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Banking Bill

I am puzzled by the Minister’s reply. Some of his remarks seemed not to be related to Clause 195 at all; it is, after all, a very simple clause of only a few lines. Can he tell us of any other provision in primary legislation where there is no limit whatever on the penalty which the Bank of England or any other body can impose? I have difficulty in thinking of any other part of the law where the penalty is totally unspecified. He spoke about it being done in primary legislation but, unless I am mistaken, that is the only place where this matter is dealt with. The clause is not subject to any further specification by way of statutory instrument or anything else. The whole thing is set out in primary legislation but is totally unlimited and will be enforced by the Bank as a debt. I simply do not understand. Have the Government any idea of what the scale of such a penalty might be? The Minister seemed to say that the penalty would depend on the ability to pay of the person not complying. That seems an extraordinary way to do it. One would expect a penalty to be imposed if there is an offence, but not that it will be imposed on the basis of whether someone can pay. We do not say in any other part of the law that we are going to have a penalty and that the fine for a speeding offence, for example, will depend on the ability of the person to pay. I find it quite objectionable that one should give an unlimited penalty power to the Bank of England in primary legislation with no qualification in secondary legislation.