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Banking Bill

The Minister has put up a spirited defence of the clause. We were seeking not to challenge the possibility of the Bank of England making rules in appropriate circumstances, but to ensure that the recommendations of the Delegated Powers Committee were given effect. It is not enough for the Government to say, ““Well, our draft regulations don’t give the Bank a power to make penalties by its rules, so that’s an end of it””. I thought the Minister was saying that at one point, but he ended by saying that the Government were considering what to do about the Delegated Powers Committee. The House expects the Government to follow that committee’s recommendations. There have been very few instances where the Government have ignored those recommendations, which is why we have a Delegated Powers Committee. Unfortunately, one instance involved the Treasury, which probably makes it think it can do what it likes with that committee’s reports. I must, then, signal in the most uncertain terms to the Minister that we would expect the Government to honour the terms of the Delegated Powers Committee—particularly on this, where it is no answer to say, ““We currently don’t intend to do what the Bill would allow””, when the plain fact is that the primary legislation is deficient. The Minister said that the Government are considering it. They have very little time to do so, but we will certainly return to this on Report. I beg leave to withdraw. Amendment 169 withdrawn. Clause 213 agreed. Clauses 214 to 218 agreed. Clause 219: Financial penalty Amendment 170 not moved. Clause 219 agreed. Clauses 220 to 224 agreed.