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Legislative and Regulatory Reform Bill

I am at one with the noble Lord in the sense that we want regulators to take a pragmatic approach. I am sure that he is right. We have all heard the expression, ““There has to be a law about this. This is an outrage”” but when the thing is held up for greater inspection perhaps it is not so outrageous and no law is really needed against it. What is actually needed is a greater appreciation of the nature of the problem and a more hard-headed approach. Yes, we live in increasingly risk-averse times and perhaps we should all reflect on how far one should let risk run. It is sometimes necessary to get the balance right. The noble Lord, of course, is more expert than I am in these things because in his political life he has put in place legislation that treads that very difficult line. It is not an easy one to follow.