---

Banking Bill

I thank the Minister for his considered response. The Minister says that the system works well, so we should let it carry on working well. My point was that it had stopped working well because of the highly publicised nature of the reappointment process for both of the recent incumbents. I am sure that the Minister will recall the most recent one, although he may not recall the previous one, which was when I was a member of the court of the Bank of England. It was a distressing time, and it was not easy for the office of governor, which is a highly revered office in the UK and internationally, to continue to hold its head high in that period when there was much counter-briefing. I understand what the Minister has said and, in ordinary terms, five years renewable is a perfectly sensible arrangement. My party’s point is made in the particular context of the office of governor of the Bank of England. That appointment would be taken completely out of politics if there were no possibility of interference. We shall not agree on this, and perhaps this policy will have to await another general election. I beg leave to withdraw the amendment. Amendment 199 withdrawn. Amendment 200 not moved. Clause 233 agreed. Clause 234 agreed.