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Housing and Regeneration Bill

My noble friend has pointed out a genuine lacuna in the Bill. A body such as this, with the resources that it will have, will turn over money at a fairly rapid rate if it is working effectively. One hopes that it will be a profitable operation, and the Treasury will definitely want to take an interest in it. I doubt that it would let the Secretary of State retain any positive balances in the department; I am quite sure that they would go back into central funds. We should have a proper explanation of the relationship with the Treasury. The terms of appointment should be clear. A minimum of three years is insufficient. I rather like the idea of retiring the members in thirds but their being eligible for reappointment, which would keep them turning over but also allow for the accidents of history—although they can be taken care of by other means. It would make everybody quite clear about the ground on which they were working. They would know that they would be there for three years if they were doing the job well. They would probably continue for three more years, and three more after that, if they were successful. They need that certainty. A minimum of three years is not sufficient for an appointment of the calibre of person that we hope to attract into this job.