The problem with the Chief Secretary's argument is that the two objectives—financial stability on the one hand, and securing the Government's position on the other—might conflict. A profit-maximising strategy on the part of the bank, of the sort described by the right hon. and learned Member for Rushcliffe (Mr. Clarke),...

The problem with the Chief Secretary's argument is that the two objectives—financial stability on the one hand, and securing the Government's position on the other—might conflict. A profit-maximising strategy on the part of the bank, of the sort described by the right hon. and learned Member for Rushcliffe (Mr. Clarke),...

The hon. Lady seems to be following the line of argument that she took in Committee, but at that stage the Minister reassured us that ““recklessly”” meant knowingly taking an unreasonable risk, and knowing about its unreasonableness. In those circumstances, I cannot see how the concerns that the hon. Lady...

The hon. Lady seems to be following the line of argument that she took in Committee, but at that stage the Minister reassured us that ““recklessly”” meant knowingly taking an unreasonable risk, and knowing about its unreasonableness. In those circumstances, I cannot see how the concerns that the hon. Lady...

Can we clarify the fact that no criminal offence of negligence is involved? There is civil liability for negligence in very limited circumstances. We are talking about what criminal offence should be added to a difficult aspect of civil liability.

Can we clarify the fact that no criminal offence of negligence is involved? There is civil liability for negligence in very limited circumstances. We are talking about what criminal offence should be added to a difficult aspect of civil liability.

It is true that a number of legitimate concerns have been raised about the practicalities of introducing institutional disclosure in the way proposed in the Bill. The Liberal Democrat team in the House of Lords thought those practical problems serious enough to raise the question of whether these powers should...

It is true that a number of legitimate concerns have been raised about the practicalities of introducing institutional disclosure in the way proposed in the Bill. The Liberal Democrat team in the House of Lords thought those practical problems serious enough to raise the question of whether these powers should...

To make things clear, I should say that I envisage there perhaps being some recalcitrant institutions, which it would then be necessary to coerce. I was about to say that the exact shape of the regulations needs to take into account industry practice, so even if it is proposed, at...

To make things clear, I should say that I envisage there perhaps being some recalcitrant institutions, which it would then be necessary to coerce. I was about to say that the exact shape of the regulations needs to take into account industry practice, so even if it is proposed, at...

Briefly, we take the same view as we did on the previous group of amendments. In principle, we favour the Government view on extending the permission—it is only a permission, not a duty—to disclose information in civil proceedings abroad in favour of consumers, rather than just litigants in intellectual property...

Briefly, we take the same view as we did on the previous group of amendments. In principle, we favour the Government view on extending the permission—it is only a permission, not a duty—to disclose information in civil proceedings abroad in favour of consumers, rather than just litigants in intellectual property...

I also have no objection to these new clauses. They are entirely reasonable and sensible. However, I wish to observe that amendment No. 118 makes an extraordinary powerful change; it brings in a comma. I observe for the benefit of the hon. Member for Hornchurch (Mr. Brokenshire), who tabled the...

I also have no objection to these new clauses. They are entirely reasonable and sensible. However, I wish to observe that amendment No. 118 makes an extraordinary powerful change; it brings in a comma. I observe for the benefit of the hon. Member for Hornchurch (Mr. Brokenshire), who tabled the...

I shall be brief, and shall refer only to amendment No. 790, which the hon. Member for Hornchurch (James Brokenshire) mentioned, and new clause 89, which I tabled with my hon. Friends and which takes exactly the opposite direction from his amendment. Our view, at least on formation, is that...

I shall be brief, and shall refer only to amendment No. 790, which the hon. Member for Hornchurch (James Brokenshire) mentioned, and new clause 89, which I tabled with my hon. Friends and which takes exactly the opposite direction from his amendment. Our view, at least on formation, is that...

Company law is part of the hidden wiring of the economy. Immense problems are caused if it goes wrong, but no one notices if it goes right. The limited liability company was one of the great inventions of the 19th century. In many ways, it was more important than the...

Company law is part of the hidden wiring of the economy. Immense problems are caused if it goes wrong, but no one notices if it goes right. The limited liability company was one of the great inventions of the 19th century. In many ways, it was more important than the...

The problem that we face is due simply to a slip that a Minister in the House of Lords made when attempting to be helpful by describing the meaning of ““recklessly””. That Minister was not a lawyer and his words caused the auditing and legal professions some anxiety about the...

