage over the competition. When this matter was debated in Committee, we did not have the benefit of...

My Lords, I thank the Minister for his remarks. However, his endeavours have not been very successful as I am not reassured. He mentioned the FSA, but the FSA is not responsible for competition; as far as I know, that is the Office of Fair Trading. If competition issues were...

My Lords, I thank the Minister for his remarks. However, his endeavours have not been very successful as I am not reassured. He mentioned the FSA, but the FSA is not responsible for competition; as far as I know, that is the Office of Fair Trading. If competition issues were...

My Lords, Amendment 5 gives recognition to the interests of creditors and shareholders. This is a more modest amendment than those discussed in Committee. At that time, the Minister pointed out that objective 5 set out in Clause 4(8), referring to the Human Rights Act, gave adequate protection so an...

My Lords, Amendment 5 gives recognition to the interests of creditors and shareholders. This is a more modest amendment than those discussed in Committee. At that time, the Minister pointed out that objective 5 set out in Clause 4(8), referring to the Human Rights Act, gave adequate protection so an...

Amendment 5 5: Clause 4, page 3, line 27, at end insert— ““( ) In addition to the objectives set out in this section, the relevant authorities shall also have regard so far as it is practicable to the interests of creditors and shareholders.””

Amendment 5 5: Clause 4, page 3, line 27, at end insert— ““( ) In addition to the objectives set out in this section, the relevant authorities shall also have regard so far as it is practicable to the interests of creditors and shareholders.””

My Lords, I thank the noble Lord, Lord Newby, for his support for the amendment. I do not see how the amendment could be construed as confusing. The Minister repeated the same arguments and I am afraid that they are no more convincing this time around than they were the...

My Lords, I thank the noble Lord, Lord Newby, for his support for the amendment. I do not see how the amendment could be construed as confusing. The Minister repeated the same arguments and I am afraid that they are no more convincing this time around than they were the...

I shall speak also to Amendments 123 and 124. Amendment 122 seeks to remove Clause 75(3). That subsection allows retrospective alteration to the law. Retrospective legislation is undesirable at the best of times, but in this instance there are practical reasons as well as constitutional ones. Much has already been...

I shall speak also to Amendments 123 and 124. Amendment 122 seeks to remove Clause 75(3). That subsection allows retrospective alteration to the law. Retrospective legislation is undesirable at the best of times, but in this instance there are practical reasons as well as constitutional ones. Much has already been...

I thank the Minister for his remarks. If he agrees with me, then why not draft the Bill so that what it says is in line with the objectives? Support for the objectives should be as the Bill says, and the Government should not use it, as they so often...

I thank the Minister for his remarks. If he agrees with me, then why not draft the Bill so that what it says is in line with the objectives? Support for the objectives should be as the Bill says, and the Government should not use it, as they so often...

Amendment 122 122: Clause 75, page 38, line 23, leave out subsection (3)

Amendment 122 122: Clause 75, page 38, line 23, leave out subsection (3)

Clause 75: Power to change law Amendment 121 121: Clause 75, page 38, line 17, leave out ““having regard to”” and insert ““in order to achieve one or more of””

Clause 75: Power to change law Amendment 121 121: Clause 75, page 38, line 17, leave out ““having regard to”” and insert ““in order to achieve one or more of””

The Minister commented on the use of legislation in connection with Northern Rock. Can he explain how retrospective legislation was used to resolve the case of Northern Rock?

The Minister commented on the use of legislation in connection with Northern Rock. Can he explain how retrospective legislation was used to resolve the case of Northern Rock?

Was that used retrospectively?

Was that used retrospectively?

I find it rather odd that the Minister should use Northern Rock as an example when, plainly, it was not. He referred to contracts coming under different parts of the law and that a contract could be written under one part of the law, but that would then change. Actually,...

I find it rather odd that the Minister should use Northern Rock as an example when, plainly, it was not. He referred to contracts coming under different parts of the law and that a contract could be written under one part of the law, but that would then change. Actually,...

Amendment No. 125 seeks to leave out Clause 75(8). Subsection (8) proposes that orders can be made under this clause without the need for them to be laid before Parliament for 28 days, not counting periods of dissolution, prorogation and adjournment. To deal with difficult and unforeseen circumstances, Clause 75...

Amendment No. 125 seeks to leave out Clause 75(8). Subsection (8) proposes that orders can be made under this clause without the need for them to be laid before Parliament for 28 days, not counting periods of dissolution, prorogation and adjournment. To deal with difficult and unforeseen circumstances, Clause 75...

Amendment 125 125: Clause 75, page 38, line 42, leave out subsection (8)

Amendment 125 125: Clause 75, page 38, line 42, leave out subsection (8)

The noble Lord has given us his usual brilliant and long explanation, but it is completely unsatisfactory. I will be returning to the issue on Report. In the mean time, I beg leave to withdraw the amendment. Amendment 122 withdrawn. Amendments 123 and 124 not moved.

The noble Lord has given us his usual brilliant and long explanation, but it is completely unsatisfactory. I will be returning to the issue on Report. In the mean time, I beg leave to withdraw the amendment. Amendment 122 withdrawn. Amendments 123 and 124 not moved.