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Debt Relief (Developing Countries) Bill

It is true that practitioners' responses—across the board—to the Treasury consultation raise concerns, and it is right that the House hears and explores those arguments and takes a view on them. I am also conscious that some respondents—I am not saying that they are right—were of the view that they had not been properly engaged in the process and that there was insufficient consultation at an earlier stage. I would be grateful if the Minister responded to that argument. To what extent did the Treasury engage emerging markets creditors to assess spillover costs? I note that the impact assessment produced by the Treasury does not put a monetised cost on that. The essential argument why it does not make such an assessment, which is set out in paragraph 2.30, is that all arguments put forward for spillover costs are based on markets assuming—or at least contemplating the possibility of—a significantly increased risk that the Government will in future enact legislation different from that being introduced. It is worth acknowledging, as the hon. Member for Northampton, North rightly said, that this Bill will not cause an increased risk premium, but it could cause concern that a precedent has been set and further measures will be taken.