The problem that we face is due simply to a slip that a Minister in the House of Lords made when attempting to be helpful by describing the meaning of ““recklessly””. That Minister was not a lawyer and his words caused the auditing and legal professions some anxiety about the...

I have a great deal of sympathy with what has just been said by the hon. Member for Great Grimsby (Mr. Mitchell). The audit market is a guaranteed market, guaranteed by the state, and companies covered by the obligation must have an audit. There are very few audit firms. If...

I have a great deal of sympathy with what has just been said by the hon. Member for Great Grimsby (Mr. Mitchell). The audit market is a guaranteed market, guaranteed by the state, and companies covered by the obligation must have an audit. There are very few audit firms. If...

Before the hon. Lady finishes, I invite her to explore the meaning of ““dishonestly or fraudulently”” in her amendment. Does she mean by dishonest or fraudulent what fraud means in the Fraud Bill, which is that there has to be an intention to cause a gain or a loss—a gain,...

Before the hon. Lady finishes, I invite her to explore the meaning of ““dishonestly or fraudulently”” in her amendment. Does she mean by dishonest or fraudulent what fraud means in the Fraud Bill, which is that there has to be an intention to cause a gain or a loss—a gain,...

That is correct, but the fact that it will allow auditors to limit their liability at all is a new departure. There will thus be a reduction in the contractual pressure on auditors.

That is correct, but the fact that it will allow auditors to limit their liability at all is a new departure. There will thus be a reduction in the contractual pressure on auditors.

I think that the hon. Lady is confusing the liability rule and the test in the Bill—they are quite different. It is crucial to bear it in mind that the circumstances under which auditors can be sued in tort by third-party victims of negligent auditing are extraordinarily limited. The fundamental...

I think that the hon. Lady is confusing the liability rule and the test in the Bill—they are quite different. It is crucial to bear it in mind that the circumstances under which auditors can be sued in tort by third-party victims of negligent auditing are extraordinarily limited. The fundamental...

The difficulty is that the current definition of political expenditure is aimed solely at elections. The definition of politics that the law currently follows is exclusively electoral, so anything that does not relate to an election is not covered by regulation.

The difficulty is that the current definition of political expenditure is aimed solely at elections. The definition of politics that the law currently follows is exclusively electoral, so anything that does not relate to an election is not covered by regulation.

I shall speak mainly to new clause 76 on corporate expenditure on lobbying. We do not know the exact extent of corporate lobbying in the UK, but we can get some idea of it from the fact that expenditures on public affairs have risen rapidly over the past 20 or...

I shall speak mainly to new clause 76 on corporate expenditure on lobbying. We do not know the exact extent of corporate lobbying in the UK, but we can get some idea of it from the fact that expenditures on public affairs have risen rapidly over the past 20 or...

If what the hon. Member for Newcastle-under-Lyme (Paul Farrelly) says is true, companies, by applying for this protection, would be fingering themselves as potential fraudsters, so the risks to them would be quite great. Therefore, they would not do it.

If what the hon. Member for Newcastle-under-Lyme (Paul Farrelly) says is true, companies, by applying for this protection, would be fingering themselves as potential fraudsters, so the risks to them would be quite great. Therefore, they would not do it.

That is an interesting point. The question that I would ask in return is: if new clause 16 proposed that the court should make the decision, would the Solicitor-General accept the system as one that he would wish to adopt? Is it that important?

That is an interesting point. The question that I would ask in return is: if new clause 16 proposed that the court should make the decision, would the Solicitor-General accept the system as one that he would wish to adopt? Is it that important?

That is absolutely correct. They are different concepts in terms of what has to be found, although either the Secretary of State or a judge could find in either instance. It is a close judgment between whether the Secretary of State or a court should do this. I have a...

That is absolutely correct. They are different concepts in terms of what has to be found, although either the Secretary of State or a judge could find in either instance. It is a close judgment between whether the Secretary of State or a court should do this. I have a...

These decisions would not be taken day in, day out. One of the important aspects of the proposal is that it would be used only rarely and sparingly. There are also policy matters behind the proposal, as has been revealed in the debate. As I have said, it is a...

These decisions would not be taken day in, day out. One of the important aspects of the proposal is that it would be used only rarely and sparingly. There are also policy matters behind the proposal, as has been revealed in the debate. As I have said, it is a...