---

Sale of Students Loans Bill

My Lords, I do not want to prejudice the work of the sales arrangers, but those estimates were put together some time ago for the Comprehensive Spending Review under different conditions. It is not reasonable to say anything other than that the sales arrangers and the accounting officer in the department are committed to value for money, which involves thinking carefully about how the programme is structured and not just about sales as one-off items. It is a programme of sales. How we conduct the first sale will be important in terms of how the market responds. I appreciate the noble Baroness’s point. The figures that she quoted are estimates; they are not targets or commitments. Over the long-term programme of sales, we envisage the Government being able to draw on expert advice and continuing parliamentary scrutiny to ensure the best possible approach to obtaining good value for money. Establishing a set of tests in primary legislation at the outset would deny the Government the flexibility to learn from the experience of the unfolding programme of sales. I am happy to reiterate that the Government will report to Parliament after each sales transaction. If placing a commitment to that effect in the Bill in any way mitigates the concerns of the noble Baroness, Lady Verma, I am prepared to consider further whether the Government could bring forward an appropriate amendment at Third Reading. I hope that we will continue to discuss this important matter. On the basis of that commitment to consider it further, I hope that the noble Baroness will withdraw her amendment.