---

Local Transport Bill [HL]

Actually, I think that it was the noble Lord, Lord Smith of Leigh. Without wanting to labour the point, I went over the issue at some length. I know that the noble Lord, Lord Snape, does not entirely agree with our position on this. He makes a general point about compensation when assets change hands as a result of privatisation, and so on. I understand the point, but our point here is that assets are still in play and it is open to companies to deploy those assets as best they can. I understand the argument; it is not one on which I entirely agree with him.