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Regulatory Enforcement and Sanctions Bill [HL]

I am sorry that the noble Baroness, Lady Hamwee, has pursued this matter, except for one fact: we have the pleasure today of my noble friend Lord Jones being with us. He will know, either from his briefing or from reading Hansard, that we have discussed guidance and directions by the LBRO. Some of us took the view that there have to be directions—in exceptional circumstances, at any rate—otherwise the whole system, which is designed for the public interest and for business to achieve greater consistency and co-ordination through the creation of the LBRO, would fall down. It is essential to have that backup or reserve power. I do not know why we have to argue it again today. I thought my noble friend Lord Bach, dealt adequately with the matter the other day. Of course, reserving the point, it will be a delight to hear what my noble friend Lord Jones says.