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Banking Bill

In some ways I support the amendment to Clause 13 tabled by the noble Lord, Lord Newby. Indeed, it could usefully be included in Clause 12 to clarify the code of practice with regard to what the Bank of England or the Treasury intend to do about the board membership of the organisations that they take into public ownership. I hope that the Minister will respond to the very important point that my noble friend Lord Stewartby raised about the different wording of those two clauses. However, I should not like my support for clarification about board membership to be included in the code, which would be helpful, to be taken as indicating my party’s support for social experimentation such as gender balancing with regard to that membership. Like the noble Lord, Lord Borrie, I believe that diversity has a role to play but that appointing the best man for the job—if I can use a politically incorrect phrase—is the right approach to board membership for the reasons that he outlined. I had understood from the noble Lord, Lord Myners—I think he said this yesterday but I am losing track of time—that that was the Government’s approach to board membership. It would be helpful to put that in the code of practice to make it clear beyond peradventure that the Government will not appoint placemen to the board, or use it for social experimentation. However, as I say, the amendment of the noble Lord, Lord Newby, makes a useful point.