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Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007

I think I detected a welcome for the regulations in both those contributions, even though there were some reiterated concerns about what has gone before and what may or may not follow. The noble Lord, Lord Skelmersdale, asked about the withdrawal of payable tax credits from pension schemes and what impact I thought that that would have on failed pension schemes. We have debated this endlessly, as the noble Lord knows. The reality is that that change to the tax system was accompanied by other structural changes to corporation tax, including the reduction of the main rate by 2 per cent and, subsequently, 1 per cent. It looks as though the noble Lord is—