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Sale of Student Loans Bill

The hon. Gentleman referred to the extra-sensory powers of the hon. Member for Daventry, who anticipated the next point that he was going to make. The hon. Member for South Holland and The Deepings is similarly endowed with those powers, because he has just made the very point that I was coming to. We will not rush the sales imprudently. Clearly, it is not possible accurately to market conditions at a given point in the future because they will, naturally, vary for different sales. The powers in the Bill are intended to establish a long-term ongoing programme of sales. We will monitor the market with a view to launching sales at times when market conditions are more stable and less volatile, to help ensure the best possible value for money for the taxpayer. The Bill gives us the ability to sell. All that we have set out so far in the comprehensive spending review is our intention, over the coming three years, to sell £6 billion of student loans. If market conditions are not adequate or appropriate, and do not ensure value for money, sales will not go ahead. I can give that categorical commitment. We heard welcome comments about establishing a cross-party consensus, if we can, so that everything possible is done to ensure confidence in the safety of personal data. I refer back to what I said in my opening contribution. My right hon. Friend the Chancellor made his statement this week. Lord Triesman, the Minister with responsibility for intellectual property and quality, has asked the Student Loans Company to review its operations and data management processes. No breaches of data protection protocols have occurred in respect of student loan administration and we are certain that no data have gone missing in respect of student loan administration. However, Her Majesty’s Revenue and Customs has initiated a wide-ranging review of its security processes and procedures, and we are undertaking a review of student loans and all Departments are reviewing their data management processes. If the hon. Gentleman wants to make further suggestions in Committee, I will be happy to consider them.