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Private Equity (Transfer of Undertakings and Protection of Employment) Bill

Yes, I am quite happy with the current arrangements across the board. I am not arguing for any change. My purpose is to argue against the hon. Gentleman's Bill, as its provisions would damage this important sector of industry. I understand the hon. Gentleman's point that as the regulations apply to other companies they should apply to private equity firms. That is where we are: the TUPE regulations implement a European directive, so there is nothing we can do about it. I wish we could do something about the implementation of European directives, but there is not, so there would be no point in my arguing for the reversal of a European directive agreed 30 years ago. I am merely arguing that the rules should not be extended in the way that the hon. Gentleman wants. If the rules in his Bill were introduced, it would damage private equity businesses and might lead them to invest elsewhere.