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Banking Bill (Money)

It is always a matter for the Chair to rule what is and what is not in order. Certainly in the first instance, however, it would be the Government's responsibility to comply with the law. If we pass the amendment this evening and it comes into law, it will be the Government's responsibility to produce something that is materially different. I hope that Members will appreciate that the Government always want to act reasonably and to obey the law; they should expect us to do so. Lastly, let me deal with whether the clause will have a negative impact on legal certainty—an issue raised by the hon. Members for South-East Cornwall (Mr. Breed) and for South-West Hertfordshire. Given the consensus we have reached, we do not believe that the clause as drafted will have a negative impact on legal certainty. We have taken great pains throughout the debate on this legislation to ensure that that is not the case, whether it be in respect of this particular clause or other clauses. Exercise of the retrospective power might be used to correct a drafting error in a transfer order to put parties in the position that they thought they were in at the time of the transfer. I am happy to confirm that the purpose of the power is to enhance legal certainty for counter parties, not to diminish it. As I have said, I believe that we have won the argument about whether clause 75 is necessary. I hope that we are also about to agree on significant amendments to it to ensure that it is tightly defined and appropriate. Lords amendment 54 agreed to. Lords amendments 55 to 60 agreed to, with Commons privilege waived in respect of Lords amendment 59.