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Company Law Reform Bill [Lords]

The hon. Gentleman may recall that the former Secretary of State called OFRs the last piece in the jigsaw when she introduced them. She is now Secretary of State for Health, and the phrase might be applied more aptly to that Department. She was very proud of OFRs, which the official Opposition decided would not present an extra regulatory burden but would benefit both citizens and companies. No pressure was exerted by business or the CBI to get rid of OFRs—it was one of those strange instances when business was rather compliant and accepted the proposal—but it is clear that the Chancellor wanted something to announce at the CBI conference. The new proposal satisfies no one.