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Companies Bill [Lords]

My hon. Friend makes an important point, and the Minister may wish to clarify the matter. From what I can make out, having read Lords Hansard, Lord Sainsbury seems to have spoken about what a key relationship would not be, rather than what it would be, in relation to those suppliers that companies would have to disclose. Under the Bill, it will be left to the company to determine what a key relationship is. One might have expected the Government to have a view, given that they tabled the proposal in the first place, presumably with some agenda. But the position is unclear, and my hon. Friend has made an important point. We are talking about a blunt instrument. The fact that the Government seem to have been unable to recognise that shows how detached they are from the practicalities of business practice. Because the Lords amendments improve slightly on the Government’s bad error we will not oppose them, although they do not go nearly far enough. Improved corporate governance will never be achieved if businesses are confused by mixed messages about their reporting obligations. With the operating and financial review and now with these last-gasp amendments to the business review, the Government have treated business in this country with contempt. Business looks to Government for stability and careful review of legislation, but in this sorry episode it has received neither.