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Banking Bill

We are seeking to be flexible; I hope that the noble Lord will recognise that we are seeking to be flexible in a direction that ought to command the support of the Committee. After all, we are talking about the nature of restriction. The noble Lord is right. Are we making provision against the eventuality that we might need to effect legislative change quite rapidly, which we could not possibly do through primary legislation and, therefore, which would involve a need to change a statutory instrument? We are seeking legal certainty for the market. The market can look at the legislation and know what cannot be transferred under a partial transfer. It is of the greatest importance that the market should recognise that. The noble Lord, Lord Higgins, will appreciate that where the Government think that they might have to think again it is always against the parameter of moving towards reducing restrictions. I hope that the noble Lord will accept that, in that respect, the Government are seeking to respond to a changing market in a positive way, with the overall objective of trying to give legal certainty in an area that we all recognise is complex, difficult and potentially rapidly changing.